Common use of Submission of Applications Clause in Contracts

Submission of Applications. Broker-Dealer shall review all applications for completeness and suitability to ensure that the application complies with all requirements set forth in the current Prospectus and other administrative rules established by the Insurance Companies before submitting such applications to the Insurance Companies. Producers shall make available to the appropriate Insurance Company all information, whether favorable or unfavorable, which comes into Producers' possession concerning the underwriting of any risks under a Product. Producers shall follow established Insurance Company administrative procedures with regard to the processing of applications and related documents. The Insurance Companies will, as appropriate, advise Producers of these procedures. All applications, enrollment forms, and other Insurance Company forms received by Producers in connection with the Products shall be forwarded to the appropriate Insurance Company's designated office promptly after receipt by the Producers. All such documents shall be on forms supplied by the appropriate Insurance Company and are subject to acceptance or rejection by Distributors and the appropriate Insurance Company in their sole discretion. If an application or payment is rejected by an Insurance Company or Distributors and Broker-Dealer has received compensation based on the rejected payment or application, Broker-Dealer shall promptly repay such compensation to the appropriate Insurance Company.