NONPERSISTENT BUSINESS Clause Samples
NONPERSISTENT BUSINESS. Override commissions paid to a DA on business that subsequently becomes nonpersistent shall be charged back to the DA to whom the selling RR/Agent was designated at the time the sale to which the chargeback applies was made and shall be 30% of the amounts charged back to the selling RR/Agent.
NONPERSISTENT BUSINESS. Chargebacks of paid commissions and granted PC will be made for nonpersistent business - investment plans and accounts which are not actually established, which are established but not funded, or which are canceled, lapsed, discontinued, liquidated, or to which the investor fails to continue payments for any cause whatsoever (except the death of the investor) - and will be computed as follows:
NONPERSISTENT BUSINESS. Chargebacks of paid commissions and granted PC will be made for nonpersistent business--policies and riders which are not issued, issued but not taken, canceled, lapsed, or otherwise terminated for whatever reason (excluding the death of the insured). In the event of a policy cancellation involving a refund of all premiums paid, the selling Agent will incur a 100% PC and commission chargeback. In the event of a cancellation not involving a refund of all premiums paid, no PC or commission chargeback will be made if the cancellation occurs after 25 monthly premiums have been paid. However, cancellations not involving a refund of all premiums paid but occurring before 25 premium payments have been made will result in a chargeback, computed as follows: