[LETTERHEAD]
GENERAL AGENT'S AGREEMENT
SECTION ONE -- APPOINTMENT AND PURPOSE
A. This Agreement is hereby made, entered into and effective the First day of
June, 1972, by and between THE OLD LINE LIFE INSURANCE COMPANY OF AMERICA,
a Wisconsin Insurance Corporation, (called "the COMPANY") and Xxxxxxx X.
Xxxxx of Ft. Worth, Texas, (called "the GENERAL AGENT") as a GENERAL AGENT
to recommend applicants to the COMPANY for appointment as Agents, Special
Agents, District Agents and Brokers, subject to appointment by the COMPANY
by written contract, and hereinafter designated as the "REPRESENTATIVE" and
the REPRESENTATIVE so recommended by the GENERAL AGENT and so contracted by
the COMPANY shall be under his jurisdiction. In addition, the GENERAL AGENT
when properly licensed may personally solicit applications for individual
Life Insurance and Annuities, Health Insurance and Group Life and Group
Health Insurance policies.
SECTION TWO -- GENERAL AGENT'S RESPONSIBILITIES
A. The GENERAL AGENT agrees to comply with the COMPANY'S rules and regulations
in force and such as may be adopted by the COMPANY from time to time.
B. [DELETED]
C. The GENERAL AGENT agrees not to induce or endeavor to induce any
REPRESENTATIVE of the COMPANY to sever his contractual relationship with
it, or any policyowner to cancel a policy in this COMPANY.
D. The GENERAL AGENT agrees to conform to all the regulations of the Insurance
Department and the insurance laws of the state or states in which he may be
performing his functions under this Agreement.
E. The GENERAL AGENT is without authority to perform and expressly agrees not
to perform any of the following acts:
(1) Make, modify, alter or discharge any policy contract;
(2) Extend the time for payment of any premium;
(3) Waive any forfeiture;
(4) Guarantee dividends;
(5) Incur any debt or liability in the name of the COMPANY;
(6) Advertise or issue advertising material without the specific
written approval of the COMPANY first obtained;
(7) Withhold or convert to his own use or for the benefit of others
any monies, securities, policies or receipts belonging to the
COMPANY or fail to submit promptly to the COMPANY any
applications for policies.
F. The GENERAL AGENT has no right or authority to receive or collect monies
for or on behalf of the COMPANY, except the initial premium on insurance
solicited by him, unless otherwise directed in writing by the COMPANY. All
monies, settlements or documents received by the GENERAL AGENT for or on
behalf of the COMPANY shall be received by the GENERAL AGENT in a fiduciary
capacity and immediately paid over or delivered to the COMPANY, except as
otherwise directed in writing by the COMPANY.
SECTION THREE -- COMPENSATION
A. Subject to the provisions hereof and the rules of the COMPANY, the full
compensation of the GENERAL AGENT shall be commissions and persistency fees
payable at the applicable rate set forth in the Schedule of Commissions,
Persistency Fees and Vesting Requirements in effect at the date of
application for the policy, which Schedule and all amendments, supplements
and replacements thereof and hereto are hereby made a part of this
Agreement.
B. Commissions and persistency fees are subject to change at any time by
written notice by the COMPANY to the GENERAL AGENT, but no such change
shall affect commissions or persistency fees on any policy issued prior to
the effective date of such change.
C. If commission rates are not shown in the Schedule or if special premium
rate quotations are made, commission rates shall be such as may be fixed
by the COMPANY. Commissions to be allowed on converted insurance are to be
determined by the COMPANY as of the time when the conversion is effective
in accordance with rates and practices of the COMPANY then in effect.
D. In the event any policy on which the GENERAL AGENT is entitled to
commissions or persistency fees shall lapse because of non-payment of
premium and shall be replaced or reinstated, any commissions or persistency
fees on the new or reinstated policy shall be payable only in the sole
discretion of the COMPANY.
E. To be entitled to commissions and fees, if any, the GENERAL AGENT'S name or
the name of a REPRESENTATIVE under his jurisdiction must appear as
soliciting agent on the application for insurance and the insurance must
have been fairly effected through the efforts of said GENERAL AGENT or
REPRESENTATIVE. [DELETION]
F. Whenever, in the judgment of the COMPANY, it shall become advisable to
recall any policy issued before delivery thereof is made, the GENERAL AGENT
shall promptly refund to the COMPANY any commissions received by him on
account of such policy. Whenever after delivery the COMPANY shall effect or
procure the surrender, rescission or cancellation of any policy and refund
or waive the premium or premiums, the GENERAL AGENT shall in all cases lose
all rights to commissions and persistency fees and shall repay such
commissions and persistency fees to the COMPANY.
SECTION FOUR -- TERMINATION PROVISIONS - AMENDED 3-11-78
AMENDMENT ATTACHED
A. This Agreement shall automatically terminate upon the death of the GENERAL
AGENT.
B. This Agreement shall automatically terminate upon the revocation or
non-renewal of the GENERAL AGENT's license(s).
C. This Agreement may also be terminated with or without cause by the GENERAL
AGENT or by the COMPANY by notice sent by ordinary or certified mail to the
last address furnished to the party sending such notice.
D. Upon termination of this Agreement, the GENERAL AGENT shall immediately pay
in cash to the COMPANY all sums due hereunder or otherwise and shall
immediately deliver to the COMPANY or its representatives all rate books,
letters, records and supplies connected with the business of the COMPANY
and belonging to the COMPANY.
SECTION FIVE -- VESTING PROVISIONS
A. [DELETED]
B. [DELETED]
C. If this Agreement is terminated prior to the tenth anniversary of the
Agreement for any reason other than the death of the GENERAL AGENT, or for
the violation of any of the provisions in SECTION TWO, Sub-Section "B"
through "F" inclusive, prior to termination, the first year and renewal
commissions shall be paid as they accrue to the GENERAL AGENT on each
respective class of vested business shown in Part 8, Vesting Requirements,
of the Schedule of Commissions, Persistency Fees and Vesting Requirements,
subject to the limitations appearing in SECTION FIVE, Sub-Section "E"
thereof, of this Agreement.
D. If this Agreement is terminated on or after the tenth anniversary of the
Agreement for any reason other than the death of the GENERAL AGENT, or for
the violation of any of the provisions in SECTION TWO, Sub-Section "B"
through "F" inclusive, prior to termination, the first year, renewal and
special renewal commissions shall be paid as they accrue to the GENERAL
AGENT on each respective class of vested business shown in Part 8, Vesting
Requirements, of the Schedule of Commissions, Persistency Fees and Vesting
Requirements, subject to the limitations appearing in SECTION FIVE,
Sub-Section "E", thereof, of this Agreement.
E. Any commission payments provided for in Sub-Section "C" and "D" of SECTION
FIVE of this Agreement will be paid only in the event that the Paid Volume
of Life Insurance in force, or the paid Annual Premium on Annuity Contracts
in force, or the Paid Annual Premium on Health Insurance in force by reason
of this or any previous agreement or agreements which this Agreement
supersedes, equals or exceeds one or more of the minimum amounts appearing
in lines 1 or 3, or both, of Part 8 of the Schedule of Commissions,
Persistency Fees and Vesting Requirements, it being understood that such
commission payments will be paid only with respect to those Classes of
Vested Business with respect to which the paid minimum amounts have so been
equalled or exceeded.
Said Commissions, after termination of this Agreement, will no longer be
paid with respect to any class of vested business set forth in Part 8,
Vesting Requirements, of the Schedule of Commissions, Persistency Fees and
Vesting Requirements, in the event that the minimum of volume or premium in
force, as the case may be, should at any time fall below the minimum amount
provided for in lines 2 or 4, or both, of said Part 8 of said Schedule of
Commissions, Persistency Fees and Vesting Requirements.
F. If this Agreement is terminated by the GENERAL AGENT, any commissions,
other than first year commissions, to which he may thereafter become
entitled, would be reduced by a collection fee of 20% thereof.
SECTION SIX -- GENERAL PROVISIONS
A. The COMPANY shall have a prior right and offset to all commissions and
persistency fees payable hereunder for any debt due from the GENERAL AGENT
or any REPRESENTATIVE under his jurisdiction to the COMPANY together with
interest at the legal rate. This prior right and offset shall not be
extinguished by the termination of this Agreement.
B. Neither this Agreement nor the commissions or persistency fees accuring
hereunder, nor any interest herein, nor any right or claim created hereby
or arising by reason of the GENERAL AGENT acting hereunder, shall be
assignable, except upon the prior written consent of the COMPANY which
right to consent and subsequent acceptance of the assignments is herein
specifically reserved.
C. Forebearance or failure of the COMPANY to insist upon performance of this
Agreement or to enforce its rights hereunder, shall not constitute a waiver
of its rights or privileges hereunder or of its subsequent right to insist
upon such performance.
D. The GENERAL AGENT shall be an independent contractor reserving the right to
exercise independent judgment as to the time, place and manner of
soliciting applications and generally achieving the authorized purposes set
forth in SECTION ONE of this Agreement. No provision of this Agreement
shall be construed to abridge this right or to create a relationship of
employer and employee.
E. The COMPANY reserves the right to decline any application for insurance and
to withdraw from any territory without liability to the GENERAL AGENT.
F. This Agreement supersedes any previous GENERAL AGENT'S or other Agent's
Agreements between the GENERAL AGENT and the COMPANY except as to
commissions and fees, if any, accruing under such previous Agent's
Agreement or Agreements, and, except further, any rights of the COMPANY
under the provisions of such previous agreement or agreements and it is
further understood that all financial obligations to the COMPANY heretofore
incurred or assumed by the GENERAL AGENT by virtue of the provisions of
such agreement or agreements, and prior rights of the COMPANY and offsets
to which it is entitled created in connection therewith, remain in full
force and effect.
G. The COMPANY shall have the right to terminate the Agreement of any
REPRESENTATIVE recommended by or under the jurisdiction of the GENERAL
AGENT and such termination shall be without liability to the COMPANY,
either to the GENERAL AGENT or otherwise.
H. This Agreement shall not be effective until executed by the parties hereto.
No modification of this Agreement or of any amendment hereto shall be valid
unless made in writing and executed by the COMPANY.
I. It is expressly understood and agreed that this Agreement contains all
promises, inducements and representations made collateral thereto.
Executed in duplicate at Milwaukee, Wisconsin, this 31 day of July, 1972.
/s/ Xxxxxxx X. Xxxxx
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THE GENERAL AGENT
THE OLD LINE LIFE INSURANCE COMPANY OF AMERICA
BY [ILLEGIBLE]
-------------------------------------------
ITS Vice-President
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[Logo] SUPPLEMENTAL AGREEMENT
The General Agent's Agreement entered into as of the 1st day of June, 1972,
by and between The Old Line Life Insurance Company of America of
Milwaukee, Wisconsin, and Xxxxxxx X. Xxxxx hereinafter referred to or
designated as the General Agent is effective June 1, 1972 supplemented as
follows:
1. In order to assist the General Agent in the (development of the General
Agency,) the Company agrees to pay the General Agent the following
Development Allowances on insurance written and paid for by the Agency
operated by said General Agent's Agreement:
a. Two and 50/100 Dollars ($2.50) for each $1,000.00 of face value of
Permanent Life Insurance.
b. Two and 00/100 Dollars ($2.00) for each $1,000.00 of initial face
value of Executive Term Life Insurance written on Policy Forms
N. 2110 and No. 2121 without deposit at standard rates.
c. One and 00/100 Dollars ($1.00) for each $1,000.00 of face value or
initial commuted value of Term Life Insurance, except that any
insurance written on Policy Forms No. 2010 (10 Year Decreasing
Term, No. 2110 (with deposit) and No. 2121 (with deposit) shall
not qualify for the payment of said allowance either in whole
or in part.
d. Four and 00/100 Dollars ($4.00) for each $1,000.00 of face value of
Level Term with Maturity Value.
e. Said Development Allowances will be paid monthly on or before the
15th of each calendar month for business paid for at the Home Office
during the month period ending on the 25th day of the calendar month
preceding the month in which payment is so made.
f. The General Agency shall not have earned the right to receive
payment of said Development Allowance until payment is due in the
month following the time the General Agency attains an aggregate
Development Allowance credit of $1,000.00, at which time the
Development Allowance will be paid retroactively to cover all
production applying hereunder. In the event that this Supplemental
Agreement shall terminate under Paragraph 3 hereof prior to the time
such aggregate Development Allowance equals $1,000.00, nothing shall
be payable hereunder to the General Agency.
