Terms and Conditions for the IBC Practitioner’s Program

This IBC Practitioner™ Agreement (the “Agreement”) is entered into as of this the _____ day of, __________                 , by and between the Infinite Banking Concept LLC, (“IBC”) and, ______________________ hereinafter referred to as (the “Enrollee” and collectively with IBC, the “Parties”).

R E C I T A L S:

WHEREAS, IBC has entered into a Consulting Agreement with United Services and Trust Corporation (“USTC”) to develop the IBC Practitioner Program™, an educational program designed for the sole purpose of educating and training financial and insurance services professionals in the theory and proper implementation of the Infinite Banking Concept®;

WHEREAS, IBC owns the copyrights in written and digital materials comprising its educational materials and the trademark rights in all marks associated with the IBC Practitioner Program™;

WHEREAS, the Enrollee desires to register and enroll in the IBC Practitioner Program™, (the “Program”) to benefit from the study of the educational materials and take the required examination (the “Exam”) to become officially recognized by IBC as an IBC Practitioner™;

WHEREAS IBC is willing to provide these educational services, grant a license for the Enrollee to use its trademarked and copyrighted materials; and

WHEREAS, upon the Enrollee successfully passing the Exam, IBC shall, at the Enrollee’s option, list the Enrollee on the IBC Website, as an Authorized IBC Practitioner™, subject to the terms and conditions of this Agreement.

NOW, THEREFORE, the Parties agree as follows:

  1. DEFINITIONS. When used in this Agreement, the following terms shall have the meanings set forth below:
  • The “Agreement” refers to this IBC Practitioner™ Agreement, and any subsequent amendments to the same.
  • “Authorized IBC Practitioner™” is the title that will be bestowed by IBC to individuals who enroll in the Program, pass the Exam, and pay the applicable annual recognition and renewal fees, as further described herein.
  • “Dividend Paying Whole Life Insurance Policy” refers to a life insurance policy that does not expire and pays an annual bonus to policyholders.
  • “IBC Marks” refers to all registered and unregistered trademarks owned by IBC and/or the Nelson Nash Institute, including THE INFINITE BANKING CONCEPT® (US Registration Nos.: 38/60,712, 38/60,711, 38/60,713, & 60/56,617) and BECOMING YOUR OWN BANKER® (US Registration Nos.: 38/66,881, 38/66,882, & 38/63,605).
  • “IBC Certification Mark” refers to the image shown in Exhibit A depicting a gold coin with a flame logo centered inside it with text reading “Infinite Banking Concepts® Authorized Practitioner” below it.
  • “IBC Practitioner Program™” refers to the program through which IBC allows enrollees to apply for membership, receive Program Materials, complete the corresponding Exam, and receive a license to use the Certification Mark and otherwise hold themselves out as an IBC Practitioner™.
  • “Program Materials” refers to the educational materials to be provided to Enrollee together with the corresponding Exam that must be successfully completed before Enrollee may be recognized as an Authorized IBC Practitioner™.
  • The “Initial Term” shall, unless sooner terminated as provided in this Agreement, be for a period of one year from the date of the registration of Enrollee in the Program.
  • The “Nelson Nash Institute,” (previously the Infinite Banking Institute) refers to the educational entity, which contains the IBC Practitioner Program™ and other educational resources for the general public.
  • The “Nelson Nash Institute Board,” refers to the board of the Nelson Nash Institute, which presently consists of David Stearns and L. Carlos Lara.
  • A “Person” shall mean any entity, corporation, company, association, joint venture, joint stock company, partnership, trust, organization, individual (including personal representatives, executors, and heirs of deceased individuals), nation, state, government (including agencies, departments, bureaus, boards, divisions and instrumentalities thereof), trustee, receiver or liquidator.
  • The “Renewal Term” refers to the one (1) year period after the Initial Term, which entitles the Enrollee to remain in the Program subject to the payment of the requisite Renewal Fee.
  • The “Territory” refers to the United States of America and Canada.
  1. FEES.
  • Enrollment Fee. The Non-refundable enrollment fee for the IBC Practitioner Program™ tuition and registration shall be $1,995.00, which shall be paid by the Enrollee to IBC through the process outlined on the IBC Website.
  • Membership Fee. The non-refundable membership fee shall be $1,495.00 and shall apply to all Enrollees who have successfully passed the IBC Practitioner™ Program’s™ final examination during this period in order to qualify as Authorized IBC Practitioners™, members in good standing and, at their option, be listed on the IBC Website.
  • Renewal Fee. For those that enroll in the IBC Practitioner Program™ beginning May 1, 2024, the annual renewal fee shall be $1,495.00, which fee may be increased each year thereafter by a cost-of-living increase tied to the “consumer price index,” but not to exceed five percent (5%) per year. Any increases above 5% shall be by written amendment to this Agreement. The renewal fee shall be paid by the Enrollee to IBC through the process outlined on the IBC Website and shall entitle the Enrollee to a renewal of his or her continued participation as an Authorized IBC Practitioner™ in good standing.
  1. ENROLLEE’S EDUCATIONAL MATERIALS; TRAINING.
  • IBC’s Duties. Upon the execution of this Agreement by the Enrollee, and prior to any monies being collected from the Enrollee, IBC will conduct a live video conference with Enrollee. The purpose of this live interview is to determine the Enrollee’s experience and qualifications before being permitted to join the IBC Practitioner Program™. Enrollees will be notified of the results of the interview within 48 hours. If IBC deems necessary, certain applicants (such as those with limited or no prior experience selling life insurance), will be notified that in addition to the IBC Practitioner™ course requirements and examination they must also enroll and complete the IBC Practitioner’s Mentor Program™ before becoming fully authorized and featured on the IBC website. Afterwards, upon IBC’s acceptance of the payment for the Enrollment Fee, IBC shall provide the Enrollee with a hard copy of the IBC Practitioner Program™ Manual and the required pass codes to permit the Enrollee to the Program Materials. Enrollee will then be permitted to access the IBC Practitioner Program’s™ Teaching Videos (Classes) and the Exam, including the testing protocol, along with instructions to his IBC Practitioner’s Mentor Program™ requirements, if required.
  • IBC’s Right to Revise Educational Materials. During the term of this Agreement, IBC may, in its sole discretion, revise, modify, enhance, or update any or all of the Educational Materials in the IBC Practitioner Program™. In addition, IBC may, during the term of this Agreement, in its sole discretion, delete or remove from the initial training materials any items that IBC deems appropriate; provided, however, in no event will IBC delete or remove from the Educational Materials any items that will prevent an Enrollee from being trained and educated with The Infinite Banking Concept®, as determined by IBC in its reasonable discretion.
  • Exam. During the term of this Agreement, IBC will make an Exam available to the Enrollee through the proctored testing service center after the Enrollee has had an opportunity to be properly trained in the IBC Practitioner Program™. In order for the Enrollee to take the exam, the Enrollee must have access to a computer that has internet access, a webcam and microphone. The Enrollee shall pay any necessary fees required by the proctored testing service center (approximately twenty- five dollars ($25.00)) in order to access and complete the exam. The Enrollee must complete the exam ninety (90) days after enrollment. Failure to complete the exam within the prescribed ninety (90) day period will automatically terminate Enrollee’s access to the Program Materials. An administrative fee of twenty dollars ($20.00) shall be required to re-access the Program Materials. If the Enrollee does not receive a passing score on the exam, a forty-eight-hour (48 hr.) minimum wait period is required before retesting. The Enrollee shall be required to pay any necessary fees required by the proctored testing center for each exam retest. The Enrollee is not required to take the Exam; however, a passing score on the Exam is mandatory for any Enrollee to be officially recognized by IBC as an Authorized IBC Practitioner™ and receive a license to use the associated Certification Mark.
  • At Enrollee’s option, the Enrollee will be identified on IBC’s website as an Authorized IBC Practitioner™ after Enrollee’s annual Membership Fee has been paid and received by IBC.
