First Year Commissions. VARI-VEST II For Vari-Vest II policies issued up to and including age 65, First Year Commissions shall be paid equal to 90% of the premiums received by ONLAC during the policy's first contract year up to the MCP. For issue ages after age 65, the rates of First Year Commissions on such premiums up to the MCP shall be a follows. Issue Ages Rates ------ ----- 66 - 70 80% 71 - 75 55% 76 - 80 28% First Year Commissions shall also be paid for Vari-Vest II policies at the rate of 12% of the premiums received by ONLAC during the policy's first contract year to the extent such premiums are in excess of the MCP but not in excess of the SECGP plus 6% of such premiums in excess of the SECGP. For Vari-Vest IV policies issued up to and including age 65, and for Vari-Vest V policies at all issue ages, First Year Commissions shall be paid equal to 92.5% of the premiums received by ONLAC during the policy's first contract year up to the MCP. For Vari-Vest IV policies issued VARI-VEST IV ------------------------------------------ Issue Issue Age Rate Age Rate --- ---- --- ---- 66 89.0% 73 55.4% 67 85.7 74 48.7 68 82.3 75 42.0 69 79.0 76 37.0 70 75.6 77 31.9 71 68.9 78 26.9 72 60.5 79 21.8 80 16.8 First Year Commissions shall also be paid for Vari-Vest IV and Vari-Vest V policies equal to 4.5% of such premiums in excess of the MCP.
First Year Commissions. Prior to expiration or termination of the Agreement without cause pursuant to Independent Sales Representative Agreement Section 19(a) of the Agreement, a Credit for First Year Commissions will be paid in accordance with First Year Commission rates set forth in the applicable Schedule. After expiration or termination of the Agreement without cause and subject to the provisions of Section D.6., the following will apply to First Year Commissions:
First Year Commissions paid at renewal commission rate The portion of the premium for the new policy that is greater than the policy being replaced... paid at first year commission rate (unless limited by state regulation)
First Year Commissions a. Definition First Year Commissions are commissions payable on the premiums credited by Colonial Life on a policy for the first twelve (12) months immediately following the policy effective date. First Year Commissions may be either New Business Commissions or Rework Commissions. New Business Commissions are First Year Commissions payable on new policies issued during the first twelve (12) calendar months following the effective date of a new payroll deduction or employer paid account or an individual pay policy. Rework Commissions are First Year Commissions payable on new policies issued following the first twelve (12) calendar months after the effective date of a new payroll deduction or employer paid account. The rate to be used in computing First Year Commissions will be as set forth in the Schedule of Commissions in effect on the date of the insurance application.
First Year Commissions. VARI-VEST II ------------ For Vari-Vest II policies issued up to and including age 65, First Year Commissions shall be paid equal to 90% of the premiums received by ONLAC during the policy's first contract year up to the MCP. For issue ages after age 65, the rates of First Year Commissions on such premiums up to the MCP shall be as follows: Issue Ages Rates -------- ----- 66 - 70 80% 71 - 75 55% 76 - 80 28% First Year Commissions shall also be paid for Vari-Vest II policies at the rate of 12% of the premiums received by ONLAC during the policy's first contract year to the extent such premiums are in excess of the MCP but not in excess of the SECGP plus 6% of such premiums in excess of the SECGP.
First Year Commissions. First year commissions on policies will be paid in accordance with such schedule on first year premiums paid on business produced by You as described above and herein.