2. In the event of a lapse, cancellation or termination of any policy
during the first Twenty-five (25) months, following the date of its
issuance, any "sum paid" by the Company pursuant to this agreement on
account of the issuance of such policy, shall be deducted from any
future payment which may become due hereunder, or against any other
payment or credit then due the General Agent under any other contract or
agreement with the Company, and if there be no such payment or credits
then due the General Agent, the General Agent shall thereupon be
immediately liable to the Company to the extent of said "sum paid",
except said "sum paid" will not include any development Allowance, as
relating to this Agreement which the General Agent has received on Level
Term with Maturity Value under this Agreement.
3. This Supplemental Agreement shall terminate and the payments provided
for therein shall cease:
a. Upon written notice to the General Agent by the Company mailed to
his last address furnished the Company; or
b. Contemporaneous with the effective date of the termination of the
said General Agent's Contract with the Company.
4. This Agreement cancels any previous Supplemental Agreement between the
General Agent and the Company providing for Development Allowances,
except for such allowances as may be accrued thereunder prior to the
effective date of this agreement and except further, any rights of the
Company under the provisions of such previous agreement.
/s/ Xxxxxxx X. Xxxxx
-----------------------------------
SIGNATURE OF GENERAL AGENT
THE OLD LINE LIFE INSURANCE COMPANY
OF AMERICA
BY /s/ [ILLEGIBLE]
-----------------------------------
DULY AUTHORIZED OFFICER
[LOGO] SUPPLEMENT TO GENERAL AGENT'S AGREEMENT
SPECIAL SERVICE FEE AGREEMENT
This AGREEMENT is entered into by The Old Line Life Insurance Company of
America, hereinafter called the Company, and Xxxxxxx X. Xxxxx,
hereinafter referred to as the General Agent.
It is hereby agreed between the parties as follows:
1. This AGREEMENT shall be a supplement to the General Agent's Agreement
entered into on the 1ST day of June, 1972, between the General Agent and
the Company.
2. A Service Fee will be paid to the General Agent upon meeting certain
levels of annual issued and paid business as follows:
FEE CATEGORY FEE PER ONE THOUSAND
"ALL PRODUCTION" TERM INSURANCE PERMANENT INSURANCE
Under $3,000,000 0 0
$3,000,000- $9,000,000 $0.50 $1.00
$9,000,000-$24,000,000 .75 1.50
$24,000,000-$48,000,000 1.00 2.00
Over $48,000,000 1.25 2.50
3. The issued and paid business for each calendar year will determine the
fee category. As issued and paid production is accumulated through the
year, the fee category will be re-determined with corresponding
retroactive fee payments.
The fee for general agencies that commence writing business during the
calendar year will be determined on a pro rata basis. All business paid
for in the current calendar year will be used in determining the fee
category.
4. After the General Agent has sufficient production in the calendar year
to qualify for the Service Fee Payment, said Service Fee will be paid on
the calendar year production to date, and will thereafter be paid
monthly on or before the 15th of each calendar month for business on
which the initial premium is credited on business issued and paid for at
the Home Office of the Company during the monthly period ending on the
25th day of the calendar month preceding the month in which payment is
made.
Wherever the lapse or cancellation of any policy for which a Service Fee
has been paid to the General Agent occurs before the policy has been in
force during the first twenty-five (25) months from the issue date, a
charge-back of the fee paid shall be made against the General Agent's
Commission Account.
For policies issued on any single life or a group of policies written
under deferred compensation, key men, etc., that exceed $500,000.00, the
Company reserves the right to negotiate the fee on the excess over
$500,000.00. Pledged Collateral Executive Decreasing Term, Ten Year
Decreasing Term, Executive Whole Life and Level Term with Maturity Value
plans shall be excluded from fee payments; however, business issued on
these plans will be included in determining the fee category.
5. All of the terms, conditions and agreements of the General Agent's
Agreement not inconsistent herewith shall continue in full force and
effect, including but not limited to the power to change and modify
commissions, allowances or fees and to terminate this AGREEMENT upon
thirty days' notice.
Dated this 25TH day of July, 1972.
