EXHIBIT 99.27(c)(2)
FORM OF AGREEMENT BETWEEN
PHOENIX EQUITY PLANNING CORPORATION
AND
REGISTERED BROKER/DEALERS
WITH RESPECT TO THE SALES OF CONTRACTS
BROKER-DEALER VARIABLE CONTRACT
[logo] PHOENIX SUPERVISORY AND SERVICE AGREEMENT
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Phoenix Equity Planning Corporation ("PEPCO"), the master servicer and
distributor for the Contracts hereunder described and the undersigned
broker-dealer (the "Broker-Dealer"), enter into this Agreement as of the date
indicated, for the purpose of appointing the Broker-Dealer to perform the
services hereunder described, subject to the following provisions:
1. Except as provided below, PEPCO hereby appoints the Broker-Dealer to
provide sales assistance with respect to, and to cause applications to be
solicited for the purchase of variable annuity contracts and/or variable
life policies issued by Phoenix Life Insurance Company, Phoenix Life and
Annuity Company and/or PHL Variable Insurance Company (the "Insurer")
through Separate Accounts including the Phoenix Life Variable Accumulation
Account, Phoenix Life Variable Universal Life Account, Phoenix Life and
Annuity Variable Universal Life Account and PHL Variable Accumulation
Account and listed on Schedules A1, A2, B and C. Broker-Dealer accepts such
appointment and agrees to use its best efforts to provide sales assistance
to producers of the Insurer and to cause applications for the purchase of
contracts and/or policies to be solicited by such producers. Broker-Dealer
agrees to pay a commission to such producers.
2. The Broker-Dealer will promptly forward to the appropriate office of
Phoenix, or its authorized designee, all contract and/or policy
applications along with other documents, if any, and any payments received
with such applications and will have no rights of set off for any reason.
Any Contract application which is rejected, together with any payment made
and other documents submitted, shall be returned to the Broker-Dealer.
3. PEPCO shall pay the Broker-Dealer service payments relating to applications
submitted by Broker-Dealer. The amount to be paid by PEPCO is specified on
Schedule A1, A2, B and C of this Agreement. The Broker-Dealer agrees to
return promptly to PEPCO, all compensation received for any Contract
returned within the "free look" period as specified in the Contract.
4. The Broker-Dealer represents that it is a registered broker-dealer under
the Securities Exchange Act of 1934, a member in good standing of the
National Association of Securities Dealers, Inc. ("NASD"), and is
registered as a broker-dealer under state law to the extent required in
order to provide the services described in this Agreement. Broker-Dealer
agrees to abide by all rules and regulations of the NASD, including its
Rules of Fair Practice, and to comply with all applicable state and federal
laws and the rules and regulations of authorized regulatory agencies
affecting the sale of the contracts and/or policies, including the
prospectus delivery requirements under the Securities Act of 1933 for the
contracts and/or policies and any underlying mutual fund. The Broker-Dealer
agrees to notify PEPCO promptly of any change, termination, or suspension
of its status. Broker-Dealer shall immediately notify PEPCO with respect
to: i) the initiation and disposition of any form of disciplinary action by
the NASD or any other agency or instrumentality having jurisdiction with
respect to the subject matter hereof against Broker-Dealer or any of its
employees or agents; ii) the issuance of any form of deficiency notice by
the NASD or any such agency regarding Broker-Dealer's training, supervision
or sales practices; and/or iii) the effectuation of any consensual order
with respect thereto.
5. In connection with the solicitation of applications for the purchase of
contracts and/or policies, Broker-Dealer agrees to indemnify and hold
harmless PEPCO and the Insurer from any damage or expense as a result of:
(a) the negligence, misconduct or wrongful act of Broker-Dealer or any
employee, representative or agent of the Broker-Dealer; and/or (b) any
actual or alleged violation of any securities or insurance laws,
regulations or orders. Any indebtedness or obligation of the Broker-Dealer
to PEPCO or the Insurer, whether arising hereunder or otherwise, and any
liabilities incurred or monies paid by PEPCO or the Insurer to any person
as a result of any misrepresentation, wrongful or unauthorized act or
omission, negligence of, or failure of Broker-Dealer or its employees,
producers, and registered representatives to comply with this Agreement,
shall be set off against any compensation payable under this Agreement.
Notwithstanding the foregoing, Broker-Dealer shall not indemnify and hold
harmless PEPCO and the Insurer from any damage or expense on account of the
negligence, misconduct or wrongful act of Broker-Dealer or any employee,
representative or producer of Broker-Dealer if such negligence, misconduct
or wrongful act arises out of or is based upon any untrue statement or
alleged untrue statement of material fact, or the omission or alleged
omission of a material fact in: (i) any registration statement, including
any
HO3272 4-01
1
prospectus or any post-effective amendment thereto; or (ii) any material
prepared and/or supplied by PEPCO or the Insurer for use in conjunction
with the offer or sale of Contracts; or (iii) any state registration or
other document filed in any state or jurisdiction in order to qualify any
contract and/or policy under the securities laws of such state or
jurisdiction. The terms of this provision shall not be impaired by
termination of this Agreement.
