Common use of Broker of Record Clause in Contracts

Broker of Record. The party designated in the AXA Equitable Companies records as the person, with respect to a Contract, who is entitled to receive compensation payable with respect to such Contract and who is authorized to contact directly the owner of such Contract. In the case of compensation payable with respect to a Premium, the Broker-of-Record shall be the party designated as such in the records of an AXA Equitable Company, at the time such Premium is accepted by such AXA Equitable Company. In the case of any payment of compensation payable with respect to Contract value or client services, the Broker-of-Record shall be the party designated as such in the records of an AXA Equitable Company, in accordance with the rules and procedures of the AXA Equitable Companies at the time any such payment is payable. In the case of compensation payable on annuitization of a Contract, the Broker-of-Record shall be the party designated as such in the records of an AXA Equitable Company on the annuity commencement date specified in such Contract.