Commission Chargeback definition

Commission Chargeback. In the event that a contract for which a commission has been paid is surrendered by the contract owner, is lapsed or returned pursuant to the so-called "right of return period" provision of the contract, the following percentage of commission will be due to Sun Life of Canada (U.S.) from all entities which received commissions.
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Commission Chargeback. In the event that a policy for which a commission has been paid is surrendered by the policy owner, or is lapsed or returned pursuant to the so-called "right of return" provision of the policy, the following percentage of commission will be due and Sun Life of Canada(U.S.) shall be entitled to collect such amount from all entities which received commissions, including by set off of future commissions CHARGEBACK SCHEDULE ------------------- MONTH PERCENTAGE ----- ----------
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Examples of Commission Chargeback in a sentence

  • Broker/Dealer and each Agency agrees to repay Insurer within thirty (30) business days of notice of the request for such refund, any compensation amounts charged back to the Broker/Dealer or Agency by Insurer under the terms of the Commission Chargeback Provision of Schedule B Commission Schedules: Terms and Conditions and any amended commission schedules for Contracts solicited by a Producer, or former Producer, of Broker/Dealer.

  • They are subject to the terms and conditions of the Agreement, including, but not limited to, the Commission Chargeback Provision.

  • In the event of the surrender of an annuity within six months of the payment date, there will be a charge- back of commissions paid with respect to premiums received in accordance with the following schedule: Time Elapsed Since Payment Date Commission Chargeback 0-3 months 100% Over 3 months to 6 months 50% Over 6 months 0% Chargebacks will be assessed in their entirety against the Authorized Selling Firms.

  • Time Elapsed Since Payment Date Commission Chargeback 0-6 months 100% 7-18 months 50% Thereafter 0% The chargeback will be waived in the event of the death of the annuitant or owner.

  • ISSUE AGES TO 75: Time Elapsed Since Payment Date Commission Chargeback 0-3 months 100% 4-6 months 50% Thereafter 0% ISSUE AGES 76-80: Time Elapsed Since Payment Date Commission Chargeback 0-6 months 100% 7-12 months 50% Thereafter 0% ISSUE AGES 81-85: Time Elapsed Since Payment Date Commission Chargeback 0-3 months 100% 4-6 months 50% Thereafter 0% Addendum C to Exhibit A: Products, Territory and Commissions (continued) The chargeback will be waived in the event of the death of the annuitant or owner.

  • Commission Charge-back (only applicable if the Accounting Benefit Rider is present) A five-year commission charge-back as stated in the table below is applicable if the policy lapses, is surrendered or terminates (other than death) in the first five Policy Years.

  • Policy Year Commission Chargeback 1 10% of first year premium up to target 2 6% of second year premium up to target 3 3% of third year premium up to target 4+ 0% If a premium payment for which a commission has been paid is refunded by ING Security Life, a reimbursement of the commission paid on the amount refunded will be due from the Selling Broker-Dealer.

  • ISSUE AGES TO 75: Time Elapsed Since Payment Date Commission Chargeback 0-3 months 100% 4-6 months 50% Thereafter 0% ISSUE AGES 76-80: Time Elapsed Since Payment Date Commission Chargeback 0-6 months 100% 7-12 months 50% Thereafter 0% ISSUE AGES 81-85: Time Elapsed Since Payment Date Commission Chargeback 0-3 months 100% 4-6 months 50% Thereafter 0% Addendum B to Exhibit A: Products, Territory and Commissions (continued) The chargeback will be waived in the event of the death of the annuitant or owner.

  • Commission Chargeback: In the event that a policy for which a commission has been paid is lapsed or surrendered by the Policy Owner or has a reduction of stated death benefit during the first three policy years, or is returned to ING Security Life for refund of premium during the Free Look Period as described in the policy, ING Security Life and ING America Equities shall require reimbursement from Selling Broker-Dealer as shown below.

Related to Commission Chargeback

  • collection charges means the charges which the Municipality is entitled to recover in terms of section 75A(1) of the Systems Act, and includes the administrative cost –

  • Contract Charges means charges that accrue during a given month as defined in Article III. “Contract Term” is defined in Article IV.

  • Connection Charge is the sum payable by the Communications Provider in accordance with the Openreach Price List for provisioning of the Service;

  • transaction charge means any amount charged to a client by a registered firm in respect of a purchase or sale of a security and includes any federal, provincial or territorial sales taxes paid on that amount;

  • Administration Charge means a charge established in accordance with Chapter 90.50A RCW and Chapter 173-98 WAC, to be used to pay Ecology’s cost to administer the State Revolving Fund by placing a percentage of the interest earned in an Administrative Charge Account.