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EXHIBIT 3(f)
AMENDMENT TO SELLING AGREEMENT
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TRILLIUM
SCHEDULE I - STATEMENT OF COMPENSATION
CANADA LIFE INSURANCE COMPANY OF AMERICA
AS OF OCTOBER 1, 1997
Subject to the terms and conditions of this Agreement, CLAFS will pay to Selling
Firm compensation based upon the premiums and purchase payments received from
such Selling Firm, in accordance with applicable law, in the percentages shown
below, for CLICA-issued Trillium Variable Annuity, Form 20067 and any subsequent
approved form:
B/D CONCESSION
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OWNER'S ISSUE AGE 0-80 OWNER'S ISSUE AGE 81-85
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Option A1: 5% of premium plus .25%, Option A2: 2.25% of premium plus .25%
on an annual basis, based on account annual trail, calculated as in Option
value of associated premium, .0625% A1.
first payable at end of 5th quarter Option B2: 3% of premium, no trail.
of the associated premium, end of OWNER'S ISSUE AGE 86-90 & ADDITIONAL
following quarters thereafter. Option PREMIUM ON ISSUED POLICIES, OWNER'S
A1 ONLY, the trail payable will AGE 86-90
increase to .40% after Surrender ----------------------------------------
Charges are no longer applicable to Option A3: .50% of premium plus .50%
that premium. annual trail, calculated as in Option
Option B1: 6.5% of premium, no A1.
trail.
Option C: 2% of premium plus .75%
annual trail, calculated as in Option
A1.
ADDITIONAL PREMIUM AFTER OWNER'S
ATTAINED AGE 90
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Option A4: .50% of premium plus .25%
annual trail, as calculated in Option
A1.
SERVICE FEE AT ANNUITIZATION (Assumes "internal" annuity rates are used. Service
Fee is only paid on annuitized proceeds that are past any applicable
Surrender Charge period.)
I 3% if payout = or > 10 years, or a life annuity, and the amount is $0 -
$1 million;
II 1.25% on amounts over $1 million with same payout duration as I;
III 2% if payout = or < 10 years and not a life annuity, and the amount is
$0 - $1 million;
IV 1.25% on amounts over $1 million with the same payout duration as III.
CHARGEBACKS: (i) In the event a policy is returned to CLICA pursuant to a "Free
Look" provision, the full B/D Concession paid thereon or retained by Selling
Firm pursuant to net submission of premium of purchase payment shall be
charged back to the Selling Firm. (ii) Should any premium or purchase payment
on any policy issued by CLICA be refunded for any reason, Selling Firm shall
repay or return B/D Concession received by it with respect to such premium or
purchase payment. (iii) If a policy was not issued as a result of failure by
Selling Firm to submit to CLICA an application sufficient to satisfy state
insurance laws or CLICA's eligibility requirements, then amounts paid to Selling
Firm shall be returned or repaid. (iv) If a policy was tendered to CLICA for
redemption within 10 business days of the date of activity, then amounts paid to
Selling Firm shall be returned or repaid. (v) For annuitizations within 6 months
of issue, 100% of all B/D Concession paid to Selling Firm will be returned or
repaid, offset by an amount from 1.25% to 3%, depending on the amount and
duration of payout; and for annuitizations from months 7-12 after issue, 50% of
all B/D Concession paid to Selling Firm shall be returned or repaid, offset by
an amount from 1.25% to 3%, depending on the amount and duration of payout. For
any premium or purchase payment that has been in the Policy for more than 12
months, there shall be no chargeback on B/D Concession.
Note: If there is more than one owner of a policy, the age of the oldest owner
determines the level of payment.
(OVER)
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To the extent permitted by law, the amount so charged back may, at the option of
CLICA, be set off against B/D Concession otherwise due Selling Firm. In
addition, such other compensation will be payable as are from time to time
agreed by the parties to the foregoing Agreement and which is in accordance with
applicable law, and will be added to this schedule.
The rates of concession specified above and any rates of concession otherwise
determined by the Company will be subject to change at any time by the Company
but no charge will affect the rates of concession in connection with any policy
effected herein for which the initial premium was due prior to the effective
date of such change. Any such changes of concession will be binding upon the
General Agent and/or Broker/Dealer when the Company sends notice thereof in
writing to him/her and will take effect from the date specified in such notice.