/s/ Xxxxxxx X. Xxxxx THE OLD LINE LIFE INSURANCE COMPANY
------------------------------ OF AMERICA
GENERAL AGENT
BY /s/ [ILLEGIBLE]
--------------------------------
[Tollica LOGO] THE OLD LINE LIFE INSURANCE COMPANY OF AMERICA
HOME OFFICE: WISCONSIN AVENUE AT ELEVENTH - MILWAUKEE, WIS. 53233 - 271-2820
SCHEDULE OF COMMISSIONS, PERSISTENCY FEES
AND VESTING REQUIREMENTS
1. This Schedule is subject to the terms and conditions of the General Agent's
Agreement to which it is attached.
2. Percentages shown are calculated on paid premium only.
3. The Commissions and Persistency Fees allowable to the GENERAL AGENT on
business written by the GENERAL AGENT shall be the applicable percentage
set forth in Paragraphs 6 and 7 of this Schedule.
4. The Commissions and Persistency Fees allowable to the GENERAL AGENT on
business written by REPRESENTATIVES under his jurisdiction, shall be the
percentage of paid premium appearing in Paragraphs 6 and 7 of this
Schedule less any Commissions and Persistency Fees if any, allowable to
the REPRESENTATIVE under the jurisdiction of the GENERAL AGENT.
5. In the event of the termination of the Agency Agreement of any
REPRESENTATIVE under the jurisdiction of the GENERAL AGENT, and at the
effective date of such termination, said REPRESENTATIVE shall not,
thereafter, be entitled to commissions by virtue of the vesting provisions
of the Agency Agreement, the GENERAL AGENT shall, nevertheless, not forfeit
his right to his applicable percentage of commissions to which he may
become entitled under the Schedule of Commissions, Persistency Fees and
Vesting Requirements.
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COMMISSIONS
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SPECIAL
FIRST YEAR RENEWAL RENEWAL PERSISTENCY FEES
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2ND-10TH YRS. 11-15TH YRS. 11TH + YEARS
6. LIFE INSURANCE & ANNUITIES GAR. PREM. PAR GAR. PREM. & PAR GAR. PREM. & PAR GAR. PREM. & PAR
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TERM INSURANCE:
Decreasing Term to 65.................. 85 -- 17 1/2 3 4 Rev. 9-19-74
30, 25, 20, 15 Yr. Decreasing Term..... 85 -- 7 1/2 3 4
10 Year Decreasing Term................ 75 -- 7 1/2 - -
Ex. DT to 100, 70, 65-Standard......... 85 -- 7 1/2 3 4
Ex. DT 20 Year - Standard.............. 85 -- 7 1/2 3 4
Ex. DT to 100, 70, 65-Pledged Collat... 150 -- -- - -
Ex. DT 20 Year - Pledged Collateral.... 150 -- -- - -
Level Term to 65 ...................... 85 -- 7 1/2 3 4
Annual Renewable Term.................. 50 -- 7 1/2 3 4
10, 15 and 20 Yr. Conv. Term........... 65 -- 7 1/2 3 4
5 and 10 Year Conv. & Renew............ 50 -- 7 1/2 - -
*10 and 15 Yr. Two Plus (LTMV).......... *85 -- -- - -
5 Yr. Automatic Conv. ................. 60 -- 7 1/2 - -
Increasing Term ....................... 70 -- 7 1/2 3 4
Family Income Term .................... 85 -- 7 1/2 3 4
Joint Life - 30, 25, 20 Yr. DT ........ 85 -- 7 1/2 3 4
CENTURY SERIES DT:
10, 15, 20, 25, 30, 35 Yr. DT ......... 85 -- 7 1/2 3 4
DT to 70, 65 .......................... 85 -- 7 1/2 3 4
SELECT SPLIT LIFE & DISABILITY:
Select Deferred Life Annuity........... 70 -- 3 1 -
Select R&C Level Term ................. 25 -- 2nd Yr. 3rd-10th 1 -
12 1/2 3
WHOLE LIFE:
Whole Life............................. 85 75 17 1/2 3 4
Life Paid Up at 95..................... 85 75 7 1/2 3 4
Executive Whole Life................... -- 45 12 1/2* 3 4
Progressive Estate Builder............. -- 70 7 1/2 3 4
Joint Life - X.X. ..................... 85 -- 7 1/2 3 4
LIMITED PAY LIFE:
20 or more premiums.................... 85 80 7 1/2 3 4
15 or more premiums.................... 75 70 7 1/2 3 4
10 or more premiums.................... 60 55 5 1/2 - -
ENDOWMENT:
35 or more premiums.................... 85 80 7 1/2 3 4
20 or more premiums.................... 80 75 7 1/2 3 4
15 or more premiums.................... 60 55 7 1/2 3 4
9 or more premuims.................... 50 45 5 1/2 - -
