Return Commissions definition

Return Commissions. Direct ▇▇▇▇ Insurance Policy commissions that are unearned because policy premium was reduced or policy canceled.
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Return Commissions. Direct ▇▇▇▇ Policy Sales Commissions that are unearned because a Policy premium or fee was reduced or a Policy canceled.
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Return Commissions means commission reimbursements due to the carrier by the broker or agent on Existing Policies that cancel prior to the Policies’ expiration date.
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Examples of Return Commissions in a sentence

  • Brooke shall debit Franchise Agent Account for Return Commissions due to Companies by Brooke for Customer Accounts in the amounts indicated on the appropriate Company Billing.

  • Buyer, Seller and Parent agree that Buyer will assume (as part of the Purchase Price) up to Five Hundred Thousand and No/100 Dollars ($500,000.00) in Net Return Commissions (as defined in Section 2.1 hereof) and shall refund the insurance companies and premium finance companies for all return commissions to be refunded on such premium reductions.

  • Brooke shall debit Franchisee Account for Return Commissions due to Insurance Companies by Brooke for Customer Accounts owned by Franchisee in the amounts indicated on the appropriate Insurance Company Billing.

  • The Company shall pay such Unrecorded Return Commissions in the ordinary course of its business, and within sixty (60) days after the Closing Date, the Company shall send to Seller an invoice detailing the amount of Unrecorded Return Commissions paid after the Closing Date in respect of terminations that occurred prior to the Closing Date, with reasonable supporting documentation, and Seller shall pay or satisfy such invoice within ten (10) days after receipt thereof.

  • All Return Commissions and chargebacks received after the Closing Date shall belong to or be charged to Buyer.

  • Return Commissions shall be paid in accordance with the commission rates in effect at the time of the last commission.