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Form #902

Agent to Accept Funds as Fiduciary

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Agent to accept funds as fiduciary.

It is agreed between company and agent as follows:

1. Agent has full power and authority to receive and accept proposals for insurance covering the classes of risks as company may, from time to time, authorize to be insured; to collect, receive and receipt for premiums on insurance tendered by agent to and accepted by company and to retain out of the premiums collected, as full compensation on business placed with company, commissions as may be from time to time mutually agreed upon.

It is a condition of this agreement that agent shall refund ratably to company, on business written, commissions on canceled liability and on reductions in premiums at the same rate at which the commissions were originally retained.

2. In the event of the termination of this agreement, agent having promptly accounted for and paid over premiums for which he or she may be liable, agent's records, use and control of expirations shall remain the property of agent and be left in his or her undisputed possession; otherwise the records, use and control of expirations shall be vested in company.

3. Agent agrees to hold all premiums and return premiums collected as a fiduciary trust, until payment has been made to company, or in case of return premiums, to the insured. Accounts of money due company on the business placed by agent with company are to be rendered monthly so as to reach company's office not later than the 15th day of the following month; the balance shown to be due to company shall be paid not later than 45 days after the end of the month for which the account is rendered.



 
Contributed by
Anonymous4
 
Name of Firm Anonymous4
Total Forms Contributed 75
 

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Terms Of Use

Submissions to this site, including any legal or business forms, posts, responses to questions or other communications by contributors are not intended as and should not be construed as legal advice. You are strongly encouraged to consult competent legal council before engaging in any action based upon content contained on this site.

These downloadable forms are only for personal use. Retransmission, redistribution, or any other commercial use is prohibited. This includes reposting forms from this site to another site offering free legal or other document forms for download.

Please note that the donator may have included different usage terms regarding this form, and you agree to abide by these terms. It is highly recommended that you have a licensed attorney review any legal documents for which you are searching in order to make sure that your needs are being properly and completely satisfied.

Your use of this site constitutes your acceptance of our terms of use and your agreement to hold this site, its officers, employees and any contributors to this site harmless for any damage you might incur from your use of any submissions contained on this site. If you do not agree to the above terms, please do not proceed.

These forms are provided to assist business owners and others in understanding important points to consider in different transactions. They are offered with the understanding that no legal advice, accounting, or other professional service is being offered by these documents or on this website. Laws vary in the different states. Agreements acceptable in one state may not be enforced the same way under the laws of another state. Also, agreements should relate specifically to the particular facts of each situation. Therefore, it is important to consult legal counsel whenever utilizing these forms. The Forms are not a substitute for legal advice YourFreeLegalForms.com is not engaged in recommending or referring members on the site or making claims about the competence, character or qualifications of its participating members.
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Keywords: Agent, Funds, Fiduciary, Legal Forms

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