FIRST YEAR COMPENSATION. A fee for the first contract year equal to 6.7% of any purchase payment made under such contract during the first contract year where the Annuitant or Contractowner (other than a trustee of a qualified plan) is less than age 81 on the date the Diversifier II contract is issued.
Appears in 2 contracts
Sources: Broker Dealer Selling Agreement (Penn Mutual Variable Life Account I), Broker Dealer Selling Agreement (Penn Mutual Variable Annuity Account Iii)