Common use of Suitability of Sales of Contract Clause in Contracts

Suitability of Sales of Contract. Broker/Dealer will review all contract and policy applications for suitability, completeness, and correctness as to form. Broker/Dealer shall also be responsible for ensuring compliance with NASD suitability rules and standards applicable to purchases of the Insurance Policies and that all sales are in compliance with applicable laws and regulations. Broker/Dealer will promptly, but in no case later than the end of the business day that Broker/Dealer receives applications and payment, forward to the applicable Insurance Company, at addresses provided, all such applications found suitable and in good form, together with any payments received with such applications. Broker/Dealer will immediately return to the applicant all applications deemed by Broker/Dealer to be unsuitable together with any payments received therewith. The Insurance Companies reserve the right to reject any Insurance Product application and return any payment made in connection with an application which is rejected. Insurance Policies issued will be forwarded to Broker/Dealer, or at the direction of Broker/Dealer, to the Registered Representative for delivery to the Contract Owner. Broker/Dealer shall obtain and retain a written receipt for each Insurance Policy which it or its Registered Representative delivers. The parties acknowledge that sales and solicitations may, where consistent with state insurance laws and regulations, be conducted either without an application, or on a basis where an application is submitted subsequent to a sale. If such sales procedures are permitted, Broker/Dealer agrees that it will continue to be responsible for compliance with applicable laws concerning, among other things, suitability and policy delivery requirements. Broker/Dealer agrees to hold Underwriter harmless for any failure to follow such rules or regulations.

Suitability of Sales of Contract. With regard to variable insurance policies, Broker/Dealer will review all contract and policy applications for suitability, completeness, and correctness as to form. Broker/Dealer shall also be responsible for ensuring compliance with NASD suitability rules and standards applicable to purchases of the Insurance Policies and Policies. Broker/Dealer is also responsible for ensuring that all sales are in compliance with applicable state insurance laws and regulations. Broker/Dealer will promptly, but in no case later than the end of the business day that Broker/Dealer receives applications and payment, forward to the applicable Insurance Company, at addresses provided, all such applications found suitable and in good form, together with any payments received with such applications. Broker/Dealer will immediately return to the applicant all applications deemed by Broker/Dealer to be unsuitable or not complete and correct as to form together with any payments received therewithreceived. The Insurance Companies reserve the right to reject any Insurance Product application and return any payment made in connection with an application which is rejected. Insurance Policies issued will be forwarded to Broker/Dealer, Dealer or at the direction of Broker/Dealer, Dealer to the Registered Representative for delivery to the Contract Owner. Broker/Dealer shall obtain and retain a written receipt for each Insurance Policy Contract which it or its Registered Representative Broker/Dealer delivers. The parties acknowledge that sales and solicitations may, where consistent with state insurance laws and regulations, be conducted either without an application, or on a basis where an application is submitted subsequent to a sale. If such sales procedures are permitted, Broker/Dealer agrees that it will continue to be responsible for compliance with applicable laws concerning, among other things, suitability and policy delivery requirements. Broker/Dealer agrees to hold Underwriter harmless for any failure to follow such rules or regulations.

Suitability of Sales of Contract. Broker/Dealer will review all contract proposals and policy applications for suitability, completeness, suitability and for completeness and correctness as to formform concerning sales of variable Insurance Policies. Broker/Dealer shall also be responsible for ensuring compliance with NASD suitability rules and standards applicable to purchases of the Insurance Policies and that all sales are in compliance with applicable laws and regulationsPolicies. Broker/Dealer will promptly, but in no case later than the end of the business day that Broker/Dealer receives applications and payment, forward to the applicable Insurance Company, at addresses provided, all such applications found suitable and in good form, together with any payments received with such applicationsapplications without deduction or reduction unless a Netting Agreement has been entered into. Broker/Dealer will immediately return to the applicant all applications together with any payments received therewith deemed by Broker/Dealer to be unsuitable together with any payments received therewithor not complete and correct as to form. The Insurance Companies reserve the right to reject any Insurance Product application and return any payment made in connection with an application which is rejected. Insurance Policies issued on applications accepted by the Insurance Companies will be forwarded to Broker/Dealer, Dealer or at the direction of Broker/Dealer, Dealer to the Registered Representative registered representative for delivery to the Contract Owner. Broker/Dealer shall obtain and retain a written receipt for each Insurance Policy Contract which it or its Registered Representative Broker/Dealer delivers. The parties acknowledge that sales and solicitations may, where consistent with state insurance laws and regulations, be conducted either without an application, or on a basis where an application is submitted subsequent to a sale. If such sales procedures are permitted, Broker/Dealer agrees that it will continue to be responsible for compliance with applicable laws concerning, among other things, suitability and policy delivery requirements. Broker/Dealer agrees to hold Underwriter harmless for any failure to follow such rules or regulations.

Suitability of Sales of Contract. The Broker/Dealer will review all contract proposals and policy applications for suitability, completeness, suitability and for completeness and correctness as to form. The Broker/Dealer shall also be responsible for ensuring compliance with NASD suitability rules and standards applicable to purchases of the Insurance Policies Contracts. A registered principal of the Broker/Dealer will make and that all sales are in compliance record such determination with applicable laws and regulationsrespect to the sale of the Contracts. The Broker/Dealer will promptly, but in no case later than the end of the business day that the Broker/Dealer receives applications and payment, forward to the applicable Insurance Company, at addresses provided, all such applications found suitable sutitable and in good form, together with any payments received with such applicationsapplications without deduction or reduction. The Broker/Dealer Dealers will immediately return to the applicant all applications together with any payments received therewith deemed by the Broker/Dealer to be unsuitable together with any payments received therewithor not complete and correct as to form. The Insurance Companies reserve the right to reject any Insurance Product Contract application and return any payment made in connection with an application which is rejected. Contracts issued on applications accepted by the Insurance Policies issued Companies will be forwarded to the Broker/Dealer, Dealer or at the direction of the Broker/Dealer, Dealer to the Registered Representative registered representative for delivery to the Contract Owner. BrokerThe Boker/Dealer shall obtain and retain a written receipt for each Insurance Policy Contract which it or its Registered Representative the Broker/Dealer delivers. The parties acknowledge that sales and solicitations may, where consistent with state insurance laws and regulations, be conducted either without an application, or on a basis where an application is submitted subsequent to a sale. If such sales procedures are permitted, Broker/Dealer agrees that it will continue to be responsible for compliance with applicable laws concerning, concerning among other things, suitability and policy delivery requirements. Broker/Dealer agrees to hold Underwriter Tower Square harmless for any failure to follow such rules or regulations.