Representation and Service Clause Samples
The Representation and Service clause defines the obligations and authority of a party to act on behalf of another in a contractual relationship. Typically, it outlines who is authorized to represent the interests of a party, the scope of their authority, and the manner in which services are to be provided under the agreement. For example, it may specify that an agent can negotiate or enter into agreements within certain limits, or detail the standards and timelines for delivering services. This clause ensures clarity regarding who can act for each party and how services are to be rendered, thereby reducing the risk of misunderstandings or unauthorized actions.
Representation and Service. Broker agrees:
a. that Broker will supervise the securities activities of Broker's with respect to the sale of the Policies and agrees to establish such rules and procedures as are necessary to insure compliance with applicable federal and state securities laws and to accept such supervision;
b. to observe the rules, procedures and other directives established, and given by Underwriter relating to the sale of the Policies by Broker, as initially set forth in the Broker-Dealer Manual which Underwriter must provide, provided, however, that provision of the Broker-Dealer Manual shall not be deemed to imply a duty of supervision by Company or Underwriter over Broker, or to relieve Broker of it's duty to supervise its personnel. Broker will also comply with the rules and regulations of the Securities and Exchange Commission and the NASD relating to the sale and distribution of the Policies and will observe all applicable federal and state laws relating to the Policies;
c. that all solicitations for Policies are accompanied by the appropriate current prospectuses for the Policies conforming to the requirements of the Securities Act of 1933;
d. no representations concerning the Policies will be made except those contained in the appropriate current prospectuses and in information supplemental to the prospectuses, which may be supplied by Underwriter and designated for use with the public. In this regard, Broker further agrees to refrain from using advertising or sales literature concerning the Policies unless and until it has been approved by Underwriter;
e. to become fully informed as to the provisions and benefits of each Policy offered by Company for which Broker solicits applications;
f. to represent such Policies adequately and fairly to prospects;
g. to provide all usual and customary service to policyholders and effort to maintain in force any business placed with Company; and
h. to hold in a fiduciary capacity all premiums received with any applications for Policies solicited for Company.
Representation and Service. PADCO Group Selling Agreement Broker and Insurance Agent agree:
a. to establish such rules and procedures as are n e cessary to insure compliance with applicable federal and state securities and insurance laws; b. to observe the rules, procedures and other directives established, and given by Underwriter relating to the sale of the Policies. Broker will comply with the rules and regulations of the Securities and Exchange Commission ( SEC ) and the National Association of Securities Dealers, Inc., ( NASD ) relating to the sale and distribution of the Policies, maintain the required registrations or licenses and will observe all applicable federal and state laws relating to the P o l icies. Insurance Agent will maintain all necessary licenses for the sale of the Policies and shall conduct its activities in compliance with all applicable federal and state laws relating to the Polices; c. that all solicitations for Policies are accompanied by the appropriate current prospectuses for the Policies conforming to the requirements of the Securities Act of 1933; d. no registrations and licenses concerning the Policies w i l l be made except those contained in the appropriate current prospectuses and in information supplemental to the prospectuses; e. to become fully informed as to the provisions and benefits of each Policy offered by Company for which applications are solicited under this Agreement; f. to represent such Policies accurately and fairly to prospects; g. to provide all usual and customary service to policyholders and attempt to maintain in force any business placed with Company; h. to hold in a fiduciary capacity all premiums received with any application for Policies solicited for the Company; and i. that they are in compliance with the terms and conditions of letters issued by the Staff of the SEC with respect to the non-registration as a broker/dealer of an insurance agency associated with a registered broker/dealer. Broker and Insurance Agent shall notify Underwriter immediately In writing if Broker and/or Insurance Agent fail to comply with any such terms and conditions and shall take such measures as may be necessary to comply with any such terms and conditions. j. to conduct activities in a professional manner. Broker and Insurance Agent agree to comply and PADCO Group Selling Agreement cooperate with the Company in any investigations by federal or state regulators, the NASD, or other self regulatory organizations. k. that the right to sell the P...
Representation and Service. Broker agrees:
(a) that Broker will supervise the securities activities of its registered representatives ("Representatives") with respect to the limited authorization contained in Section 1 and agrees to establish such rules and procedures as are necessary to insure compliance with the terms and conditions of this Agreement and with applicable federal and state securities laws and to accept such supervision;
(b) to comply with the rules and regulations of the Securities and Exchange Commission ("SEC"), the NASD, and all applicable federal and state laws relating to the Variable Contracts;
(c) no representations concerning the Variable Contracts will be made except those contained in the appropriate current prospectuses and in information supplemental to the prospectuses, which may be supplied by Underwriter and designated for use with the public. In this regard, Broker further agrees to refrain from using advertising or sales literature containing the Variable Contracts unless and until it has been approved by Underwriter;
(d) to continue to be fully informed as to the provisions and benefits of each Variable Contract issued referenced in Section 1; and to provide all usual and customary service to policyholders.
Representation and Service. Agent agrees to become fully informed as to the provisions and benefits of each product offered by Southland for which Agent solicits applications and to represent such products adequately and fairly to all prospects. Agent further agrees to use Agent’s best efforts to provide service to customers and to maintain in force any business placed with Southland.
Representation and Service. You agree to become fully informed as to the provisions and benefits of each product offered by the Company for which you solicit applications and to represent such products adequately and fairly to all prospects. You further agree to use your best efforts to provide service to customers and to maintain in force any business placed with the Company.