PERSISTENCY BONUS Sample Clauses

PERSISTENCY BONUS. A. Bonus will be paid to qualified Broker/Agent only and will be calculated using all Group lines of Insurer business. Broker/Agent has the right to opt out of any bonus program. B. Medical contracts from all Group lines-of-business will be combined to meet minimum qualifying threshold for bonus calculations. No retroactivity will be applied to either the Broker/Agent Fee or Bonus based on the assignment of business during the year. C. Qualified contracts are contracts associated with Insurer paid premiums for qualified accounts. Qualified medical contracts will not include, nor will any bonus be calculated, on any premium or contracts from combined blocks of business originating from separate Brokers, Brokerages, Agents or Agencies. D. The Persistency Bonus is payable only on eligible Group contracts. Group contracts include medical as well as Group Medicare Supplemental and includes self-employed business as determined by Insurer. All Group contracts count towards Persistency Bonus calculation. E. Qualified medical contracts do not include contracts on an account that the Broker/Agent has chosen to waive fees/compensation from Insurer, unless approved in writing by Insurer’s Senior Vice President of Sales. When fees/commissions from Insurer are waived, Broker/Agent is not eligible for bonus payments on these contracts, although they are still counted in the total block of business. F. Any 51+ Business: Broker/Agent must receive commissions from Insurer >1% but <3.5% to be Bonus eligible. Contracts are used in the contract count to calculate net contract Persistency Ratio. However, because the Broker/Agent has chosen to waive compensation, these contracts are not used in the calculation of the Bonus (i.e. PCPM Bonus Rate.) G. Contracts for an account related to a consultant arrangement do not qualify towards the calculation of the net contract Persistency Ratio. H. Broker/Agent must have at least five (5) Groups or two (2) Groups with five-hundred (500) lives to qualify for Persistency Bonus regardless of Group size. I. Broker/Agent with 10,000 medical contracts as of 12/31/2012 will achieve a “Platinum Status” 1. Platinum Account Status includes: a. A new Persistency Level 0f 92.5-94.9% paid at $60 per eligible medical Contract b. Cap eligible medical contract gains and losses at 750 contacts c. Must be bonus eligible for 2012 to be included J. Exceptions and decisions regarding qualified contracts can only be approved by Insurer’s Senior Vice President ...
Sample 1See All (6)
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PERSISTENCY BONUS. A payment will be made on all variable annuity assets originally issued with PaineWebber that have ended a policy year beyond the surrender charge period. Assets in fixed annuities and fixed accounts within variable annuities are excluded. The payment will equal a stated number of basis points times "Excess Assets". For the current Venture products, the number of basis points is [*] for policies that pay a trail commission to the broker, and [*] for policies that do not pay a trail commission to the broker. Future and existing products may utilize a different number of basis points in the future, determined in a manner consistent with the concept of sharing profits on Excess Assets on an equal basis between PaineWebber and NASL. Excess Assets equal actual assets minus "
Sample 1
PERSISTENCY BONUS. A. How The Persistency Bonus Is Calculated: 1. The number of 200+ fully insured contracts; 2. The number of 200+ self-funded contracts, counted as .6 of a fully insured contract plus additional adjustments for each ancillary product sold; 3. The number of 51–199 fully insured contracts, as adjusted for concessions at renewal; and 4. The number of Under 50 fully insured contracts.
Sample 1

Related to PERSISTENCY BONUS

  • Longevity Bonus After twenty (20) years of continuous service, an employee will receive a longevity bonus of seven hundred dollars ($700) per year, payable in one lump sum by the second pay period following the employee's anniversary date.

  • Annual Cash Bonus During the Term, Executive may be eligible to receive an annual cash bonus, on terms and conditions as determined by the Committee in its sole discretion taking into account Company and individual performance objectives.

  • Performance Bonus The Executive shall be eligible to receive an annual performance bonus, payable within sixty (60) days after the end of the fiscal year of the Employer, in an amount not to exceed twenty-five percent (25%) of the Executive's Base Salary for the applicable year. The amount, if any, shall be determined by the Board, or the appropriate committee thereof, and shall generally be based on a combination of organization-wide and individual performance criteria.

  • Annual Incentive Payment The Executive shall participate in the Company's Management Incentive Plan (or such alternative, successor, or replacement plan or program in which the Company's principal operating executives, other than the Chief Executive Officer, generally participate) and shall have a targeted incentive thereunder of not less than $240,000 per year; provided, however, that the Executive's actual incentive payment for any year shall be measured by the Company's performance against goals established for that year and that such performance may produce an incentive payment ranging from none to 200% of the targeted amount. The Executive's incentive payment for any year will be appropriately pro-rated to reflect a partial year of employment.

  • Annual Performance Bonus During the Employment Term, the Executive shall be entitled to participate in the STIP, with such opportunities as may be determined by the Chief Executive Officer in his sole discretion (“Target Bonuses”), and as may be increased (but not decreased, except for across-the-board reductions generally applicable to the Company’s senior executives) from time to time, and the Executive shall be entitled to receive full payment of any award under the STIP, determined pursuant to the STIP (a “Bonus Award”).

  • Annual Bonus In addition to Annual Base Salary, Executive shall be awarded, for each fiscal year ending during the Employment Period, an annual bonus (the “Annual Bonus”) in cash at least equal to Executive’s highest annual bonus for the last three full fiscal years prior to the Effective Date (annualized in the event that Executive was not employed by the Company for the whole of such fiscal year). Each such Annual Bonus shall be paid no later than the end of the third month of the fiscal year next following the fiscal year for which the Annual Bonus is awarded, unless Executive shall elect to defer the receipt of such Annual Bonus.

  • Annual Incentive The Employee shall be entitled to receive a percentage of the Employee's Target Incentive for the calendar year in which such termination occurs. Such percentage shall equal a fraction, the numerator of which shall be the number of days in such calendar year up to and including the date of such termination and the denominator of which shall be the number of days in such calendar year. Such amount shall be payable according to the normal practice of the Company with respect to the payment of bonuses.

  • Annual Incentive Bonus The Company shall, in addition to Executive’s Base Salary, pay Executive an Annual Incentive Bonus, which shall be payable within 120 days of the end of each fiscal year in accordance with the formula set forth on Exhibit A, attached hereto and made a part hereof.

  • Cash Incentive Bonus The pro rata share of any Cash Incentive Bonus that would have been paid to the Executive had the Executive not been terminated Without Cause based on the extent to which performance standards are met on the last day of the year in which the Executive is terminated Without Cause.

  • Special Bonus In addition to the Annual Base Salary and Annual Bonus payable as hereinabove provided, if the Executive remains employed with the Company or its affiliated companies through the first anniversary of the Effective Date, the Company shall pay to the Executive a special bonus (the "Special Bonus") in recognition of the Executive's services during the crucial one-year transition period following the Change of Control in cash equal to the sum of (A) the Executive's Annual Base Salary and (B) the Highest Annual Bonus. The Special Bonus shall be paid no later than 30 days following the first anniversary of the Effective Date.

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