Rebating. If Broker/Dealer or any Registered Representative of Broker/Dealer rebates or offers to rebate all or any part of a premium on an Insurance Policy issued by the Insurance Companies in violation of applicable state insurance laws or regulations, or if Broker/Dealer or any Registered Representative of Broker/Dealer shall withhold any premium on an Insurance Policy issued by the Insurance Companies, the same may be grounds for termination of this Agreement by Underwriter. If Broker/Dealer induces or attempts to induce any Policy or Contract Owner to relinquish an Insurance Policy except under circumstances where there is reasonable grounds for believing the policy, contract or certificate is not suitable for such person, Broker-Dealers right to receive any compensation under this agreement shall cease and terminate.
Appears in 2 contracts
Sources: Selling Agreement (Travelers Separate Account Eight for Variable Annuities), Selling Agreement (Travelers Separate Account Seven for Variable Annuities)
Rebating. If Broker/Dealer or any Registered Representative of Broker/Dealer rebates or offers to rebate all or any part of a premium on an Insurance Policy issued by the Insurance Companies in violation of applicable state insurance laws or regulations, or if Broker/Dealer or any Registered Representative of Broker/Dealer shall withhold any premium on an Insurance Policy issued by the Insurance Companies, the same may be grounds for termination of this Agreement by UnderwriterInsurance Companies. If Broker/Dealer induces or attempts to induce any Policy or Contract Owner to relinquish an Insurance Policy except under circumstances where there is reasonable grounds for believing the policy, contract or certificate is not suitable for such person, Broker-Dealers right to receive any compensation under this agreement shall cease and terminate.
Appears in 1 contract
Sources: Selling Agreement (Travelers Fund Ul Iii for Variable Life Insurance)