I. SCOPE
All paid premiums on insurance business solicited and/or written by a licensed agent/s for Fire, Motor Car, CARI Personal Accident, Marine Cargo, Inland Marine Cargo, Bonds (except Bail Bonds),other Casualty Lines (except CTPL),and Miscellaneous Risks.
II. PERIOD COVERED
All business production generated from January 01,2021 to December 31, 2021. Production shall mean business solicited, issued and/or written, released and reported by agent/s from January 01, 2021 to December 31, 2021. Returned premiums resulting from the cancellation of existing paid policies with in the period of the contest will be deducted from the production entry/ies until replaced and settled and/or paid with in the contest period.
III. PARTICIPANTS
All licensed agents, agencies and brokers with existing Memorandum of Agreement (MOA) with the company except officers, employees, and their relatives up to the third degree of consanguinity, are qualified to join the 2021 Sales Drive Contest.
IV. UNDERWRITING LIMITATIONS
Qualification of all winners will be based on his/her paid premium production, net of all actual paid losses. All business falling with in the scope of this contest and all other policies shall be subject to underwriting guidelines and limits. Policies issued in violation thereof and required to be cancelled shall be excluded from the contest and will not form part of the premiums generated even if premium have been paid.
V. TRANSFER BUSINESS
Transfer business from one agency code to another for the purpose of increasing the production of the other agent is strictly prohibited and or not allowed and shall not be considered in the computation of the production generated
VI. DEADLINE OF REMITTANCE PAYMENT OF PREMIUMS FOR THE CONTEST
All credit terms arrangement for this contest shall not apply and thereof only business production, on with fully paid premiums and remitted on or before January 2022 shall be included in the contest.
All credit term arrangements for this contest shall not apply and thereof only business production with fully paid premiums and remitted on or before January 15, 2022 shall be included in the contest.
Post – dated checks payment will not be considered unless deposited and cleared with in the contest period by Sterling’s depository bank/s. Production written but not reported and paid during the contest period cannot be included and carried over in the 2022 Sales Drive Contest.
NO FLAT CANCELLATION will be accepted after the awarding of prizes.
VII. FORFEITURE CLAUSE
All the awardees will be invited and notified of the date and venue of the Wards Night by personal delivery. The Committee reserves the right to forfeit any of the prizes if the awardee is not present or without representatives during the Awards Night.
Any prizes which remain unclaimed after sixty (60) days from the receipt of notification will be forfeited and donated to charitable institutions.
VIII. CASH CONVERSION OF PRIZES
All prizes converted to cash will be 30% less from value of the prize.
IX. COMMITTEE MEMBERS
Mr. Arturo B. Reyes, Ms. Mari Pilar B. Mercado, Mr. Buenaventura P. Duran, Mr. Reynaldo T. Ramos, Atty April Reine B. Morales
NOTES:
Additional Php 10,000.00 cash prize for every succeeding Php 1,500,000.00 in excess of the attained prize, but not reaching the next prize level.
Pictures of the prizes displayed are for visual representation only and not necessary reflect the actual prize.
LTO registration and comprehensive insurance for car and motorcycle are not included.
