No Policy Dividends Sample Clauses

The "No Policy Dividends" clause establishes that the insurance policy does not participate in any surplus or profits generated by the insurer, meaning the policyholder will not receive dividend payments. In practice, this clause applies to non-participating insurance policies, where premiums paid are solely for coverage and do not entitle the policyholder to share in the insurer's financial gains. Its core function is to clarify that the policyholder's benefits are limited to those explicitly stated in the policy, thereby preventing any expectation of additional financial returns beyond the agreed coverage.
No Policy Dividends. Except as set forth on Schedule 3.16, no provision in any policy in force gives policyholders the right to receive dividends or distributions on their policies (other than accruals of interest on cash values or as claim benefits) or otherwise share in the benefits, revenue or profits of the Company or any Insurance Subsidiary, provided that the practice in certain instances of making premium refunds based upon group policyholder loss experience shall not violate the representation contained in this sentence. Except as set forth on Schedule 3.16, and except as paid in the ordinary course of business, none of the Insurance Subsidiaries or the Company is liable to pay commissions upon the renewal of any insurance policy nor is it a party to any agreement providing for the collection of insurance premiums payable to the Company or any such Insurance Subsidiary by any other person.
View SourceView Similar (4)
No Policy Dividends. Except as set forth and summarized on Schedule 3.23(d) of the Disclosure Schedule, no provision in any Insurance Contract in force gives policyholders the right to receive dividends or distributions on their policies or otherwise share in the benefits, revenue or profits of HMHIC. All unpaid dividends or distributions owing or to become owed under the Insurance Contracts are properly and fully accrued and recorded on the Financial Statements and the Future Financial Statements. Except as set forth on Schedule 3.23(d) of the Disclosure Schedule, and except as paid in the ordinary course of business, HMHIC is not liable to pay commissions on the renewal of any Insurance Contract or is a party to any agreement providing for the collection of insurance premiums payable to HMHIC by any other Person.
View Source

Related to No Policy Dividends

  • Share Dividends If the Trustee receives any additional shares of capital stock of the Corporation as a dividend or other distribution with respect to any shares of Stock, the Trustee shall hold such shares subject to this Agreement for the benefit of the Stockholders in proportion to their respective interests, and the shares shall become subject to all of the terms and conditions of this Agreement to the same extent as if they were originally deposited hereunder. The Trustee shall issue Voting Trust Certificates in respect of these shares to the Stockholders of record at the close of business on the record date determined pursuant to the provisions of Section 4(d).

  • Stock Dividends If the Company at any time shall pay a dividend payable in, or make any other distribution (except any distribution specifically provided for in the foregoing subsections (a) or (b)) of the Company's stock, then the Exercise Price shall be adjusted, from and after the record date of such dividend or distribution, to that price determined by multiplying the Exercise Price in effect immediately prior to such record date by a fraction (i) the numerator of which shall be the total number of all shares of the Company's stock outstanding immediately prior to such dividend or distribution, and (ii) the denominator of which shall be the total number of all shares of the Company's stock outstanding immediately after such dividend or distribution. The Warrantholder shall thereafter be entitled to purchase, at the Exercise Price resulting from such adjustment, the number of shares of Preferred Stock (calculated to the nearest whole share) obtained by multiplying the Exercise Price in effect immediately prior to such adjustment by the number of shares of Preferred Stock issuable upon the exercise hereof immediately prior to such adjustment and dividing the product thereof by the Exercise Price resulting from such adjustment.

  • No Dividends During the previous 12 months, the Corporation has not, directly or indirectly, declared or paid any dividend or declared or made any other distribution on any of its shares or securities of any class, or, directly or indirectly, redeemed, purchased or otherwise acquired any of its common shares or securities or agreed to do any of the foregoing.

  • Stock Dividends, etc In the event of a stock split, stock dividend or distribution, or any change in the Common Stock by reason of any split-up, reverse stock split, recapitalization, combination, reclassification, exchange of shares or the like, the terms “Existing Shares” and “Covered Shares” shall be deemed to refer to and include such shares as well as all such stock dividends and distributions and any securities into which or for which any or all of such shares may be changed or exchanged or which are received in such transaction.

  • Stock Dividends - Split-Ups If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split up of shares of Common Stock, or other similar event, then, on the effective date of such stock dividend, split up or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in outstanding shares of Common Stock.