will faithfully comply with all the laws and regulations relative to the

Will faithfully comply with all the laws and

This preview shows page 2 - 5 out of 9 pages.

will faithfully comply with all the laws and regulations relative to the execution of the Agency Agreement. IV. OBLIGATIONS OF THE AGENT: 1) To hold in trust for the COMPANY all insurance premiums collected or received by the AGENT ; 2) Not to deliver any policy issued by the COMPANY unless and until the full premium therefore in accordance with the COMPANY’s premium rates is paid:
Image of page 2
3 A g e n c y A g r e e m e n t 3) To remit to the COMPANY , at the latter’s office, the premium collected by the AGENT , together with a copy of the corresponding receipt issued by the AGENT . Any amount not remitted to the COMPANY by the AGENT as above provided shall bear a penalty of 2% per month from the date received by the AGENT until paid to the COMPANY, without prejudice to whatever action the COMPANY may take against the AGENT for non-compliance with the provision; The obligation of the AGENT to remit to the COMPANY the premium collected by the AGENT may be considered sufficiently complied with if AGENT remits the same within a period of 30 days from the date of the inception of the policy; 4) To allow the COMPANY or its representative to examine at any time the books or other records of the AGENT ; 5) To submit written reports pertaining to the AGENCY as may be required by the COMPANY; 6) To shoulder all expenses relative to the operations and prosecution of the AGENCY ; 7) To hold in trust for the COMPANY all receipt forms and other materials supplied by the COMPANY ; to keep an accurate inventory thereof, to reimburse the COMPANY for any loss or damage thereto; to return all unused forms to the COMPANY upon suspension or termination of the AGENCY , or upon request by the COMPANY ; 8) To save the COMPANY harmless from any claim or suit where the AGENT has acted beyond the scope of his authority; 9) To comply with the rules, regulations circulars or policies as the COMPANY may from time to time issue relative to the AGENCY ; 10) To submit an annual premium production of at least P 300,000.00 ; 11) To issue any circular or letter regarding the COMPANY or publish any advertisement involving the COMPANY , without the prior written consent of the latter. V. OBLIGATION OF THE COMPANY For and in consideration of the satisfactory accomplishment by the AGENT of the objectives of the COMPANY relative to the AGENCY as well as the duties of the AGENT under the AGREEMENT , the COMPANY shall pay to the AGENT, at the COMPANY’S office, the commission stated in ANNEX I hereof.
Image of page 3
4 A g e n c y A g r e e m e n t The AGENT shall have no claim for commission on any insurance unless his name and signature appear on the application for such insurance. All businesses solicited by more than one AGENT shall be construed as joint business and the commission thereon shall be divided equally among the AGENTS whose names and signatures appear on the application.
Image of page 4
Image of page 5

You've reached the end of your free preview.

Want to read all 9 pages?

  • Spring '14
  • HugoPassosSim?o
  • Makati City

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes
A+ icon
Ask Expert Tutors