Docstoc
Contract between General Agent of Insurance Company and Independent Agent
Document Sample
Contract between General Agent of Insurance Company and Independent Agent Powered By Docstoc
					Contract between General Agent of Insurance Company and Independent Agent

Agreement made on the (date), between (Name of Agent) of (street address, city, county,
state, zip code), referred to herein as Agent, and (Name of General Agent), a corporation
organized and existing under the laws of the state of (name of state), with its principal
office located at (street address, city, county, state, zip code), hereinafter referred to as
General Agent.

Whereas, General Agent is engaged in the business of selling (designate type or types of
insurance such as home and automobile) insurance (hereinafter called insurance) for
(Name of Insurance Company), a corporation organized under the laws of the State of
(name of state), having its principal office at (street address, city, county, state, zip code),
hereinafter called the Company; and

Whereas, Agent has been engaged in and has had experience in the insurance
business; and

Whereas, Agent is willing to be employed by General Agent as an independent
contractor/agent, and General Agent is willing to employ Agent in such capacity on the
terms as set forth below;

Now, therefore, for the reasons set forth above, and in consideration of the promises of
the parties to this Agreement, and other good and valuable consideration, receipt of
which is acknowledged, the parties agree as follows:

I.     Employment. General Agent employs Agent to sell and solicit insurance products
of Company, and Agent shall devote his entire time to the sale and solicitation of such
insurance pursuant to this Agreement and shall not represent any other insurance agency
without the written consent of General Agent.

II.     Independent Contractor. Notwithstanding the foregoing, and anything herein to
the contrary, Agent shall be an independent contractor for all purposes. As an
independent contractor, Agent has the right to exercise independent judgment as to time,
place, and manner of soliciting insurance, servicing policyholders, and otherwise carrying
out the provisions of this Agreement.

III.    Remittance of Premiums and No Rebate Rule. Agent shall pay over all
premiums or advance payments to General Agent as soon as collected. Rebating in any
form, directly or indirectly, is prohibited.

IV.      Assignment of Territory. Agent shall be permitted to solicit business only in the
territory assigned by General Agent. Agent shall not have any exclusive right to any
territory assigned under the provisions of this Agreement, nor shall he have any claim to
commissions on business secured by other agents operating in such territory unless
Agent and the other agents have so agreed in writing and a copy of their Agreement shall
have been approved and filed with General Agent.

V.     Insurance. General Agent will pay for Agent’s errors and omission insurance.
General Agent will also pay for all costs of the insurance rater used by the General Agent
in connection with Agent’s services pursuant to this Agreement.

VI.    Salesperson’s Incurring Indebtedness of Liability; When Sales Final.
Agent shall not incur indebtedness in the name of General Agent, and shall not sign the
name of General Agent to any contract. No sale or contract is binding until written
approval of the underwriting department. Agent shall supply General Agent with a list of
new policies (in a form acceptable to General Agent) on the (date) of each month.

VII,   Commissions. Agent shall receive a commission of _____% of the first year's
premiums and a renewal commission of ____% of each payment after the first year. If
General Agent shall for any reason refund any premium on which Agent is entitled to a
commission under this Agreement, Agent shall lose all right to commissions on such
premium and shall repay to General Agent on demand the full amount received by him or
her on account thereof. Said commissions will be mailed to Agent’s address set forth
above on or before the (date) each month. No broker fee shall be charged by Agent that
exceeds $___________.

VIII.   Bonuses.
        A.   Percentage of Sales of Agents Sponsored by Agent: (Describe)
        B.   Exceptions: Notwithstanding Subparagraph A, (Describe any
             exceptions)

IX.     Expenses
        A.     Agent shall pay $_______ each year to cover administrative and customer
        service cost. This expense will be paid from the commissions of Agent for the
        month following the one year anniversary date of this Agreement. If said
        commissions are insufficient to make said payment, s
				
DOCUMENT INFO
Shared By:
Stats:
views:82
posted:1/13/2013
language:English
pages:4
Description: This is a generic form contract between a general agent of an insurance company and an independent agent. The independent agent is an independent contractor, but subject to the terms of the agreement. In view of the fact that insurance is a closely regulated business, local state law and insurance regulations should be consulted when using this form.
PARTNER William Glover
I received my B.B.A. from the University of Mississippi in 1973 and my J.D. from the University of Mississippi School of Law in 1976. I joined the firm of Wells Marble & Hurst in May 1976 as an Associate and became a Partner in 1979. While at Wells, I supervised all major real estate commercial loan transactions as well as major employment law cases. My practice also involved estate administration and general commercial law. I joined the faculty of Belhaven College, in Jackson, MS, in 1996 as Assistant Professor of Business Administration and College Attorney. While at Belhaven I taught Business Law and Business Ethics in the BBA and MBA programs; Judicial Process and Constitutional Law History for Political Science Department); and Sports Law for the Department of Sports Administration. I am now on the staff of US Legal Forms, Inc., and drafts forms, legal digests, and legal summaries. I am a LTC and was Staff Judge Advocate for the Mississippi State Guard from 2004-2008. I now serve as the Commanding Officer of the 220th MP BN at Camp McCain near Grenada, MS. I served on active duty during Hurricanes Dennis (July, 2005), Katrina (August, 2005) and Gustav in 2008. I played football at the University of Mississippi in 1969-1971 under Coach John Vaught. I am the author of the Sports Law Book (For Coaches and Administrators) and the Sports Law Handbook for Coaches and Administrators (with Legal Forms),