Common use of Termination for Misconduct Clause in Contracts

Termination for Misconduct. This Agreement and the agency relationship between the Company and the Agent shall terminate immediately upon the occurrence of the act or failure to act as specified below (whether then known or unknown to the Company) and no commissions, commission overrides, renewal commissions and/or other compensation shall be thereafter due or payable to any Agent, despite any provision of the Agreement to the contrary. Further, any commissions or compensation of any nature paid to the Agent by the Company subsequent to the occurrence of any act or omission specified below and resulting in immediate termination of this Agreement and the agency relationship, shall not constitute a waiver of the Company's rights under this provision and any such payments shall be repaid to the Company immediately upon demand. A. Failure to timely submit monies collected and owing to the Company or failure to timely distribute monies owing to policyholders or applicants or the misappropriation for the Agent's own use or for the benefit of others, funds of the Company or its policyholders or applicants. B. Fraud, misrepresentation, or negligence in connection with any duties imposed on the Agent under the terms of this Agreement. C. Directly or indirectly, individually or through or with others, inducing or attempting to induce a policyholder to lapse, forfeit, surrender or replace a policy in another insurer through misrepresentation or incomplete comparison of all the facts pertinent to the transaction. D. Directly or indirectly, individually or through or with others, taking action, including any communication, which could be reasonably construed to suggest that any other Agent or Producer terminate or breach their Agreement with the Company, whether or not the other Agent or Producer terminates or breaches their Agreement. ▇. ▇▇▇▇▇▇ the revocation or suspension of any license to act as an insurance agent or broker by the insurance department of any state. F. Surrender any license to the insurance department of any state, after the Agent had been cited for misconduct to avoid a hearing. G. Directly or indirectly, either individually or through or with others, taking action, including any communication, which could be reasonably construed to suggest that any insured or policyholder of the Company lapse, forfeit, surrender, or replace an insurance or other policy of insurance issued by the Company. ▇. ▇▇▇▇▇▇▇ to prevent any Agent or Producer from breaching any provision of their Agreement and failure to timely report to the Company, knowledge of any such breach. I. Failure to cooperate with the Company in the response to and/or handling of consumer complaints, insurance department inquiries or consumer inquiries. In the event the Company learns after the fact of any of the above events, the Company, in its discretion, may change any earlier termination to a termination for cause, retroactive to the date of such termination. In the event the Company terminates an agent for cause as a result of a good faith and reasonable belief that the agent has engaged in misconduct as described in this Article 7, then the Company shall have the right to report such termination for cause, and the reason therefor, to the appropriate governmental and/or regulatory authorities, and the Company shall have no liability whatsoever to the Agent for any costs, expenses, damages, consequential or otherwise, resulting from such report. ▇. ▇▇▇▇▇▇▇ to repay any indebtedness to the Company when due. K. Payment of any rebate, referral fee or commission splitting, except as permitted by law.

Termination for Misconduct. This Agreement and the agency relationship between the Company and the Agent shall terminate immediately upon the occurrence of the act or failure to act as specified below (whether then known or unknown to the Company) and no commissions, commission overrides, renewal commissions and/or other compensation shall be thereafter due or payable to any Agent, despite any provision of the Agreement to the contrary. Further, any commissions or compensation of any nature paid to the Agent by the Company subsequent to the occurrence of any act or omission specified below and resulting in immediate termination of this Agreement and the agency relationship, shall not constitute a waiver of the Company's rights under this provision and any such payments shall be repaid to the Company immediately upon demand. A. Failure to timely submit monies collected and owing to the Company or failure to timely distribute monies owing to policyholders or applicants or the misappropriation for the Agent's own use or for the benefit of others, funds of the Company or its policyholders or applicants. B. Fraud, misrepresentation, or negligence in connection with any duties imposed on the Agent under the terms of this Agreement. C. Directly or indirectly, individually or through or with others, inducing or attempting to induce a policyholder to lapse, forfeit, surrender or replace a policy in another insurer through misrepresentation or incomplete comparison of all the facts pertinent to the transaction. D. Directly or indirectly, individually or through or with others, taking action, including any communication, which could be reasonably construed to suggest that any other Agent or Producer terminate or breach their Agreement with the Company, whether or not the other Agent or Producer terminates or breaches their Agreement. ▇. ▇▇▇▇▇▇ the revocation or suspension of any license to act as an insurance agent or broker by the insurance department of any state. F. Surrender any license to the insurance department of any state, after the Agent had been cited for misconduct to avoid a hearing. G. Directly or indirectly, either individually or through or with others, taking action, including any communication, which could be reasonably construed to suggest that any insured or policyholder of the Company lapse, forfeit, surrender, or replace an insurance or other policy of insurance issued by the Company. ▇. ▇▇▇▇▇▇▇ to prevent any Agent or Producer from breaching any provision of their Agreement and failure to timely report to the Company, knowledge of any such breach. I. Failure to cooperate with the Company in the response to and/or handling of consumer complaints, insurance department inquiries or consumer inquiries. *In the event the Company learns after the fact of any of the above events, the Company, in its discretion, may change any earlier termination to a termination for cause, retroactive to the date of such termination. In the event the Company terminates an agent for cause as a result of a good faith and reasonable belief that the agent has engaged in misconduct as described in this Article 7, then the Company shall have the right to report such termination for cause, and the reason therefor, to the appropriate governmental and/or regulatory authorities, and the Company shall have no liability whatsoever to the Agent for any costs, expenses, damages, consequential or otherwise, resulting from such report. ▇. ▇▇▇▇▇▇▇ to repay any indebtedness to the Company when due. K. Payment of any rebate, referral fee or commission splitting, except as permitted by law.