THE GUARDIAN INSURANCE & ANNUITY COMPANY, INC.
FIELD REPRESENTATIVE AGREEMENT
Agreement made this _________ day of ________, 20____ by and between The
Guardian Insurance & Annuity Company, Inc. ("GIAC"), a Delaware corporation and
a wholly-owned subsidiary of The Guardian Life Insurance Company of America
("Guardian Life"), having its principal office located at 7 Hanover Square, New
York, New York, 10004 and ___________________ ("Field Representative"). .
1. The undersigned is presently a Field Representative of Guardian Life in
accordance with a Field Representative Agreement bearing an effective date
of ___________________("Guardian Life FR Agreement").
2. GIAC hereby appoints the Field Representative for the limited purpose of
soliciting applications for the products specified in Appendix A of this
Agreement.
3. The Field Representative shall at all times be associated with Park Avenue
Securities LLC ("PAS"), a Broker-Dealer registered with the Securities and
Exchange Commission ("SEC") and a member of the National Association of
Securities Dealers, Inc. ("NASD") as an NASD Registered Representative or
NASD Registered Principal and, if the particular jurisdiction requires,
shall be licensed or registered as a securities agent of PAS. The Field
Representative must at all times be validly licensed, registered or
appointed by GIAC as a variable contracts agent in accordance with the
requirements of the jurisdiction where solicitations for contracts occur.
The Field Representative may solicit for and sell contracts in any
jurisdiction where such contracts are filed and approved for sale by the
governmental authorities having jurisdiction, provided the Field
Representative is validly licensed, registered or otherwise qualified as
required for the solicitation and sale of the contracts in such
jurisdictions.
4. To the extent applicable, the Field Representative shall comply strictly
with: (a) the laws, rules and regulations of all jurisdictions (state and
local) in which the Field Representative solicits applications for and
sells contracts; (b) federal laws and the rules, regulations of the SEC;
(c) the rules of the NASD; (d) the rules and procedures of PAS, and (e)
the rules and procedures of GIAC. The Field Representative understands
that failure to comply with such laws, rules, regulations and procedures
may result in disciplinary action against the Field Representative by the
SEC, a state or other local regulatory agency that has jurisdiction, the
NASD, PAS and GIAC. Before any solicitations or sales of contracts are
made, the Field Representative shall become familiar with and abide by
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the laws, rules, regulations and procedures of all of the above mentioned
agencies or parties as are currently in effect and as they may be changed
from time to time.
5. The Field Representative shall have all applications for contracts
accurately completed or reviewed and signed by the applicant and shall
submit the applications to GIAC through PAS together with all payments
received from applicants without any reductions. The Field Representative
shall cause all checks or orders for contracts to be made payable to GIAC.
GIAC shall reject any application that is submitted by or on behalf of a
Field Representative not appropriately licensed as required by paragraph 3
of this Agreement.
6. The Field Representative shall not make any statements concerning the
products except those that are contained in the current prospectuses for
them and the prospectuses for their underlying variable investment options
and shall not solicit for applications or make sales through the use of
mailings, advertisements or sales literature or any other method of
contact unless the material or a complete description of the method has
been filed with the NASD and received written Approval of PAS from a
Registered Principal whose office is located in a PAS Office of
Supervisory Jurisdiction as that term is defined by NASD rules.
7. In connection with the appointment of the undersigned as a GIAC Field
Representative for the purpose set forth in paragraph 2 above, the entire
Guardian Life FR Agreement referred to above and attached hereto as the
Exhibit, including all compensation adjustment and service fee provisions,
is incorporated herein by reference. Guardian Life FR Agreement
compensation provisions that do not apply to the products in Appendix A
are as noted below. All references to "Company" within the Guardian Life
Agency Agreement shall apply with full force and effect to GIAC.
Additionally, the Registered Representative's Agreement between the Field
Representative and PAS and the Agent's Agreement between the Field
Representative and GIAC are incorporated herein by reference and attached
hereto as Exhibits.
8. This Agreement may be terminated as outlined in Paragraph 14 of the
Guardian Life FR Agreement. In addition, it shall be automatically
terminated if the Guardian Life FR Agreement, PAS Registered
Representative Agreement or GIAC Agent's Agreement is terminated.
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IT SHALL BE EXPRESSLY UNDERSTOOD BY THE FIELD REPRESENTATIVE THAT THIS AGREEMENT
SHALL NOT BE EFFECTIVE UNLESS THE FIELD REPRESENTATIVE IS VALIDLY LICENSED IN
ACCORDANCE WITH THE REQUIREMENTS OF THE JURISDICTIONS WHERE SOLICITATIONS FOR
CONTRACTS OCCUR.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
as of the day and year first written above.