In connection with the solicitation of applications for the purchase of
contracts and/or policies, PEPCO and the Insurer agree to indemnify and
hold harmless Broker-Dealer from any damage or expense on account of the
negligence, misconduct or wrongful act of PEPCO or the Insurer or any
employee, representative or producer of PEPCO or the Insurer, including but
not limited to, any damage or expense which arises out of or is based upon
any untrue statement or alleged untrue statement of material fact, or the
omission or alleged omission of a material fact in: (i) any registration
statement, including any prospectus or any post-effective amendment
thereto; or (ii) any material prepared and/or supplied by PEPCO or the
Insurer for use in conjunction with the offer or sale of the contracts
and/or policies; or (iii) any state registration or other document filed in
any state or other jurisdiction in order to qualify any contract and/or
policy under the securities laws of such state or jurisdiction. The terms
of this provision shall not be impaired by termination of this Agreement.
6. The Broker-Dealer will itself be, or will select persons associated with it
who are, trained and qualified to solicit applications for purchase of
contracts and/or policies in conformance with applicable state and federal
laws. Any such persons shall be registered representatives of the
Broker-Dealer in accordance with the rules of the NASD, be licensed to
offer the contract and/or policy in accordance with the insurance laws of
any jurisdiction in which such persons solicits applications, be licensed
with and appointed by the Insurer to solicit applications for the contracts
and/or policies and have entered into the appropriate Independent Producer
Variable Contract with the Insurer, if applicable. Under the Independent
Producer Variable Contract, the Insurer will make payments to the
Broker-Dealer. Broker-Dealer will train and supervise its representatives
to insure that purchase of a contract and/or policy is not recommended to
an applicant in the absence of reasonable grounds to believe that the
purchase of a contract and/or policy is suitable for that applicant.
Broker-Dealer shall pay fees to regulatory authorities in connection with
obtaining necessary securities licenses and authorizations for registered
representatives to solicit applications for the purchase of contracts
and/or policies. Broker-Dealer is not responsible for fees in connection
with the appointment of registered representatives as insurance agents of
the Insurer.
7. The activities of all producers referred to in Paragraph 6 will be under
the direct supervision and control of the Broker-Dealer. The right of such
producers to solicit applications for the purchase of contracts and/or
policies is subject to their continued compliance with the rules and
procedures which may be established by the Broker-Dealer, PEPCO or the
Insurer, including those set forth in this Agreement.
8. The Broker-Dealer shall ensure that applications for the purchase of
contracts and/or policies are solicited only in the states where the
contracts and/or policies are qualified for sale, and only in accordance
with the terms and conditions of the then current prospectus applicable to
the contracts and/or policies and will make no representations not included
in the prospectus, Statement of Additional Information, or in any
authorized supplemental material supplied by PEPCO. With regard to the
contracts and/or policies, the Broker-Dealer shall not use or permit its
producers to use any sales promotion materials or any form of advertising
other than that supplied or approved by PEPCO. Broker-Dealer shall ensure
that the prospectus delivery requirements under the Securities Act of 1933
and all other applicable securities and insurance laws, rules and
regulations are met and that delivery of any prospectus for the contracts
and/or policies will be accompanied by delivery of the prospectus for the
underlying mutual funds.
9. The Broker-Dealer understands and agrees that in performing the services
covered by this Agreement, it is acting in the capacity of an independent
contractor and not as an agent or employee of PEPCO, and that it is not
authorized to act for, or make any representation on behalf of, PEPCO or
the Insurer except as specified herein. Broker-Dealer understands and
agrees that PEPCO shall execute telephone transfer orders only in
accordance with the terms and conditions of the then current prospectus
applicable to the contracts and/or policies and agrees that, in
consideration for the Broker-Dealer's right to exercise the telephone
transfer privilege, neither PEPCO nor the Insurer will be liable for any
loss, injury or damage incurred as a result of acting upon, nor will they
be held responsible for the authenticity of, any telephone instructions
containing unauthorized, incorrect or incomplete information. Broker-Dealer
agrees to indemnify and hold harmless PEPCO and the Insurer against any
loss, injury or damage resulting from any telephone exchange instruction
containing unauthorized, incorrect or incomplete information received from
Broker-Dealer or any of its registered representatives. (Telephone
instructions are recorded on tape.)
2
10. This Agreement may not be assigned by the Broker-Dealer without the prior
consent of PEPCO. Any party hereto may cancel this Agreement at any time
upon written notice. This Agreement shall automatically terminate if the
Broker-Dealer voluntarily or involuntarily ceases to be or is suspended
from being, a member in good standing of the NASD. Provided further, PEPCO
reserves the right to terminate this Agreement in the event that any
employee or agent of Broker-Dealer is suspended, disciplined or found to be
in violation of governing insurance or securities laws, rules or
regulations. Furthermore, PEPCO reserves the right to revise the payments
for services described in this Agreement as set forth in Paragraph 3 at any
time upon the mailing of written notice to the Broker-Dealer. Failure of
any party to terminate this Agreement for any of the causes set forth in
this Agreement shall not constitute a waiver of the right to terminate this
Agreement at a later time for any such causes.
11. This Agreement on the part of the Broker-Dealer runs to PEPCO and the
Insurer and is for the benefit of and enforceable by each. This Agreement
shall be governed by and construed in accordance with the laws of the State
of Connecticut. This Agreement supersedes any agreement in effect prior to
January 1, 2000. Your first contract/policy sale after receipt of this
Agreement shall constitute your acceptance of its terms. If you do not wish
to participate in soliciting applications for one of the available
products, you must complete Section 12.
