Common use of Insurer's Right to Reject Applications Clause in Contracts

Insurer's Right to Reject Applications. Broker-Dealer and General Agent acknowledge that Life Company has the right in its sole discretion to reject any applications or Premiums received by it and to return or refund to an applicant such applicant's Premium. In the event that a Life Company rejects an application solicited by an Agent, Life Company will return any Premium paid by the applicant to such applicant and will promptly notify General Agent of such action. In the event that a purchaser exercises his or her free look right under a Contract, any amount to be refunded as provided in such Contract will be so refunded to the purchaser by or on behalf of Life Company, and Life Company will promptly notify General Agent of such action.

Insurer's Right to Reject Applications. Broker-Dealer and General Agent _______________________________________ acknowledge that Life Company has the right in its sole discretion to reject any applications or Premiums received by it and to return or refund to an applicant such applicant's Premium. In the event that a Life Company rejects an application solicited by an Agent, Life Company will return any Premium paid by the applicant to such applicant and will promptly notify General Agent of such action. In the event that a purchaser exercises his or her free look right under a Contract, any amount to be refunded as provided in such Contract will be so refunded to the purchaser by or on behalf of Life Company, and Life Company will promptly notify General Agent of such action.