General Agents definition

General Agents. The Custodian shall be entitled to appoint agents, whether in its own name or that of the Customer, to perform any of the duties undertaken by the Custodian in this Agreement. The Custodian may delegate to any agent so appointed any of the functions to be performed by the Custodian under this Agreement including without limitation the collection of payments due on Securities. The Custodian shall forthwith notify the Customer upon any such appointment. Any such agent shall be a person whom the Custodian reasonably believes to be a person whose business includes the provision of investment custodial services, and all cash and Securities deposited with or held by any such agent will be at the risk of the Customer as regards any act, omission or insolvency of such agent and any laws, acts, decrees, regulations, edicts, orders or other mandates, and any acts of warfare, seizure, confiscation, destruction or impairment of property, promulgated and/or done by any court or by any governmental, military or civil authority, whether de jure or de facto in control of or operating at the place where such agent is located. The Custodian's sole obligation, in the event of any loss in connection with any cash and Securities held by or deposited with any such agent will be to assign to the Customer such rights (if any) as the Custodian may have against such agent.

General Agents. Agent's Override Total Policy Commission Commission Commission ------ ---------- --------------- ----------- First Year 50% 30% 80% Second Year 5% 7-1/2% 12-1/2% Third Year 2-1/2% 5% 7-1/2% Fourth-Tenth Year 2-1/2% 2-1/2% 5% As you can see from the above, we have realigned the first year commissions from 60-20 to 50-30, while the total percentage of commission remains the same at 80%. We believe that this change will benefit you, the General Agent, by making this already competitive product much more profitable.

Examples of General Agents in a sentence

• All General Agents which are parties to this Agreement at the time of such amendment hereby consent and agree in advance to the addition of such additional General Agents.

• Additional General Agents may be added as parties to this Agreement at any time by a written amendment signed by Pacific Mutual, PEN, Selling Broker-Dealer and such additional General Agents.

• Plan contributions paid by First Allmerica and General Agents of First Allmerica and earnings thereon will be used to fund Plan costs and benefits of both First Allmerica and such General Agents.

• Eligible Re-employed Pensioners of First Allmerica, Citizens, Hanover and General Agents of First Allmerica (as each is described in Section 6.09) shall receive no further Credited Service for periods of re-employment following their retirement unless they complete at least 1,000 Hours of Service in a Plan Year.

• General Agents, the Broker-Dealer and Registered Representatives are not authorized to give any information or make any representations concerning such Contracts other than those contained in the prospectus or in such sales literature or advertising as may be authorized by Allmerica.

• This Agreement shall automatically terminate immediately and without notice upon any General Agent's or the Broker-Dealer's ceasing to comply with any of the terms and conditions of this Agreement or upon the dissolution, bankruptcy or insolvency of a General Agent or the Broker-Dealer.

• In the case of General Agents, the hourly rate of compensation shall be the Employee’s most recent rate of semi-monthly compensation divided by 80.

• General Agents, the Broker-Dealer and Registered Representatives will not furnish any prospective Contract owner with an illustration of the financial or other aspects of a Contract or a proposal for a Contract unless the same has been either furnished by the Insurance Companies or prepared from computer software or other material furnished or approved by the Insurance Companies.

• Plan contributions paid by First Allmerica and General Agents of First Allmerica and earnings thereon will also be used to fund costs and benefits of The Allmerica Financial Agents’ Pension Plan (Part II of the Plan), which plan was merged with this Part I of the Plan on January 1, 1992.

• The Company is making no evaluation of the General Agent's qualification, has no obligation to furnish reports or statistics to the Reinsurer, or to monitor the performance of the General Agent.