12. Applications for the following products will not be solicited by any
representative, employee or agent of the Broker-Dealer:
A. [ ] Phoenix Life Insurance Company
[ ] Variable Annuities
[ ] Variable Universal Life
B. [ ] PHL Variable Insurance Company
[ ] Variable Annuities
C. [ ] Phoenix Life and Annuity Company
[ ] Variable Universal Life
Broker-Dealer Firm:
Name of Firm: _____________________________________________________________
By: _______________________________________________________________________
Print Name & Title: _______________________________________________________
Date: __________________________ NASD CRD Number __________________________
Phoenix Equity Planning Corporation
By: _______________________________________________________________________
Title: ____________________________________________________________________
Date: _____________________________________________________________________
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[logo] PHOENIX
Phoenix Life Insurance Company
Phoenix Life and Annuity Company
PHL Variable Insurance Company
Phoenix Equity Planning Corporation
Members of the Phoenix Companies, Inc
MAIN ADMINISTRATIVE OFFICE:
Hartford, Connecticut
[logo] PHOENIX SCHEDULE A-1 (VARIABLE ANNUITIES)
Phoenix Life Insurance Company
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Broker-Dealer has been appointed by PEPCO to provide sales assistance to
producers of Phoenix Life Insurance Company and to cause to be solicited
applications for the purchase of the following contracts ("Contracts") issued by
Phoenix Life Insurance Company:
THE BIG EDGE - INDIVIDUAL DEFERRED VARIABLE ANNUITY CONTRACTS (FORM 2545) issued
by the Phoenix Home Life Variable Accumulation Account of Phoenix Life Insurance
Company. Phoenix Life Insurance Company shall pay the Broker-Dealer a service
payment equal to 5.0% of premiums paid under The Big Edge contracts.
THE BIG EDGE - INDIVIDUAL DEFERRED VARIABLE ANNUITY CONTRACT (FORM 2645) issued
by the Phoenix Home Life Variable Accumulation Account of Phoenix Life Insurance
Company. Phoenix Life Insurance Company shall pay the Broker-Dealer a service
payment equal to 6.0% of premiums paid under the Big Edge contracts.
THE BIG EDGE PLUS - INDIVIDUAL DEFERRED VARIABLE ANNUITY CONTRACT (FORM 2646)
issued by the Phoenix Home Life Variable Accumulation Account of Phoenix Life
Insurance Company. Phoenix Life Insurance Company shall pay the Broker-Dealer a
service payment equal to 6.0% of premiums paid under the Big Edge Plus
contracts. However, if the client elects to annuitize the Big Edge Plus contract
within one year of the issue date of the contract year, Phoenix Life Insurance
Company shall pay the Broker-Dealer a service payment equal to 5.0%.
THE GROUP STRATEGIC EDGE - UNALLOCATED GROUP DEFERRED VARIABLE ANNUITY CONTRACTS
(FORM GD603) issued by the Phoenix Home Life Variable Accumulation Account of
Phoenix Life Insurance Company. Phoenix Life Insurance Company shall pay the
Broker-Dealer a service payment equal to 5% of first $20,000 of premiums paid,
4% of the next $30,000 of premiums paid, and 3.5% of such premiums paid over
$50,000. Banded compensation will be processed on a calendar year basis, based
upon aggregate premiums paid under the contract in that calendar year. A
persistency bonus is payable on a calendar quarterly basis, beginning in the
second calendar year for each contract, at an effective annual rate of .20% of
net assets.
THE GROUP STRATEGIC EDGE - ALLOCATED GROUP DEFERRED VARIABLE ANNUITY CONTRACTS
(FORM GD601) issued by the Phoenix Home Life Variable Accumulation Account of
Phoenix Life Insurance Company. Phoenix Life Insurance Company shall pay the
Broker-Dealer a service payment from one of the three Commission Options
available as described below. If more than one Commission Option is chosen,
Broker-Dealer agrees that its representatives may select from the specified
Commissions Options at the time a Contract is purchased. Once a Commission
Option has been selected it cannot be changed in the future. Broker-Dealer may
also allow specified representatives to utilize a Commission Option other than
what is selected below on a contract by contract basis by completing the section
on the Commission Election form titled "Exception". If only one Commission
Option is selected by the Broker-Dealer, that Option will always be invoked.
Please check one or more of the following Commission Options:
OPTION NUMBER OPTION DESCRIPTION
[ ] 1. 5% of first $20,000 of premiums paid, 4% of the
next $30,000 of premiums paid, and 3.5% of such
premiums paid over $50,000.
[ ] 2. 3% of first $20,000 of premiums paid, 2.5% of such
premiums paid over $20,000 with an annual trail
commission of .25% beginning in the 2nd year.
[ ] 3. 1% of premiums paid plus a trail commission of
.50% beginning in the 2nd year.
Banded compensation will be processed on a calendar year basis, based upon
aggregate premiums paid under the contract in that calendar year.
Trail commissions will be paid on the Contract Value on a calendar quarter basis
on deposits held under the Contract for a year or more.
RETIREMENT PLANNERS' EDGE FOR NEW YORK - INDIVIDUAL DEFERRED VARIABLE ANNUITY
CONTRACT (FORM D603 NY) issued by the Phoenix Home Life Variable Accumulation
Account of Phoenix Life Insurance Company. Phoenix Life Insurance Company shall
pay the Broker-Dealer a service payment equal to 1% of the premiums paid Plus an
annual trail commission of 1.00% beginning the 2nd year and increasing by .05%
each year to a maximum of 1.25% in years 7 and later.* Termination or surrender
in the first year will result in the return of all commissions paid on the
amount surrendered.
