Policy Services Clause Samples
The Policy Services clause defines the range of administrative and support services provided by the insurer or policy administrator in relation to an insurance policy. These services typically include tasks such as issuing policy documents, processing changes or endorsements, handling renewals, and responding to policyholder inquiries. By outlining the scope and responsibilities for these services, the clause ensures that both parties understand what support is available and helps prevent misunderstandings about the insurer’s obligations during the policy term.
Policy Services. Pursuant to the terms and provisions of this Agreement, the Company hereby grants to MGA authority to receive and accept proposals of insurance from the Effective Date of this Agreement until the termination of this Agreement (or termination of the appointment in Section 2.8) for the Authorized Coverages. Such authority shall include the binding of coverage, the issuing and endorsing of Policies in the name of the Company, and the canceling and non-renewing of such binders and contracts when the best judgment of MGA dictates. MGA shall provide for the Company a policy administration system and utilize and enter the Company’s Policy data into that system in a timely manner. MGA shall provide to the Company, at no additional cost to the Company access to the policy administration system on a 24 hours a day, seven days a week basis.
Policy Services. Pursuant to the terms and provisions of this Agreement, the Company hereby grants to MGA authority to receive and accept proposals of insurance from the Effective Date of this Agreement until the termination of this Agreement for the Authorized Coverages. Such authority shall include the binding of coverage, the issuing and endorsing of Policies in the name of the Company, and the canceling and non-renewing of such binders and contracts when the best judgment of MGA dictates and in accordance with any underwriting guidelines promulgated by the Company.
Policy Services. During the Term of this Agreement, Servicer will provide on behalf of Trustee and the Keep Policy Investors the following services (collectively, the “Policy Services”):
Policy Services. LEXINGTON shall ▇▇▇▇, receive and render receipts for premiums due to the Companies in accordance with the terms and conditions of each policy of insurance issued and in accordance with the written instructions of the Companies. LEXINGTON shall have full authority hereunder to take whatever action it deems necessary or appropriate to attempt to collect premiums, including, if so instructed by the Companies, the cancellation of policies. LEXINGTON shall have no liability for uncollected premiums. All premiums due to the Companies and received and held by LEXINGTON shall be held in a fiduciary capacity.