LIMITATIONS ON AGENT'S AUTHORITY. Except as otherwise approved by AvMed in writing, Agent is not authorized to: accept any risks on behalf of AvMed; make any promise or agreement on behalf of AvMed; bind or commit AvMed in any way; incur any expense, indebtedness or liability in the name of AvMed; make, alter, waive or discharge any of the terms, rates, proposals, limitations or conditions of any application or Commercial Group Product issued, or to be issued, by AvMed; receive any monies due or to become due to AvMed, except the initial premiums; deduct compensation from the initial premiums received; waive any forfeiture or extend the time for making payment of any premiums; adjust or settle any claims; enter into any proceeding in a court of law or before a regulatory agency in the name of or on behalf of AvMed including acceptance of legal process on behalf of AvMed, but where Agent is named with AvMed, Agent must retain its own counsel.
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