*Sales of the contract to applicants over age 80 will be paid at 50% of the
Commission Option selected. Trail commissions will be paid at the full
percentage amount as listed.
HO3272VA 4-01
PHOENIX EDGE(R) - VA FOR NEW YORK - INDIVIDUAL DEFERRED VARIABLE ANNUITY
CONTRACT (FORM D602 NY) issued by the Phoenix Home Life Variable Accumulation
Account of Phoenix Life Insurance Company. Phoenix Life Insurance Company shall
pay the Broker-Dealer a service payment from one of the Commission Options
available as described below. If more than one Commission Option is chosen,
Broker-Dealer agrees that its representatives may select from the specified
Commission Options at the time a Contract is purchased. Once a Commission Option
has been selected it cannot be changed in the future. Broker-Dealer may also
allow specified representatives to utilize a Commission Option other than what
is selected below on a contract by contract basis by completing the section on
the Commission Election form titled "Exception", Option 1 shall apply: if a
Commission Option is not selected by the Broker-Dealer; in the event that the
Broker-Dealer has approved more than one Commission Option and an application is
received without a Commission Election form; a Commission Election form is
submitted with an Option not approved by the Broker-Dealer; or an Exception
Section of the Commission Election form is not signed by the Broker-Dealer. If
only one Commission Option is selected by the Broker-Dealer, that Commission
Option will always be invoked. Commission Options 2 and 3 are not available if,
under the contract the client elects Death Benefit Option 1.
Please check one or more of the following Commission Options:
OPTION NUMBER OPTION DESCRIPTION*
[ ] 1. 6.00% of premiums paid plus an annual trail
commission of.25% of Contract Value beginning in
the 8th year.
[ ] 2. 5.00% of premiums paid plus an annual trail
commission of .25% of Contract Value beginning
the 2nd year and increasing to1.00% beginning
the 8th year.
[ ] 3. 3% of premiums paid plus an annual trail
commission of .50% of Contract Value in years
2 through 7; 1.00% in year 8 increasing .05% per
year to a maximum of 1.25%
Trail commissions will be paid on the Contract Value on a calendar quarter basis
on deposits held under the Contract for a year or more.
*Sales of the contract to applicants over age 80 will be paid at 50% of the
Commission Option(s) chosen. Trail commissions will be paid at the full
percentage amount as listed.
THE PHOENIX INCOME CHOICE(SM) - INDIVIDUAL SINGLE PREMIUM IMMEDIATE FIXED AND
VARIABLE ANNUITY CONTRACT (FORM I602) issued by the PHL Variable Accumulation
Account of Phoenix Life Insurance Company. Phoenix Life Insurance Company, shall
pay the Broker-Dealer a service payment from one of the six Commission Options
as described below. If more than one Commission Option is chosen, Broker-Dealer
agrees that its representatives may select from the specified Commission Options
at the time a contract is purchased. Once a Commission Option has been selected,
it cannot be changed in the future. Broker-Dealer may also allow specified
representatives to utilize a Commission Option other than what is selected below
on a contract by contract basis by completing the section on the Commission
Election form titled, "Exception". If only one Commission Option is selected by
the Broker-Dealer, that Commission Option will always be invoked. Termination,
death or surrender before before the annuity date will result in reversal of
commissions paid.
Please check one or more of the following Commission Options:
OPTION NUMBER OPTION DESCRIPTION - FOR ALL PAYMENT OPTIONS
EXCEPT OPTION E
[ ] 1. 5.50% of premium paid under the Phoenix Income
Choice contracts. Sales of the contract to
applicants over age 74 will be paid at 4.50% of
premium paid.
[ ] 2. 4.50% of premium paid plus an annual trail
commission of .25% of the reserve beginning in the
2nd year. Sales of the contract to applicants over
age 74 will be paid at 3.50% of premium paid plus
an annual trail commission of .25% beginning in
the 2nd year.
[ ] 3. 3.50% of premium paid plus an annual trail
commission of .50% of the reserve beginning in the
2nd year. Sales of the contract to applicants over
age 74 will be paid at 2.50% of premium paid plus
an annual trail commission of .50% beginning in
the 2nd year.
PAYMENT OPTION E - COMMISSION OPTIONS*
[ ] 4. Certain Period (Years) % of Deposit Trail
-------------------------------------------------
5-9 2.00% N/A
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10-14 3.50% N/A
-------------------------------------------------
15-19 5.00% N/A
-------------------------------------------------
20+ 5.50% N/A
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[ ] 5. Certain Period (Years) % of Deposit Trail
-------------------------------------------------
5-9 1.25% 0.25%
-------------------------------------------------
10-14 2.50% 0.25%
-------------------------------------------------
15-19 4.00% 0.25%
-------------------------------------------------
20+ 4.50% 0.25%
-------------------------------------------------
[ ] 6. Certain Period (Years) % of Deposit Trail
-------------------------------------------------
5-9 1.00% 0.50%
-------------------------------------------------
10-14 1.75% 0.50%
-------------------------------------------------
15-19 2.75% 0.50%
-------------------------------------------------
20+ 3.00% 0.50%
-------------------------------------------------
* If the certain period is shortened under Payment Option E, the commission will
be adjusted accordingly.
