Policy Replacement. The Broker may, subject to the written consent of the Company sell, transfer or merge the Broker’s business with that of another Broker and such consent cannot be unreasonably withheld by the Company. The Company also reserves the right to purchase the Company’s settled business placed by the Broker at a mutually agreed price, upon notice of the Broker’s intention to sell the Broker’s business. The Broker may also assign compensation payable under this agreement, provided prior written consent of the Company has been obtained. Any money, cheques or other securities received by the Broker on behalf of the Company are to be held by the Broker in trust for the Company. They are to be kept completely separate from the Broker’s own funds and must be forwarded directly to the Company. The Broker must, when required to do so, account to the Company for all sums received in connection with the Company’s business.
Policy Replacement. Advisors are expected to conserve policies whenever retention of policies is in the best interests of the policy owners. Advisors are responsible for ensuring that policy owners are fully informed regarding the terms and conditions for replacing existing life insurance with new insurance. A clear understanding of the policy will avoid potentially embarrassing situations. Manulife Financial will not condone any form of systematic replacement of life insurance, be it internal or external replacement. Action will be taken in situations where abuse of this replacement philosophy takes place. Manulife Financial has earned an enviable reputation for dealing fairly with consumers and advisors. Field and Head Office staff, and advisors, have an obligation to preserve this reputation. Please note that commissions will be restricted when a new life insurance policy is replacing another one. This is necessary to recoup the original acquisition costs of the policy. For details, please check on Repsource > Insurance > New Business and Underwriting > Helpful Topics > Replacing a life insurance policy. Replacement Regulations for the Canadian Division The basic concept regarding any replacement is that an advisor should not induce, or attempt to induce, a policy owner to replace or effect some change in existing life or accident and sickness insurance, unless it appears that, due to a change in circumstances, an existing contract of life or accident and sickness insurance should be amended or changed to another contract of life or accident and sickness insurance. It is the advisor’s responsibility to ensure that the policy owner is fully informed regarding the terms and conditions for changing the existing life or accident and sickness insurance with the original insurer. If, after this information has been provided, the policy owner wishes to replace the existing life or accident and sickness insurance with new life or accident and sickness insurance, the advisor should proceed in accordance with replacement guidelines. If replacement in any form is intended or has taken place, you are reminded to determine if the situation falls under the "Replacement" definition and requirements of your province, or of your Life Underwriters Association and, if so, to satisfy such requirements fully.
Policy Replacement. If a policy replacement results in new reinsurance with OPTIMUM RE, then OPTIMUM RE will benefit from a full contestable period and suicide exclusion starting from the new policy commencement date as provided by the law of the state in which the policy is issued. If a policy reinsured with OPTIMUM RE is replaced by a policy on a plan reinsured with another reinsurer, THE COMPANY shall maintain the coverage with OPTIMUM RE up to the existing amount. Policy replacement to an Annual Renewable Term product will not be reinsured under this Agreement unless specifically agreed to by OPTIMUM RE.
Policy Replacement. You are expected to conserve policies whenever retention of policies is in the best interest of the policyholders. You should not induce, or attempt to induce, a policyholder to replace or effect some change in existing insurance, unless it is in his or her best interest. You are responsible for ensuring that any regulatory requirements with respect to replacement are met. You are responsible for ensuring that policyholders are fully aware and understand the terms and conditions for replacing existing insurance with new insurance. Replacement of existing policies should not occur unless proper forms are filled out and remitted to the Client and insurers in a timely fashion. The Company will not tolerate any form of systematic replacement of insurance, be it internal or external replacement. Action will be taken in situations where the Company is of the opinion that the replacement of insurance policies is beyond an acceptable threshold. Actions may include the reporting of the situation and yourself to regulators. We all share the common objective of preserving and fostering an excellent business reputation. If any situation arises which is not specifically covered, it is your responsibility to consult the appropriate authority. SCHEDULE C
Policy Replacement. Reduction Form in case of transfer to another Policy (if applicable); (5) Original Bank Release Form for policies which are assigned to the bank (if applicable). POLICY DETAILS Policy No. POLICY OWNER’S DETAILS First Name Middle Name Last Name – Area Code – Country Code Mobile No. E-mail City Address Line 1 P.O. Box Address Line 2 Country Please List all Nationalities: 1) 2) 3) RESIDENCY*
Policy Replacement. Prior to the Closing, Seller shall cause SLD to substitute the asset set forth on Schedule 5.27 with other assets reasonably acceptable to Buyer with a Statutory Carrying Value not less than that of the asset set forth on Section 5.27 of the Seller Disclosure Schedule.