TEN PAY RETIREMENT INCOME................ 50 50 5 1/2 - -
RETIREMENT INCOME AT 65 & 70:
Ages at issue 10-25.................... 80 80 7 1/2 3 4
Ages at issue 26-35.................... 75 75 7 1/2 3 4
Ages at issue 36-45.................... 65 65 7 1/2 3 4
Ages at issue 46-50.................... 60 60 5 1/2 3 4
Ages at issue 51 and over.............. 50 50 5 1/2 3 4
SINGLE PREMIUM ANNUITY................... 2 3/4 -- -- - -
DEFERRED LIFE ANNUITY.................... -- 35 7 1/2 - -
SINGLE PREMIUM LIFE...................... 5 -- -- - -
SINGLE PREMIUM ENDOWMENT................. 5 -- -- - -
SINGLE PREMIUM MORTGAGE PROTECTION ...... 22 1/2 -- -- - -
GRADED DEATH BENEFIT:
Life Paid UP @ 85 ..................... 35 -- 7 1/2 3 4
Retirement Income ..................... 35 -- 7 1/2 3 4
POLICY PROVISIONS (Riders) Same as base policy to which attached
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*85% plus $2.00 per $1,000 vol.
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COMMISSIONS
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7. HEALTH INSURANCE RENEWAL
----------------------------------------------------------------
7TH &
PLANS OF FIRST 2ND 3RD 4TH-6TH SUBSEQUENT
INSURANCE YEAR YEAR YEAR YEARS YEARS
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Non-Cancellable
Disability Income Policy
Form No. SB (3-67) 1877C................... 55 25 20 20 7 1/2
Guaranteed Renewable
Disability Income Policy
Form No. GR 1915C (3-67)................... 55 25 20 20 12 1/2
Hospital Confinement Policy
Form No. HC (3-67) 1878C................... 45 25 20 20 12 1/2
Hospital Policy
Form No. SH (2-67) 1942C................... 45 25 20 20 12 1/2
Select Xxx. Ren. Dis. ..................... 55 10 10 10 10
All other Policy Forms..................... 45 30 25 20 12 1/2
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8. VESTING REQUIREMENTS CLASSES OF VESTED BUSINESS
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LIFE INSURANCE ANNUITY CONTRACTS HEALTH INSURANCE
EXCLUDING Group Life, Deferred Life An- All Health Iinsur-
Single Premium Policies, nuities ONLY, ance Policies
Paid-Up Policies, Excluding All EXCLUDING Single
Annuities, and Life In- other Annuity Premium Health
surance in force under Contracts and Group Health
non-forfeiture options
or waiver of premium
provisions.
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PAID VOLUME PAID ANNUAL PAID ANNUAL
IN FORCE PREMIUM IN FORCE PREMIUM IN FORCE
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2. Personal Production Vesting Terminates $ 50,000 $ 1,000 $ 1,000
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3. General Agency Production (2) Requirement $1,000,000 $20,000 $20,000
4. General Agency Vesting Terminates 100,000 2,000 2,000
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(1) Paid business to be considered as "Personal Production" is that business
effected SOLELY through the efforts of the General Agent.
(2) Paid business to be considered as "General Agency Production" is that
business effected by ALL REPRESENTATIVES of the Agency, including the
General Agent's "Personal Production".
FORM NO. I-2325 REV. 9-72
June 1, 1972
AMENDMENT TO
GENERAL AGENT'S AGREEMENT
IT IS UNDERSTOOD AND AGREED, that the General Agent's Agreement effective
June 1, 1972, by and between Xxxxxxx X. Xxxxx (the GENERAL AGENT) and The Old
Line Life Insurance Company of America, (the COMPANY) is amended as of said
date as follows:
1. SECTION TWO, subsection B is deleted in its entirety.
2. SECTION THREE
A. Change the 9th word from the end "thereto" to "hereto".
E. Delete the last sentence.
3. SECTION FOUR, subsection E is created to read:
"E. Upon termination of this Agreement, the COMPANY agrees to enter
into a new General Agent's Agreement with the designated
"successor General Agent" as listed below in subparagraph
(1) when licensed with the COMPANY and otherwise qualified:
(1) Xxxx X. Xxxxx, First Successor General Agent Warner X.
