Premium Collection. Agent shall not have authority, without written consent of CHOICE Administrators, to collect or provide receipt for premiums other than the first premium, deduct commissions or permissible fees; endorse checks payable to CHOICE Administrators, or perform any other act or duty not expressly authorized by CHOICE Administrators. Notwithstanding the preceding sentence, if CHOICE Administrators consents to the performance of such acts, Agent shall promptly deposit all funds in a trust account in a state or federal bank authorized to do business in the state in which the agent is transacting business with CHOICE Administrators and insured by an appropriate federal insuring agency. “Promptly deposit” means deposited no later than the business day following receipt by Agent.
Appears in 4 contracts
Samples: Administrators® Agent Agreement, Choice Administrators® Agent Agreement, Administrators® Agent Agreement
