Common use of Limitations on Compensation Clause in Contracts

Limitations on Compensation. No compensation shall be payable, and ____________________________ Broker-Dealer and General Agent agree to reimburse Distributor, for any compensation that may have been paid to Broker-Dealer, General Agent or any Agent in any of the following situations: (i) Life Company, in its sole discretion, determines not to issue the Contract applied for; (ii) Life Company refunds the Premium upon the applicant's surrender or withdrawal pursuant to any "free look" provision; (iii) Life Company refunds the Premium paid by applicant as a result of a complaint by applicant; (iv) Life Company determines that any person soliciting an application who is required to be licensed or any other person or entity receiving compensation for soliciting applications or Premium for the Contracts is not or was not duly licensed as an insurance agent; or (v) any other situation listed on Schedule I.

Limitations on Compensation. No compensation shall be payable, and ____________________________ Broker-Dealer and General Agent agree to reimburse Distributor, for any compensation that may have been paid to Broker-Dealer, General Agent or any Agent in any of the following situations: (i) Life Company, in its sole discretion, determines not to issue the Contract applied for; (ii) Life Company refunds the Premium upon the applicant's surrender or withdrawal pursuant to any "free look" provision; (iii) Life Company refunds the Premium paid by applicant as a result of a complaint by applicant; (iv) Life Company determines that any person soliciting an application who is required to be licensed or any other person or entity receiving receving compensation for soliciting applications or Premium for the Contracts is not or was not duly licensed as an insurance agent; or (v) any other situation listed on Schedule I.

Limitations on Compensation. No compensation shall be payable, and ____________________________ Broker-Dealer and General Agent agree to reimburse Distributor, for any compensation that may have been paid to Broker-Dealer, General Agent or any Agent in any of the following situations: (i) Life Company, in its sole discretion, determines not to issue the Contract applied for; (ii) Life Company refunds the Premium upon the applicant's surrender or withdrawal pursuant to any "free look" provision; (iii) Life Company refunds the Premium paid by applicant as a result of a complaint by applicant; (iv) Life Company determines that any person soliciting an application who is required to be licensed or any other person or entity receiving compensation for soliciting applications or Premium for the Contracts is not or was not duly licensed as an insurance agent; or (v) any other situation listed on Schedule I.