SCHEDULE A-2 (VARIABLE LIFE)
[logo] PHOENIX
Phoenix Life Insurance Company
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THE PHOENIX EDGE - INDIVIDUAL VARIABLE LIFE INSURANCE POLICIES (FORM 5000)
issued by the Phoenix Life Variable Universal Life Account of Phoenix Life
Insurance Company. Phoenix Life Insurance Company, shall pay the Broker-Dealer a
service payment equal to 5% of premium payments made under The Phoenix Edge
policies. In the first year, any loan transferred as part of a 1035 exchange
will not be considered as premiums paid for the purpose of the determination of
compensation.
FLEX EDGE SUCCESS (FORM V603) AND FLEX EDGE (FORM 2667) - FLEXIBLE PREMIUM
INDIVIDUAL VARIABLE LIFE INSURANCE POLICIES issued by the Phoenix Life Variable
Universal Life Account of Phoenix Life Insurance Company. Phoenix Life Insurance
Company, shall pay the Broker-Dealer a service payment equal to 50% of premium
payments made under The Flex Edge policies, up to the commissionable premium
amount, and 4% of such payments in excess of the commissionable premium amount,
in the first Policy Year. However, if a registered representative of the
Broker-Dealer is a career producer of Phoenix Life Insurance Company, then
Phoenix Life Insurance Company, shall pay the Broker-Dealer a service payment
equal to 50% of premium payments made, up to the commissionable premium amount,
and 5% of such payments in excess of the commissionable premium amount, in the
first Policy Year. Commissionable premium is the Policy's Commission Target
Premium. In the first year, any loan transferred as part of a 1035 exchange will
not be considered as premiums paid for the purpose of the determination of
compensation.
Phoenix Life Insurance Company, shall also pay the Broker-Dealer a renewal
commission of 3% of renewal premium in policy years two plus so long as this
Agreement is still in effect.
JOINT EDGE (FORM V601) - FLEXIBLE PREMIUM MULTIPLE VARIABLE LIFE INSURANCE
POLICIES issued by the Phoenix Life Variable Universal Life Account of Phoenix
Life Insurance Company. Phoenix Life Insurance Company, shall pay the
Broker-Dealer a service payment equal to 50% of premium payments made under the
policies, up to the commissionable premium amount, and 4% of such payments after
the commissionable premium has been paid, in the first Policy Year. However, if
a registered representative of the Broker-Dealer is a career producer of Phoenix
Life Insurance Company, then Phoenix Life Insurance Company, shall pay the
Broker-Dealer a service payment equal to 50% of premium payments made, up to the
commissionable premium amount, and 5% of such payments after the commissionable
premium has been paid, in the first Policy Year. Commissionable premium is the
lesser of (1) the Policy's Commission Target Premium and (2) the subsequent
premium specified on the application. In the first year, any loan transferred as
part of a 1035 exchange will not be considered as premiums paid for the purpose
of the determination of compensation.
Phoenix Life Insurance Company, shall also pay the Broker-Dealer a renewal
commission of 3% of renewal premium in policy years two plus so long as this
Agreement is still in effect.
PHOENIX INDIVIDUAL EDGE (FORM V603 (PIE) - FLEXIBLE PREMIUM INDIVIDUAL VARIABLE
LIFE INSURANCE POLICY issued by the Phoenix Life Variable Universal Life Account
of Phoenix Life Insurance Company. Phoenix Life Insurance Company, shall pay the
Broker-Dealer a service payment equal to 50% of premium payments made under the
policy, up to the Commission Target Premium, and 6.50% of such payments in
excess of the Commission Target Premium, in the first policy year. However, if a
registered representative of the Broker-Dealer is a career producer of Phoenix
Life Insurance Company, then Phoenix Life Insurance Company shall pay the
Broker-Dealer a service payment equal to 50% of premium payments made, up to the
Commission Target Premium, and 5% of such premium payments in excess of the
Commission Target Premium, in the first Policy Year. In the first year, any loan
transferred as part of a 1035 exchange will not be considered as premiums paid
for the purpose of the determination of compensation.
Phoenix Life Insurance Company, shall also pay Broker-Dealer a vested renewal
commission of 6.50% of renewal premium in policy year 2. In policy years 3 + a
trail commission of 6.25 basis points will be paid on the policy value less any
debt at the end of each calendar quarter (0.25% per year). However, if a
registered representative of the Broker-Dealer is a career producer of Phoenix
Life Insurance Company, then Phoenix Life Insurance Company, shall pay the
Broker-Dealer a vested renewal commission of 5% of renewal premium in policy
years 2 through 10. At the end of the 10th policy year a deferred trail
commission will be payable on business in force. This deferred trail is equal to
the greater of (a) and (b) as follows:
a) .10% per year of the average policy values less any debt, in years 6 - 10;
b) .25% per year times the average policy values less any debt, in years 6 - 10
MINUS the renewal commissions paid for years 6 - 10.
Beginning in the 11th year 6.25 basis points will be paid at the end of each
calendar quarter on the policy values less any debt on that date (.25% per
year).
