First Year Commission definition

First Year Commission means the Commissions due Broker for the first Contract Year of enrollment of the Enrolling Unit by Broker under this Agreement.
Sample 1Sample 2
First Year Commission for a Policy means a percentage of the annualized premium for the first 12 months that the Policy is in force on a premium paying basis. “Renewal Commission” for a Policy means a percentage of the annualized premium amount that is earned by Aflac during each 12-month period that the Policy is in force on a premium-paying basis beginning with the 13th month, and such Renewal Commission shall be M0594B (5/07) based on an amount not greater than the annualized premium amount applicable at the time the Policy is initially issued.
Sample 1

Examples of First Year Commission in a sentence

  • If a policy is issued with a temporary extra rating of 5 years or less, then no First-Year Commission, Renewal Commission, or Service Fees are paid on the premium charged for the temporary extra rating.

  • If such termination is due to the death of the GA, the First-Year Commission, First-Year Overwriting Commission, Renewal Commission and Renewal Overwriting Commission as provided in paragraphs 9 and 10 hereof, unless assigned, will be paid to the surviving spouse, if this option is elected.

  • We also acknowledge the careful review and helpful sug- gestions of the members of the Editorial Committee for the Cancer Surveillance Series: Drs.

  • If such termination is due to the GA’s disability in accordance with section C of paragraph 11, the GA will receive First-Year Commission, First-Year Overwriting Commission, Renewal Commission and Renewal Overwriting Com- mission as provided in paragraphs 9 and 10 hereof.

  • Note, if the product has a rolling target First-Year rates will be paid for the first twoyears until the Target Premium is met.Whole/Term Life (Traditional) Products:Full First-Year Commission, Renewal Commission, and Service Fees are paid on the entire premiums of a policy issued with a table rating of 6 or less, permanent flat extra premium, or temporary extra rating of 6 years or longer.

  • Clearly, the more commonly sold EIA products are the ones paying higher commissions.] Table 12EIA Products (Number & Percent of Total) According to First-Year Commission Rate Commission Level Commission rates are generally lower at higher issue ages (e.g., ages 76 and above)— typically by two percentage points or more; sometimes a two-step process is used—e.g., a two percent reduction for ages 76-80, followed by another two percent reduction at issue ages 81 and above.

  • Full First-Year Commission, Renewal Commission, and Service Fees are paid on the entire premiums of a policy issued with a table rating of 6 or less, permanent flat extra premium, or temporary extra rating of 6 years or longer.

  • Specifically, Producer shall be entitled to receive monthly as earned (a) a First-Year Commission on each Policy sold by Producer, and (b) Renewal Commissions on such Policies in force so long as Policies written by Producer with a minimum of $10,000 in annualized premiums remain in force.

  • Whole/Term Life (Traditional) Products:Full First-Year Commission, Renewal Commission, and Service Fees are paid on the entire premiums of a policy issued with a table rating of 6 or less, permanent flat extra premium, or temporary extra rating of 6 years or longer.

  • First-Year Commission, in respect of a policy, is the amount resulting from the application of the rates of commission to the premium for the first policy year in accordance with this Contract.

Related to First Year Commission

  • (2) COMMISSION.—The term Commission’ means the Federal Communications Commission.’’

  • Election Commission means the Election Commission appointed by the President under article 324;

  • First Year means the intake group of Students for the most junior class or year in a school.

  • Tax Commission means the Oklahoma Tax Commission;

  • Planning Commission means the City’s Planning Commission.

  • One-hundred-year flood means a flood having a one per cent chance of being equaled or exceeded in any given year.

  • Diocesan Schools Commission means the education service provided by the diocese, which may also be known, or referred to, as the Diocesan Education Service.

  • Budget year means the financial year of the municipality for which an annual budget is to be approved in terms of section 16(1) of the MFMA;

  • Year 1 means the year next following the export date and “year” followed immediately by any other numeral has a corresponding meaning; reference in this Agreement to an Act shall include the amendments to such Act for the time being in force and also any Act passed in substitution therefor or in lieu thereof and the regulations for the time being in force thereunder; power given under any clause of this Agreement other than clause 17 hereof to extend any period or date shall be without prejudice to the power of the Minister under the said clause 17; marginal notes shall not affect the interpretation or construction hereof; the phases in which it is contemplated that this Agreement will operate are as follows —

  • Year of Vesting Service means a vesting computation period during which you complete 1,000 hours of service during the Plan Year.

