Suitability Determinations. SCHWAB agrees to establish written procedures that will require SCHWAB employees to review all Contract applications to determine that the Contracts are a "suitable" investment vehicle for the applicant. While not limited to the following, such written procedures must provide that a determination of suitability shall be based on information furnished to a SCHWAB employee after reasonable inquiry of such applicant concerning the applicant's investment objectives and financial situation. In no event shall Contracts be sold describing premiums as "vanishing" or Contracts as being paid up at a time other than the date described in the Contract itself.
Appears in 3 contracts
Sources: Distribution Agreement (First Great West Life & Annuity Insurance Co), Distribution Agreement (First Great West Life & Annuity Insurance Co), Distribution Agreement (Variable Annuity I Ser Acc of Fir GRT West Li & Annu Ins Co)