HO3272VL 6-01
ESTATE EDGE (FORM V604) - SECOND TO DIE VARIABLE UNIVERSAL LIFE INSURANCE
POLICIES issued by the Phoenix Life Variable Universal Life Account of Phoenix
Life Insurance Company. Phoenix Life Insurance Company, shall pay the
Broker-Dealer a service payment equal to 50% of premium payments made under the
policies, up to the commissionable premium amount, and 6.5% of such payments
after the commissionable premium has been paid, in the first Policy Year.
However, if a registered representative of the Broker-Dealer is a career
producer of Phoenix Life Insurance Company, then Phoenix Life Insurance Company,
shall pay the Broker-Dealer a service payment equal to 50% of premium payments
made, up to the commissionable premium amount, and 5% of such payments after the
commissionable premium has been paid, in the first Policy year. Commissionable
premium is the lesser of (1) the Policy's target premium and (2) the subsequent
premium specified on the application. In the first year, any loan transferred as
part of a 1035 exchange will not be considered as premiums paid for the purpose
of the determination of compensation.
Phoenix Life Insurance Company, shall also pay the Broker-Dealer a renewal
commission of 6.5% of renewal premium in policy year two. Beginning in the third
year a 6.25 basis points trail will be paid on the policy value less any debt at
the end of each quarter (.25% per year).
However, if a registered representative of the Broker-Dealer is a career
producer of Phoenix Life Insurance Company, then Phoenix Life Insurance Company,
shall pay the Broker-Dealer a renewal commission of 5% beginning in year two and
so long as this Agreement is still in effect.
PHOENIX CORPORATE EDGE (FORM V609) - FLEXIBLE PREMIUM INDIVIDUAL VARIABLE
UNIVERSAL LIFE POLICIES issued by Phoenix Life Variable Universal Life Account
of Phoenix Life Insurance Company. Phoenix Life Insurance Company, shall pay the
Broker-Dealer a service payment equal to 24% of premium payments made under the
policies, up to the commissionable premium amount, and 2.5% of such payments
after the commissionable premium has been paid, in the first Policy Year.
Commissionable premium is the lesser of (1) the Policy's target premium and (2)
the subsequent premium specified on the application. In the first year, any loan
transferred as part of a 1035 exchange will not be considered as premiums paid
for the purpose of the determination of compensation.
Phoenix Life Insurance Company, shall also pay the Broker-Dealer a renewal
commission in policy years 2 through 7 of 7% of premium payments made under the
policies, up to the commissionable renewal premium amount, and 2.5% of such
payments after the renewal commissionable premium has been paid. Beginning in
the 8th year the Broker-Dealer shall receive a renewal payment of 2.5% of
renewal premium paid. Beginning in the sixth year, a 2.50 basis points trail
will be paid at the end of each calender quarter on the policy value less any
debt at the end of each quarter (0.10% per year).
PHOENIX EDGE - SPVL - SINGLE PREMIUM INDIVIDUAL VARIABLE LIFE POLICIES (FORM
V610) issued by the Phoenix Life Variable Universal Life Account of Phoenix Life
Insurance Company. Phoenix Life Insurance Company, shall pay the Broker-Dealer a
service payment equal to 7% of premiums paid in the first policy year (net of
any loan transferred as part of a 1035 exchange) under the Phoenix Edge policies
for issue ages up to and including age 80. For issue ages 81-85, Phoenix Life
Insurance Company will pay the Broker-Dealer a service payment equal to 5% of
premiums paid in the first policy year (net of any loan transferred as part of a
1035 exchange) under the Phoenix Edge policies. Beginning in the 6th year 6.25
basis points will be paid at the end of each calendar quarter on the policy
value less any debt (0.25% per year).
[logo] PHOENIX PHL Variable Life Insurance Company SCHEDULE B
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Broker-Dealer has been appointed by PEPCO to provide sales assistance to
producers of PHL Variable Insurance Company and to cause to be solicited
applications for the purchase of the following contracts ("Contracts") issued by
PHL Variable Insurance Company:
THE BIG EDGE CHOICE - INDIVIDUAL DEFERRED VARIABLE ANNUITY CONTRACT (FORM D601)
issued by the PHL Variable Accumulation Account of PHL Variable Insurance
Company. Phoenix Life Insurance Company, as paying agent for PHL Variable
Insurance Company, shall pay the Broker-Dealer a service payment from one of the
three Commission Options available as described below. If more than one
Commission Option is chosen, Broker-Dealer agrees that its representatives may
select from the specified Commission Options at the time a contract is
purchased. Once a Commission Option has been selected, it cannot be changed in
the future. Broker-Dealer may also allow specified representatives to utilize a
Commission Option other than what is selected below on a contract by contract
basis by completing the section on the Commission Election form titled,
"Exception". If only one Commission Option is selected by the Broker-Dealer,
that Commission Option will always be invoked.
Please check one or more of the following Commission Options:
OPTION NUMBER OPTION DESCRIPTION*
[ ] 1. 5.75% of premiums paid plus an annual trail
commission of .25% of Contract Value beginning in the
8th year.**
[ ] 2. 5% of premiums paid plus an annual trail commission
of .30% of Contract Value beginning the 2nd year and
increasing to .50% beginning the 8th year.
[ ] 3. 3% of premiums paid plus an annual trail commission
of .50% of Contract Value beginning the 2nd year and
increasing to 1.00% beginning the 8th year.
Trail commissions will be paid on the Contract Value on a calendar quarter basis
on deposits held under the Contract for a year or more.
