Initial Premiums Clause Samples

Initial Premiums. When coverage becomes effective, multiple PREMIUM payments may be required initially to make PREMIUM payments current.

Initial Premiums. (a) The BGA shall not instruct any applicant to pay any Initial Premiums or other sums or accept any Initial Premiums or other sums (and shall prevent Independent Agents from instructing applicants to pay any Initial Premiums or other sums and from accepting any Initial Premiums or other sums) except in accordance with the Contract, the Product Prospectus therefor (if a Variable Contract) and Equitable's Policies and Procedures. The BGA shall not accept or collect, and shall prevent Independent Agents from accepting or collecting, Initial Premiums prior to such time as the same are due and payable to Equitable, and all sums collected in payment of Initial Premiums shall be promptly transmitted (and in any event not later than two (2) business days after receipt) to Equitable at such address as Equitable or the Distributor may from time to time specify in writing. (b) Sums due and payable by customers to Equitable on account of Initial Premiums, other Premiums, outstanding loans or otherwise, etc. shall be paid by check payable to the order of Equitable or as Equitable may from time to time direct in writing or by wire transfers to such Equitable account as Equitable may from time to time direct in writing. In no event shall Equitable or the Distributor be liable for any error made by Equitable in the investment of any Premiums (including Initial Premiums) forwarded to Equitable by the BGA unless written instructions for investing such Premiums are delivered to Equitable simultaneously with or prior to receipt of such Premiums and such error resulted from Equitable's gross negligence or intentional misconduct.