  • Minimum Quarterly Distribution means $0.35 per Unit per Quarter (or with respect to the period commencing on the Closing Date and ending on September 30, 2005, it means the product of $0.35 multiplied by a fraction of which the numerator is the number of days in such period and of which the denominator is 92), subject to adjustment in accordance with Section 6.6 and Section 6.9.

  • University Grants Commission means the Commission established under section 4 of the University Grants Commission Act, 1956 (Central Act 3 of 1956);

  • Year 3 means the tax year preceding the current tax year.

  • the Commission means the Charity Commission for England and Wales;

  • Year 2 means the year after year 1; year 3 means the year after year 2, year 4 means the year after year 3, and so on; and

  • Anniversary Year The one-year period beginning on the Closing Date and ending on the first anniversary thereof, and each subsequent one-year period beginning on the day after the end of the preceding Anniversary Year and ending on next succeeding anniversary of the Closing Date.

  • Average Compensation means the average of your W-2 wages from the Company for the five (5) calendar years completed immediately prior to the calendar year in which the Change in Control is effected. Any W-2 wages for a partial year of employment will be annualized, in accordance with the frequency which such wages are paid during such partial year, before inclusion in Average Compensation.

  • Central Commission means the Central Electricity Regulatory Commission referred to in sub-section (1) of section 76 of the Act;

  • Base Year Value means the assessed value of eligible property January 1 preceding the execution of the agreement plus the agreed upon value of eligible property improvements made after January 1 but before the execution of the agreement.

  • Annual Installment means the portion of the PACE loan that is due and payable for a particular year under the supplemental agreement.

  • Final Average Compensation means the aggregate amount of a member's compensation earned within the averaging period in which the aggregate amount of compensation was highest divided by the member's number of years, including any fraction of a year, of credited service during the averaging period. The averaging period shall be 36 consecutive calendar months if the member contributes to the member investment plan except for a member who contributes to the member investment plan and first became a member on or after July 1, 2010; otherwise, the averaging period shall be 60 consecutive calendar months. A member who contributes to the member investment plan and first became a member on or after July 1, 2010 shall also have an averaging period of 60 consecutive calendar months. If the member has less than 1 year of credited service in the averaging period, the number of consecutive calendar months in the averaging period shall be increased to the lowest number of consecutive calendar months that contains 1 year of credited service.

  • Highest Average Compensation means the average Compensation for the three (3) consecutive years of Service with the Employer that produces the highest average. A Year of Service with the Employer is the twelve (12) consecutive month period identical to the Plan Year.

  • Estimated Incremental Quarterly Tax Amount has the meaning assigned to such term in Section 6.9.

  • Benefit year means the period of twelve consecutive months, July 1 through June 30, as established by an employer in which an employee shall accrue and use earned sick leave as provided pursuant to N.J.S.A. 34:11D-2, provided that once the starting date of the benefit year is established by the employer it shall not be changed unless the employer notifies the Commissioner of Labor and Workforce Development of the change in accordance with regulations promulgated pursuant to the Act. The Commissioner shall impose a benefit year on any employer the Commissioner determines is changing the benefit year at times or in ways that prevent the accrual or use of earned sick leave by an employee.

  • Quarterly Distribution Date means the last Business Day of the month following the end of each calendar quarter after the Effective Date; provided, however, that if the Effective Date is within 45 days of the end of a calendar quarter, the first Quarterly Distribution Date will be the last Business Day of the month following the end of the first calendar quarter after the calendar quarter in which the Effective Date falls.

  • Selling Commission means three percent (3%) of the gross proceeds of Shares sold pursuant to this Agreement, or as otherwise agreed between the Company and the Agent with respect to any Shares sold pursuant to this Agreement.