RETIREMENT PLANNERS' EDGE - INDIVIDUAL DEFERRED VARIABLE ANNUITY CONTRACT (FORM
D603) issued by the PHL Variable Accumulation Account of PHL Variable Insurance
Company. Phoenix Life Insurance Company, as paying agent for PHL Variable
Insurance Company, shall pay the Broker-Dealer a service payment equal to 1% of
the premiums paid plus an annual trail commission of 1.00% beginning the 2nd
year and increasing by .05% each year to a maximum of 1.25% in years 7 and
later.* Termination or surrender in the first year will result in the return of
all commissions paid on the amount surrendered.
THE PHOENIX EDGE - VA - INDIVIDUAL DEFERRED VARIABLE ANNUITY CONTRACT (FORM
D602) issued by the PHL Variable Accumulation Account of PHL Variable Insurance
Company. Phoenix Life Insurance Company, as paying agent for PHL Variable
Insurance Company, shall pay the Broker-Dealer a service payment from one of the
Commission Options available as described below. If more than one Commission
Option is chosen, Broker-Dealer agrees that its representatives may select from
the specified Commission Options at the time a Contract is purchased. Once a
Commission Option has been selected it cannot be changed in the future.
Broker-Dealer may also allow specified representatives to utilize a Commission
Option other than what is selected below on a contract by contract basis by
completing the section on the Commission Election form titled "Exception". If
only one Commission Option is selected by the Broker-Dealer, that Commission
Option will always be invoked. Commission Options 2 and 3 are not available if,
under the contract the client elects Death Benefit Option 1.
Please check one or more of the following Commission Options:
OPTION NUMBER OPTION DESCRIPTION*
[ ] 1. 6.00% of premiums paid plus an annual trail
commission of .25% of Contract Value beginning
in the 8th year.
[ ] 2. 5.00% of premiums paid plus an annual trail
commission of .25% of Contract Value beginning
the 2nd year and increasing to 1.00% beginning
the 8th year.
[ ] 3. 3% of premiums paid plus an annual trail
commission of .50% of Contract Value in years
2 through 7; 1.00% in year 8 increasing .05%
per year to a maximum of 1.25%.
Trail commissions will be paid on the Contract Value on a calendar quarter basis
on deposits held under the Contract for a year or more.
THE PREMIUM EDGE - INDIVIDUAL DEFERRED VARIABLE ANNUITY CONTRACTS (FORM D604)
issued by the PHL Variable Accumulation Account of PHL Variable Insurance
Company. Phoenix Life Insurance Company, as paying agent for PHL Variable
Insurance Company, shall pay the Broker-Dealer a service payment from one of the
three Commission Options available as described below. If more than one
Commission Option is chosen, Broker-Dealer agrees that its representatives may
select from the specified Commission Options at the time a Contract is
purchased. Once a Commission Option has been selected it cannot be changed in
the future. Broker-Dealer may also allow specified representatives to utilize a
Commission Option other than what is selected below on a contract by contract
basis by completing the section on the Commission Election form titled
"Exception". If only one Commission Option is selected by the Broker-Dealer,
that Commission Option will always be invoked.
Please check one or more of the following Commission Options:
OPTION NUMBER OPTION DESCRIPTION
[ ] 1. 5% of the premiums paid under the Premium Edge
contracts.
[ ] 2. 4% of premiums paid plus an annual trail
commission of .20% of Contract Value beginning
in the 2nd year.
[ ] 3. 2% of premiums paid plus an annual trail
commission of .55% of Contract Value beginning
in the 2nd year.
* Sales of the contract to applicants over age 80 will be paid at 50% of the
Commission Option selected. Trail commissions will be paid at the full
percentage amounts listed.
HO3272B 6-01
THE PHOENIX INCOME CHOICE(SM) - INDIVIDUAL SINGLE PREMIUM IMMEDIATE FIXED AND
VARIABLE ANNUITY CONTRACT (FORM I601) issued by the PHL Variable Accumulation
Account of PHL Variable Insurance Company. Phoenix Life Insurance Company, as
paying agent for PHL Variable Insurance Company, shall pay the Broker-Dealer a
service payment from one of the six Commission Options as described below. If
more than one Commission Option is chosen, Broker-Dealer agrees that its
representatives may select from the specified Commission Options at the time a
contract is purchased. Once a Commission Option has been selected, it cannot be
changed in the future. Broker-Dealer may also allow specified representatives to
utilize a Commission Option other than what is selected below on a contract by
contract basis by completing the section on the Commission Election form titled,
"Exception". If only one Commission Option is selected by the Broker-Dealer,
that Commission Option will always be invoked. Termination, death or surrender
before before the annuity date will result in reversal of commissions paid.
Please check one or more of the following Commission Options:
OPTION NUMBER OPTION DESCRIPTION - FOR ALL PAYMENT OPTIONS EXCEPT
OPTION E
[ ] 1. 5.50% of premium paid under the Phoenix Income
Choice contracts. Sales of the contract to
applicants over age 74 will be paid at 4.50% of
premium paid.
[ ] 2. 4.50% of premium paid plus an annual trail
commission of .25% of the reserve beginning in the
2nd year. Sales of the contract to applicants over
age 74 will be paid at 3.50% of premium paid plus
an annual trail commission of .25% beginning in
the 2nd year.
