SECOND AMENDMENT TO GENERAL AGENT SALES AGREEMENT
SECOND AMENDMENT
TO
SECOND AMENDMENT TO GENERAL AGENT SALES AGREEMENT, dated as of April 1, 2008 by and between MONY LIFE INSURANCE COMPANY OF AMERICA (“MONY America”), an Arizona life insurance company, and AXA NETWORK, LLC and the additional affiliated entities of AXA Network, LLC executing this Agreement below (collectively, the “General Agent”).
MONY Life and the General Agent hereby modify and amend the General Agent Sales Agreement dated as of June 6, 2005 between them (the “Sales Agreement”) by restating Schedule 1 of Exhibit A of the Sales Agreement in its entirety as more particularly set forth on the restated Schedule 1 attached hereto to reduce the compensation on scheduled premiums on MONY Life’s One Year Term Life Insurance from 99% for all issue ages to 10% for issue ages below 80 and to 5% for issue ages 80 and above.
Except as modified and amended hereby, the Sales Agreement is in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to General Agent Sales Agreement to be duly executed and delivered as of the day and year first above written.
| MONY LIFE INSURANCE COMPANY |
AXA NETWORK, LLC | |||||
| AXA NETWORK OF CONNECTICUT, | ||||||
| MAINE AND NEW YORK, LLC | ||||||
| By: |
/s/ Xxxxxxx Xxxxxxxx | AXA NETWORK OF PUERTO RICO, INC. | ||||
| Xxxxxxx Xxxxxxxx Executive Vice President and Chief Financial Officer |
AXA NETWORK INSURANCE AGENCY | |||||
| OF TEXAS, INC. | ||||||
| By: | /s/ Xxxxxx XxXxxxx | |||||
| Xxxxxx XxXxxxx Chairman of the Board | ||||||
EXHIBIT A
AMENDED AND RESTATED SCHEDULE 1
EFFECTIVE AS OF April 1, 2008
General Agent Compensation for Life Insurance Sales and Servicing
This Amended and Restated Schedule 1 of Exhibit A is effective as of the date set forth above and is attached to and made part of the General Agent Sales Agreement dated June 6, 2005 by and between MONY Life Insurance Company of America and AXA Network, LLC.
Compensation to General Agent in connection with the sale and servicing of life insurance policies will be calculated on a policy by policy basis. Total compensation to General Agent in respect of the sale and servicing of each life insurance policy will be a percentage of the premiums received by MONY America and, where applicable, fund-based basis points as more particularly set forth in the following tables:
Commissions on New Sales of Individual Permanent Life Insurance Products:
| Type of Premium
|
Percentage
| |
| MONY VUL |
||
| First policy year up to Target |
110.0% | |
| Excess Premiums (Policy Year 1) |
4.0% | |
| Renewals1 |
5.0% | |
| Asset Based Trailer |
0.0% | |
| MONY ISWL |
||
| First policy year up to Target |
110.0% | |
| Excess Premiums (Policy Year 1) |
4.0% | |
| Renewals1 |
4.0% | |
| Group UL |
||
| First Policy Year up to Target |
110% | |
| Excess Premiums (Policy Year 1) |
4.0% | |
| Renewals1 |
4.8% |
| 1 | Policy Year 2 and later |
2
Exhibit A
Amended and Restated Schedule 1 (cont.)
Effective as of April 1, 2008
| Type of Premium |
Percentage | |
| Corporate Owned Life Insurance |
||
| First Policy Year up to Target |
30.8% | |
| Excess Premiums (Policy Year 1) |
13.6% | |
| Renewals2 |
15.0% | |
| Asset Based Trailer2 |
0.20%3 | |
| Bank Owned Life (BOLI) |
||
| Single Premium |
5.0% | |
| Asset Based Trailer2 |
0.25%3 | |
| All Other MLOA Products |
||
| First Policy Year up to Target |
110.0% | |
| Excess Premiums (Policy Year 1) |
4.0% | |
| Renewals2 |
5.0% | |
| Asset Based Trailer |
0.0% |
Commissions on New Sales of Individual Term Life Insurance Products:
| Type of Premium |
Percentage | |
| First Year |
||
| One Year Term Life (GF #148-51) |
10% (5% for issue ages
80 and above) | |
| 10 Year Level Term |
110% | |
| 15 Year Level Term |
120% | |
| 20 Year Level Term |
130% | |
| 30 Year Level Term |
130% | |
| Yearly Renewable Term |
95% | |
| Renewals |
0.0% |
Commissions on In-force Permanent Life Insurance Products (except COLI and BOLI):
| Type of Premium |
Percentage | |
| Renewals2 |
5.0% | |
| Asset Based Trailer |
0.0% |
| 2 | Policy Year 2 and later. |
| 3 | Based on unloaned policy account value. |
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Commissions on In-force COLI:
| Type of Premium |
Percentage | |
| Renewals4 |
15.0% | |
| Asset Based Trailer4 |
0.20% 5 |
Commissions on In-force BOLI:
| Type of Premium |
Percentage | |
| Asset Based Trailer4 |
0.25% 5 |
Commissions on In-force Term Life Insurance Products:
| Type of Premium |
Percentage | |
| Renewals6 |
3.0% | |
| Renewals7 |
0.0% |
| 4 | Policy Year 2 and later. |
| 5 | Based on unloaned policy account value. |
| 6 | Applies to policies issued prior to 7/29/02. |
| 7 | Applies to policies issued on or after 7/29/02. |
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