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.
Appears in 4 contracts
Samples: Stock Purchase Agreement (Jefferson Pilot Corp), Stock Purchase Agreement (Chubb Corp), Stock Purchase Agreement (Chubb Corp)