[ ] 3. 3.50% of premium paid plus an annual trail
commission of .50% of the reserve beginning in the
2nd year. Sales of the contract to applicants over
age 74 will be paid at 2.50% of premium paid plus
an annual trail commission of .50% beginning in
the 2nd year.
PAYMENT OPTION E - COMMISSION OPTIONS*
[ ] 4. Certain Period (Years) % of Deposit Trail
5-9 2.00% N/A
10-14 3.50% N/A
15-19 5.00% N/A
20+ 5.50% N/A
[ ] 5. Certain Period (Years) % of Deposit Trail
5-9 1.25% 0.25%
10-14 2.50% 0.25%
15-19 4.00% 0.25%
20+ 4.50% 0.25%
[ ] 6. Certain Period (Years) % of Deposit Trail
5-9 1.00% 0.50%
10-14 1.75% 0.50%
15-19 2.75% 0.50%
20+ 3.00% 0.50%
* If the certain period is shortened under Payment Option E, the commission will
be adjusted accordingly.
SCHEDULE C
[logo] PHOENIX
Phoenix Life Insurance Company
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THE BIG EDGE CHOICE (NY) - INDIVIDUAL DEFERRED VARIABLE ANNUITY CONTRACT (FORM
D601NY) issued by the Phoenix Life Variable Accumulation Account of Phoenix Life
Insurance Company. Phoenix Life Insurance Company, shall pay the Broker-Dealer a
service payment from one of the three Commission Options available as described
below. If more than one Commission Option is chosen, Broker-Dealer agrees that
its representatives may select from the specified Commission Options at the time
a contract is purchased. Once a Commission Option has been selected, it cannot
be changed in the future. Broker-Dealer may also allow specified representatives
to utilize a Commission Option other than what is selected below on a contract
by contract basis by completing the section on the Commission Election form
titled, "Exception". If only one Commission Option is selected by the
Broker-Dealer, that Commission Option will always be invoked.
Please check one or more of the following Commission Options:
OPTION NUMBER* OPTION DESCRIPTION**
[ ] 1. 6% of premiums paid plus an annual trail
commission of .25% of Contract Value beginning in
the 8th year.
[ ] 2. 5% of premiums paid plus an annual trail
commission of .30% of Contract Value beginning the
2nd year and increasing to .50% beginning the 8th
year.
[ ] 3. 3% of premiums paid plus an annual trail
commission of .50% of Contract Value beginning the
2nd year and increasing to 1.00% beginning the 8th
year.
Trail commissions will be paid on the Contract Value on a calendar quarter basis
on deposits held under the Contract for a year or more.
PHOENIX EDGE(R) - VA FOR NEW YORK - INDIVIDUAL DEFERRED VARIABLE ANNUITY
CONTRACT (FORM D602 NY) issued by the Phoenix Life Variable Accumulation Account
of Phoenix Life Insurance Company. Phoenix Life Insurance Company shall pay the
Broker-Dealer a service payment from one of the Commission Options available as
described below. If more than one Commission Option is chosen, Broker-Dealer
agrees that its representatives may select from the specified Commission Options
at the time a Contract is purchased. Once a Commission Option has been selected
it cannot be changed in the future. Broker-Dealer may also allow specified
representatives to utilize a Commission Option other than what is selected below
on a contract by contract basis by completing the section on the Commission
Election form titled "Exception", Option 1 shall apply: if a Commission Option
is not selected by the Broker-Dealer; in the event that the Broker-Dealer has
approved more than one Commission Option and an application is received without
a Commission Election form; a Commission Election form is submitted with an
Option not approved by the Broker-Dealer; or an Exception Section of the
Commission Election form is not signed by the Broker-Dealer. If only one
Commission Option is selected by the Broker-Dealer, that Commission Option will
always be invoked. Commission Options 2 and 3 are not available if, under the
contract the client elects Death Benefit Option 1.
Please check one or more of the following Commission Options:
OPTION NUMBER OPTION DESCRIPTION*
[ ] 1. 6.00% of premiums paid plus an annual trail
commission of.25% of Contract Value beginning in
the 8th year.
[ ] 2. 5.00% of premiums paid plus an annual trail
commission of .25% of Contract Value beginning the
2nd year and increasing to1.00% beginning the 8th
year.
[ ] 3. 3% of premiums paid plus an annual trail
commission of .50% of Contract Value in years 2
through 7; 1.00% in year 8 increasing .05% per
year to a maximum of 1.25%
Trail commissions will be paid on the Contract Value on a calendar quarter basis
on deposits held under the Contract for a year or more.
RETIREMENT PLANNERS' EDGE FOR NEW YORK - INDIVIDUAL DEFERRED VARIABLE ANNUITY
CONTRACT (FORM D603 NY) issued by the Phoenix Life Variable Accumulation Account
of Phoenix Life Insurance Company. Phoenix Life Insurance Company shall pay the
Broker-Dealer a service payment equal to 1% of the premiums paid Plus an annual
trail commission of 1.00% beginning the 2nd year and increasing by .05% each
year to a maximum of 1.25% in years 7 and later.* Termination or surrender in
the first year will result in the return of all commissions paid on the amount
surrendered.
* Sales of the contract to applicants over age 80 will be paid at 50% of the
Commission Option(s) chosen. Trail commissions will be paid at the full
percentage amount as listed.
** Contingent upon your Representative's Commission Contract with Phoenix a
different compensation schedule may apply.
HO3272E 7-01
