Common use of Premium Remittance Clause in Contracts

Premium Remittance. It is agreed and understood that all premiums collected by the Agent are held in trust and that such premiums are the property of IAS; that the Agent has no interest in the premiums collected by him and shall make no deductions therefrom before paying same to IAS. Unless otherwise specified, the gross premium on each policy is due and payable to IAS, by Agency check, with submission of the application. If the insurance contract negotiated between IAS and the Agent is canceled, the Agent is responsible for any "minimum earned premium" due. "Minimum earned premium" is defined, as the minimum amount owed the insurance company on that policy. Should the Agent fail to pay IAS any premiums when due, including those incurred by audits or interim reports, then the Agent agrees to bear any collection or other expenses, including reasonable attorney fees and costs, expended by IAS to enforce collection from the Agent to the extent allowed by law. The Agent also agrees to offset any earned premium owed by the Agent to IAS with earned commissions owed to the Agent by IAS. If the Agent has failed to account for and pay over to IAS immediately upon demand, all premiums for which he may be liable, all records and use and control of expirations shall be vested in IAS and the Agent agrees to execute any documents necessary to formally place the title thereto in IAS. IAS likewise shall have the immediate right thereafter, in its discretion, to sell, transfer, assign or otherwise handle and control the business and expirations covered by this contract to satisfy in whole or in part the obligations of the Agent to IAS.

Premium Remittance. i) It is agreed and understood that all for any programs requiring premiums to be collected by the Agent Agency are held in trust and that such premiums are the property of IAS; IAS and the Companies, that the Agent Agency has no interest in the premiums collected by him and shall make no deductions therefrom before paying same to IAS. Unless otherwise specified, except for commissions authorized in writing. ii) Specific Premium remittance instructions are set forth in the gross premium on each policy is due and payable to IAS, by Agency check, with submission of the application. If the insurance contract negotiated between IAS and the Agent is canceled, the Agent is responsible for any "minimum earned premium" due. "Minimum earned premium" is defined, as the minimum amount owed the insurance company on that policy. attached schedules. iii) Should the Agent Agency fail to pay IAS or the Companies any premiums when due, including those incurred by audits or interim reports, then the Agent Agency agrees to bear any collection or other expenses, including reasonable attorney fees and costs, expended by IAS or the Companies to enforce collection from the Agent Agency to the extent allowed by law. The Agent also agrees to offset any Interest will be charged on unpaid premiums at the highest rate permitted by law. Any earned premium owed by the Agent Agency to IAS or the Companies will be offset with earned commissions owed to the Agent Agency by IAS. IAS or the Companies. iv) If the Agent Agency has failed to account for and pay over to IAS or the Companies immediately upon demand, all premiums for which he may be liable, all records and use and control of expirations shall be vested in IAS and the Agent Agency agrees to execute any documents necessary to formally place the title thereto in IAS. IAS likewise shall have the immediate right thereafter, in at its discretion, discretion to sell, transfer, assign or otherwise handle and control the business and expirations covered by this contract to satisfy in whole or in part the obligations of the Agent Agency to IASIAS or the Companies.