Premium Settlements. Only the initial premium on applications/order tickets/request forms procured by or through you may be collected by you. All premium settlements shall be by check or by electronic funds transfer received subject to collection and payable to the Company. No agent or agency checks will be accepted. All such monies received by you are received as a fiduciary trust, and you shall immediately forward any such premium settlement, entire or partial, to the Company. You do not have the authority to open or maintain any bank account in or using the Company’s name or to negotiate or deposit any funds collected on the Company’s behalf.
Appears in 5 contracts
Sources: Broker/Dealer Master Agreement, Broker/Dealer Master Agreement, Broker/Dealer Master Agreement