Limits on Authority. Company shall act as an independent contractor and nothing herein contained shall constitute Company or its agents, officers or employees as agents, officers or employees of Separate Account solely by virtue of their activities in connection with the sale of the Contracts hereunder. Company and its Representatives shall not have authority, on behalf of Separate Account: to make, alter or discharge any Contract or other insurance policy or annuity entered into pursuant to a Contract; to waive any Contract forfeiture provision; to extend the time of paying any Premium; or to receive any monies or Premiums (except for the sole purpose of forwarding monies or Premiums to Separate Account). Company shall not expend, nor contract for the expenditure of, the funds of Separate Account. Company shall not possess or exercise any authority on behalf of Separate Account other than that expressly conferred on Company by this Agreement.
Appears in 4 contracts
Sources: Underwriting Agreement (Continental Assurance Co Separate Account B), Underwriting Agreement (Continental Assurance Co Variable Life Separate Account), Underwriting Agreement (Valley Forge Life Insurance Co Variable Life Separate Accoun)
Limits on Authority. Company Distributor shall act as an independent contractor and nothing herein contained shall constitute Company Distributor or its agents, officers or employees as agents, officers or employees of Separate Account Insurer solely by virtue of their activities in connection with the distribution and sale of the Contracts hereunder. Company Distributor and its Representatives shall not have authority, on behalf of Separate Account: Insurer to make, alter or discharge any Contract or other insurance policy or annuity entered into pursuant to a Contract; to waive any Contract forfeiture provision; to extend the time of paying any Premium; or to receive any monies or Premiums (except for the sole purpose of forwarding monies or Premiums to Separate AccountInsurer). Company Distributor shall not expend, nor contract for the expenditure of, the funds of Separate AccountInsurer. Company Distributor shall not possess or exercise any authority on behalf of Separate Account Insurer other than that expressly conferred on Company Distributor by this Agreement.
Appears in 4 contracts
Sources: Distribution Agreement (Midland National Life Separate Account C), Distribution Agreement (Midland National Life Insurance Co), Distribution Agreement (Midland National Life Insurance Co)