Limitations of Broker-Dealer’s Authority Sample Clauses

Limitations of Broker-Dealer’s Authority. Broker-Dealer’s authority is limited to what is authorized in Section II. This Section is intended to provide examples, not an entire listing of actions that are outside the authority granted in Section II. Broker-Dealer agrees that its authority is limited to the solicitation and marketing of Contracts or Policies in accordance with this Agreement. Broker-Dealer represents and agrees on behalf of itself, its Registered Representatives, Brokers and Affiliates that none of them will act in a manner not authorized by this Agreement and that any such unauthorized actions, including but not limited to, the following actions, would be considered a breach of this Agreement: A. make, alter, modify or discharge any Contract or Policy or other form; waive any provision or condition of a Contract or Policy; bind the Company; extend the time of paying any premium; accept or receive promissory notes for payment of premium. B. adjust or settle any claim, or commit the Company or Distributor with respect to any claim, incur any expense or liability on account of the Company or Distributor except as specifically directed or authorized in writing by the Company or Distributor. C. expend, nor contract for the expenditure of the funds of Company or Distributor, nor incur any liability on behalf of Company or Distributor, without specific written authority to do so from the Company or Distributor. D. make representations as an agent of the Company or Distributor in any manner or for any purpose except as specifically authorized by this Agreement. E. provide or offer to provide any inducement not specified in the Contract or Policy or any rebate, either directly or indirectly, to any person or entity, as an inducement to purchase any Contract or Policy. F. obtain signed forms from applicants or Contract/Policy owners unless the forms are completed for submission to the Company. Registered Representatives or Brokers may not request that an applicant or Contract/Policy owner pre-sign any Contract or Policy form for use at a later date. G. deliver or allow the delivery of a Contract or Policy unless the health of the proposed insured(s) is in accordance with the Company’s requirements, if any, and, where required, the first premium is paid in full. H. make any misrepresentation or incomplete comparison for the purpose of inducing a potential or actual Contract or Policy owner to purchase, convert, lapse, surrender all or any portion of, forfeit, borrow from, or replace any Contr...
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Limitations of Broker-Dealer’s Authority. Broker-Dealer’s authority is limited to what is authorized in Section II. This Section is intended to provide examples, not an entire listing of actions that are outside the authority granted in Section II. Broker-Dealer agrees that its authority is limited to the solicitation and marketing of Contracts or Policies in accordance with this Agreement. Broker-Dealer represents and agrees on behalf of itself, its Registered Representatives, Brokers and Affiliates that none of them will act in a manner not authorized by this Agreement and that any such unauthorized actions, including but not limited to, the following actions, would be considered a breach of this Agreement: A. make, alter, modify or discharge any Contract or Policy or other form; waive any provision or condition of a Contract or Policy; bind the Company; extend the time of paying any premium; accept or receive promissory notes for payment of premium. B. adjust or settle any claim, or commit the Company or Distributor with respect to any claim, incur any expense or liability on account of the Company or Distributor except as specifically directed or authorized in writing by the Company or Distributor. C. expend, nor contract for the expenditure of the funds of Company or Distributor, nor incur any liability on behalf of Company or Distributor, without specific written authority to do so from the Company or Distributor. COMB. BDSA 12-2006 3 of 17
Sample 1
Limitations of Broker-Dealer’s Authority. (a) The Broker-Dealer is not authorized and is expressly forbidden on behalf of the Company to make, alter, modify, waive or change any of the terms, rates, or conditions of any of the Company's forms, Policies, contracts, or advertising materials. The Broker-Dealer shall not discharge contracts or waive forfeitures, quote extra rates, extend the time of payment of any premium, extend credit, or guarantee dividends. (b) The Broker-Dealer is not authorized and is expressly forbidden on behalf of the Company to estimate future dividends or policy performance except through the use of authorized projections or illustrations of the Company. (c) Any money or property due or to become due the Company from customers as premiums or otherwise are funds of the Company ("Company Funds"). The Broker-Dealer is not authorized to receive Company Funds except the initial premiums, and is not authorized to deduct commissions, service fees, or allowances from any Company Funds it collects. All Company Funds collected by the Broker-Dealer for the Company must be immediately delivered to the Company and shall not be commingled with the Broker-Dealer's personal funds. If any Company Funds are not remitted to the Company in accordance with this Section, the Company shall have a first lien on all compensation due or which may become due the Broker-Dealer to the extent of such funds. (d) The Broker-Dealer has no exclusive territory, and has no exclusive rights in any term conversions, policy increases or purchase options, or any salary budget, group, pension or other multiple-life case. (e) The Broker-Dealer shall not hold itself out as an employee, partner, joint venturer, officer, or associate of the Company; nor as an agent of the Company in any other manner, or for any other purpose, than as specifically provided in this Agreement. (f) The Company reserves the right to approve the form of any agreement between the Broker-Dealer and its employees, agents, and registered representatives with regard to services provided or compensation paid in accordance to this Agreement, but such agreement and approval shall not create any liability on the Company's part whatsoever.
Sample 1

Related to Limitations of Broker-Dealer’s Authority

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