Common use of Premium Bank Account Clause in Contracts

Premium Bank Account. Promptly upon receipt thereof, INSpire shall deposit all premiums and other funds collected for business written under this Agreement into a deposit-only bank account to be established and controlled by the Customer (the "Premium Bank Account"). Until such deposit is made, INSpire shall hold all premium and return premium in a segregated account and shall be deemed to have a fiduciary responsibility to the Customer to turn over such funds to Customer.

Premium Bank Account. Promptly upon receipt thereof, INSpire shall will deposit all premiums and other funds collected for business written under this Agreement by or on behalf of Customer into a deposit-only bank account to be established and controlled by the Customer (the "Premium Bank Account")Customer. Until such deposit is made, INSpire shall hold all premium and return premium in a segregated account and shall will be deemed to have a fiduciary responsibility to the Customer with regard to turn over such funds to of Customer.;