_______________________ _______________________________
WITNESS AUTHORIZED COMPANY OFFICER
_______________________ _______________________________
WITNESS FIELD REPRESENTATIVE
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APPENDIX A
List of Products
1. Variable Whole Life Insurance Policies with Modified Scheduled Premiums
marketed under the name Park Avenue Life ("PAL").
2. Flexible Premium Adjustable Variable Life Insurance Policies marketed
under the name Park Avenue Variable Universal Life - Millennium Series
("VUL")*
3. Survivorship Flexible Premium Adjustable Variable Life Insurance Policies
marketed under the name Park Avenue Survivorship Variable Universal Life -
Millennium Series ("SVUL")*
*Enhanced Cash Value versions of these products are also available. Where
applicable herein, these versions are designated "eVUL" and "eSVUL"
respectively.
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APPENDIX B
PAL COMPENSATION
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LPC Factor on Unscheduled Payments Unscheduled Payments
Policy Years Policy Premiums 1985 Version FRs 1956/1967 Version FRs
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1 36 3.5% 3%
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2 through 10 * 3.5% 3%
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*Renewal compensation for preceding employment years on PAL policy premiums
shall be the same as set forth in the Field Representatives Plan manuals for
existing Plan versions (except that the rates applicable under Part A shall be
50% of standard rates for those Field Representatives belonging to the 1985 FR
Plan version). FR Plan compensation factors shall operate in accordance with the
effective date of the Guardian Life FR Agreement.
The first policy year LPC factor of 36 on policy premiums shall be reduced where
policies are issued at ages over 70 with actual rates payable determined by
deducting from the figure 106 ages of applicable insureds as of policy issue
dates.
No compensation shall be payable on PAL policy premiums skipped under the
Premium Skip Option of PAL policies. If unscheduled payments are received when
policies should be on the Premium Skip Option, renewal compensation on such
payments shall be calculated at 5% and applied up to amounts of premium that
correspond to renewal PAL policy premiums that would otherwise have been paid if
not for the Premium Skip Option being in effect with standard renewal rates on
unscheduled payments applied to any premiums received above such PAL policy
premium levels.
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APPENDIX C
VUL & SVUL COMPENSATION
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LPC Factor on
Policy Years Target Premiums Excess Premiums
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1 40 3.5%
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2 through 10 * 3.5%
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*4.5% policy years two through ten credited as Commission Equivalent
Compensation (PGF). In addition, .0125% of unloaned account values shall
be credited monthly policy years 11 and over as long as the field
representative agreement shall not have been terminated.
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APPENDIX D
eVUL & eSVUL COMPENSATION
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LPC Factor on
Policy Years Target Premiums Excess Premiums
------------------------------------------------------
1 15 3.5%
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2 through 10 * 3.5%
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*24% policy years two through four and 11% policy years five through ten
credited as Commission Equivalent Compensation (PGF). In addition, .0125%
of unloaned account values shall be credited monthly policy years 11 and
over as long as the field representative agreement shall not have been
terminated.
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APPENDIX E
ALLOCATION OF PREMIUMS AND THEIR EFFECT
ON VUL, SVUL, eVUL & eSVUL COMPENSATION
A. General
In a first policy year, premiums will first be applied to policy target
premium. These will be compensated at first year rates. Any premiums
received in the first year of a policy exceeding policy target premium
will be considered excess premium to be compensated at excess rates.
In policy years 2 through 10, any premium received up to the policy target
premium will be applied as policy target premium and receive compensation
at target premium renewal rates. Any premium exceeding the policy target
premium in policy years two through ten will be considered excess premium
to be compensated at excess rates.
B. Increases In Coverage
Coverage increases will be reflected in self-contained segments of
policies that have their own policy effective dates, policy year durations
and target premiums. Premiums for policies with increases in coverage will
be applied to each coverage and associated target premiums in the order
the coverages were issued (earliest first). When the sum of the premiums
during a given policy year exceeds the sum of all applicable target
premiums, any additional amount will be allocated prorata based on target
premiums for each coverage. The amount thus allocated will be processed as
outlined in the above general description (i.e. it will be processed with
reference to policy years of the coverages and amounts of applicable
target premiums paid).
C. Decreases In Coverage
A coverage decrease will be applied to a last previous coverage increase,
if any, or to the initial coverage should no coverage increase have taken
place. Such decrease will not reduce target premium.
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