Policy Replacement. The keyman insurance policy listed in as write-in line 2502 in the unaudited interim statutory financial statement of SLD as of and for the nine-month period ending on September 30, 2019 with an asset amount of $14,389,232 Schedule 5.28 Equity Investment Between the date hereof and the Closing, Buyer and Seller shall cooperate in good faith to negotiate the terms of a limited partnership investment by a Seller Investor in Equity Investor, it being the intention of the Parties that: • The aggregate amount of such limited partnership investment (inclusive of commitments not funded at Closing) shall be $225,000,000, provided that, subject to good faith cooperation of the parties to effect such aggregate amount, the parties may agree to reduce the investment amount as may be required to allow Buyer and Seller to make a 338(h)(10) Election or 336(e) Election. • The Parties will determine prior to Closing the amount of Seller’s (or the applicable Affiliate of Seller) limited partnership investment that will be funded at Closing and the portion that shall be drawn at a later date by Equity Investor. In lieu of cash payment at Closing, a portion of the Closing Date Purchase Price equal to the amount of the funded equity investment in Equity Investor (but not, for the avoidance of doubt, by any unfunded commitment) will be settled in kind by way of the limited partnership investment in Equity Investor. • The terms of such limited partnership investment shall be consistent with the Fourth Amended and Restated Limited Partnership Agreement of Exempted Limited Partnership of Equity Investor, dated as of October 24, 2019 as amended, restated or otherwise modified from time to time in accordance with its terms (the “LPA”) and the form of subscription agreement thereto previously provided to Seller, unless otherwise agreed by the Parties by way of a side letter. • The valuation for the partnership interest shall be determined in accordance with the Valuation Guidelines on a fair and equitable basis and shall be reasonably acceptable to Seller. • Seller’s partnership interest shall be governed by the LPA in all respects and Seller shall have governance and economic rights, including as to dividends and distributions, which are commensurate with the size of its investment in the limited partnership and consistent with those of similarly situated partners. • As the partnership intends to raise further capital in the future, the Seller shall have pre-emptive rights. On each ...
Policy Replacement. If a policy replacement results in new reinsurance with INVESTORS HERITAGE, then INVESTORS HERITAGE will benefit from a full contestable period and suicide exclusion starting from the new policy commencement date as provided by the law of the state in which the policy is issued. If a policy reinsured with INVESTORS HERITAGE is replaced by a policy on a plan reinsured with another reinsurer, THE COMPANY shall maintain the coverage with INVESTORS HERITAGE up to the existing amount. Policy replacement to an Annual Renewable Term product will not be reinsured under this Agreement unless specifically agreed to by INVESTORS HERITAGE.
Policy Replacement. During the term of this Agreement and for two years after this Agreement is terminated, and in the Territory (as defined in Section 6.3 below), Producer shall not induce, directly or indirectly, any policyholder of Aflac to reduce, terminate or replace his current level of coverage under any Policy in favor of any non-Aflac-sponsored policy. This restriction shall apply to all Aflac policyholders with whom Producer had direct or indirect contact while representing Aflac within the immediately preceding two years, and to each Aflac policyholder who received a Policy, the marketing or sale of which resulted in compensation, commissions or earnings for Producer within the immediately preceding two years.
