Common use of Payments by Customers Clause in Contracts

Payments by Customers. All money payable in connection with the Products, whether as premium or otherwise, and whether paid by or on behalf of the owner of any Product or anyone else having an interest in the Products, is the exclusive property of MassMutual and shall be drawn payable to Massachusetts Mutual Life Insurance Company. Producers are not authorized to collect or receive any premium or installment of premium except the initial premium on a Product. Initial premium payments must be promptly transmitted to MassMutual. Unless authorized in writing by MassMutual, Producers are not authorized to deduct commissions, service fees, allowances or any other offset for compensation claimed by Producers from initial premium payments. Producers are not authorized to accept any cash payments or deliver any cash payments to MassMutual in connection with the Products.