Xxxxxx, Xx., Second Successor General Agent Xxxxx X. Xxxxxxx,
Third Successor General Agent
(2) The General Agent hereby assigns and transfers, all
commissions, renewals, Special Renewals, Persistency Fees,
Development Allowances and Special Service Fees....due and
to become due following the cancellation of his contract with
the COMPANY, due to death or other reasons, to the above
designated successor GENERAL AGENT(S) upon their appointment.
(3) The COMPANY agrees to pay all monies, as outlined in (2)
above, to the successor GENERAL AGENT(S). Further the
COMPANY agrees that the new GENERAL AGENT'S Agreement will
function as the successor to this GENERAl AGENT'S Agreement
and shall include and continue in force all Vesting
Provisions (SECTION FIVE) of this General Agent's Agreement."
Amendment to General Agent's Agreement -2- June 1, 1972
4. SCHEDULE OF COMMISSIONS, Paragraph 8, VESTING REQUIREMENTS, is
amended to delete the following:
1. Personal Production (1) Requirement
2. Personal Production Vesting Terminates
5. SECTION FIVE - VESTING PROVISIONS, is amended as follows:
A. Deleted.
B. Deleted.
Add:
G. Section Five, paragraphs C. D., and E notwithstanding, when the
GENERAL AGENT has sold through his total agent force "Paid
Business" of a minimum of $500,000 in Annualized Premiums,
in force, then all Commissions, Renewals, Special Renewals,
Persistency Fees, Development Allowances, Special Service Fees
and all other forms of remuneration shall become fully vested
for the duration of the policy's premium paying period
irrespective of whether or not this contract is in force. However,
when the annualized premiums of policies in force drops below
$50,000, this paragraph G shall not apply.
6. SECTION SIX is amended as follows:
B. Add to the end of sentence: "except as otherwise provided
herein and by amendments hereto".
Paragraph I. is deleted and the following is substituted therefor:
I. It is expressly understood and agreed that this agreement and the
following listed parts which are attached hereto and made a part
hereof, contains all promises, inducements and representations
made collateral thereto. The attached parts are:
(1) SCHEDULE OF COMMISSIONS, PERSISTENCY FEES AND VESTING
REQUIREMENTS, Form No. I-2325, September 1, 1968.
Amendment to General Agent's Agreement -3- June 1, 1972
(2) SUPPLEMENT TO GENERAL AGENT'S AGREEMENT, Special Service
Fee Agreement, Form I-3724, executed this date.
(3) SUPPLEMENTAL AGREEMENT, Form I-3723, executed this date.
(4) Assignment of Commissions, assigning GENERAL AGENT
COMMISSIONS to the Independent Research Agency for
Life Insurance, executed this date.
(5) AMENDMENT TO GENERAL AGENT'S AGREEMENT, executed this date.
ADD:
J. The COMPANY agrees not to offer to or execute with an agent
contracted to the GENERAL AGENT....an Agent, General Agent, or Broker
Contract, except through the General Agent, for a period of two years
following the agent's termination of his contract with the General
Agent and the Independent Research Agency for Life Insurance, Ltd.,
without the written consent of the General Agent.
K. "Paid Business" or "Paid for Business", in addition to applications
accompanied with a payment in a dollar instrument, shall also include
applications which are accompanied by a copy of duly filed Government
Allotment by Military Personnel, when otherwise qualifying under the
current COMPANY underwriting rules. The record date, for production
credit purposes, shall be the date of filing recorded on the Government
Allotment. However, the COMPANY shall make no payment of commissions or
other dollars on government allotment business until actual receipt of
the first payment in its home office.
Executed in duplicate at MILWAUKEE, WISCONSIN, this 1ST day of JUNE, 1972.
/s/ Xxxxxxx X. Xxxxx
---------------------------------------------
THE GENERAL AGENT
The Old Line Life Insurance Company of America
BY: /s/ Xxxx X. Xxxxx
--------------------------------------------
Its VICE PRESIDENT & DIRECTOR OF AGENCIES
--------------------------------------------