  • Availability. IBC will exercise commercially reasonable efforts to make the web access parts of the IBC Practitioner Program™ available to Enrollee. However, IBC does not warrant that its website will be available on a 24/7 basis, and IBC reserves the right to take the site offline as needed, including but not limited to for maintenance, content revision, or maintaining the integrity or security of the site. Additionally, IBC may block Enrollee’s access to the site if IBC suspects the Enrollee’s account information or access codes have been compromised or are being used in an unauthorized manner. Enrollee agrees to hold IBC harmless for unavailability arising out of or resulting from the foregoing. Furthermore, IBC shall not be liable for unavailability due to circumstances beyond IBC’s control, including but not limited to Internet outages. Access to portions of the Educational Materials requires Internet access. Enrollee is solely responsible for obtaining and maintaining adequate Internet access to the Program Materials.
  • IBC Coaching Program™. The Enrollee, upon reviewing the Program Materials, passing the Exam and paying all required fees established in Paragraph 2 above, Enrollee will have to attend one IBC Coaching Program™ within the Initial Term. The IBC Coaching Program™ will be a two-day seminar offered quarterly with no additional required fee. Attendance at the IBC Coaching Program™ is optional after the Initial Term. During the Initial Term, an Enrollee can still be listed and designated as an Authorized IBC Practitioner™ prior to attending the IBC Coaching Program™.
  1. ENROLLEE’S REQUIREMENTS AND CONDITIONS. Except as permitted by this Agreement or by IBC, in writing, (which permission, if granted, shall be for the specific situation and without waiver or prejudice to IBC), the Enrollee shall not, and shall not permit any Person to:
  1. Reproduce, copy, excerpt or condense, publish, display or otherwise make available any of the Program Materials (including but not limited to the IBC Practitioner Program™ Manual, Teaching Videos (Classes), and the Exam to any Person, or permit any Person other than the Enrollee to use or have access to any of the Program Materials or any portions thereof; in no event shall Enrollee make any of the foregoing available to the general public in any medium.
  1. Charge any fee or receive any payment in connection with training third parties in the theory of the Infinite Banking Concept® (IBC) and/or Privatized Banking, (including financial professionals in the financial services industry, insurance agents or advisors, or financial services providers), or to use the Program Materials and or the Infinite Banking Concept®.
  1. ENROLLEE’S ACKNOWLEDGMENTS, WARRANTIES AND REPRESENTATIONS. Enrollee hereby acknowledges, and, where applicable, warrants, to IBC that:
  1. The Program Materials, and all related information and materials made available to the Enrollee from IBC constitutes valuable property rights of IBC and the use thereof is limited by and subject to all of the terms and provisions of this Agreement;
  1. Enrollee’s right to use the Program Materials is pursuant to a non-exclusive license and confers no ownership rights to Enrollee;
  • IBC has the absolute right to license the same or similar rights to any other Person, on whatever terms IBC elects;
  1. Enrollee may not transfer or assign, in whole or in part, any of the Program Materials, or any passcodes to any other Person; and
  1. Enrollee warrants and represents to IBC that he or she is an insurance or financial services professional, a tax or legal advisor, or an accountant, or similar professional and holds all appropriate licenses, certifications and other permits or authorizations in good standing as required by their respective state, country, or other territory. Additionally, the Enrollee’s biography and profile must follow the acceptable parameters outlined by IBC for all new Enrollees of the IBC Practitioner Program™ and said profile must be submitted to the IBC for approval before being placed on the IBC website.
  1. If, after passing the Exam, Enrollee wishes to publicly advertise himself or herself as an Authorized IBC Practitioner™ on the IBC website, Enrollee must first pay the Membership Fee to join the IBC Practitioner™ Membership.
  • Enrollee warrants and represents that, in the event his or her client specifically requests an “IBC,” “Nelson Nash,” “Privatized Banking,” or “Banking Policy”, or, in the event that the Enrollee recommends to his or her client such a policy, and/or the client was referred to the Enrollee for such a policy by the Enrollee’s name being listed on the IBC web site, or directly referred to the Enrollee by IBC personnel, then, and only then, the Enrollee will negotiate and execute on behalf of this particular client a Dividend Paying Whole-Life Insurance Policy, in accordance with the terms, conditions and the recommendations of the IBC Practitioner Program™.
  • Enrollee acknowledges that any recognition as an Authorized IBC Practitioner™, does not constitute a certification by any federal, state and/or local governmental or licensing board.
  1. If the Enrollee does not renew their annual IBC Practitioner™ Membership on the anniversary date of membership in the Initial Term or Renewal Term, the lapsed membership will enter a 30-day grace period. Failure to renew the annual IBC Practitioner™ Membership will cause the Enrollee to be removed from the IBC Website and shall automatically terminate all licenses granted under this Agreement. If Enrollee elects to renew his or her membership either after the Initial Term or Renewal Term after the 30-day grace lapse period, Enrollee must be re-interviewed as a new applicant in a live video conference by IBC. 
  1. Code of Ethics & Standards. The Nelson Nash Institute is dedicated to maintaining the highest level of professional conduct among its Authorized IBC Practitioners™.  This Code of Ethics & Standards embodies our commitment to integrity, client service, and adherence to the principles of IBC, as developed by R. Nelson Nash. A status of good standing with IBC and the Nelson Nash Institute requires adherence to these standards:
  1. Honor the late R. Nelson Nash's Legacy by staying true to his teachings and principles.
  2. Be honest and act with integrity.
  3. Adhere to the defined scope of use for IBC’s intellectual property.
  4. Be truthful in communication and avoid exaggerating or sensationalizing IBC in the marketplace.
  5. Continually educate yourself and your clients.
  6. Maintain professionalism in public forums and avoid public disparagement of others.
  7. Uphold the core principles of The Infinite Banking Concept®.
  8. Always put clients' interests first.
  9. Continually improve your skills and knowledge as an Authorized IBC Practitioner™.
  10. Embody the spirit of collaboration within the Nelson Nash Institute's community.

This Code of Ethics and Standards is critical for defining and upholding our values and principles, ensuring clarity in what we stand for and what we will not tolerate.  It is vital to maintain the integrity and leadership of our growing Authorized IBC Practitioner™ community and to reinforce our position as the pioneering IBC source in the marketplace. This reinforces the excellence and trustworthiness of our practitioners. Conduct that contradicts one or more these standards may result termination of Enrollee’s membership and the revocation of all licenses contained in this Agreement.

  1. ENROLLEE’S COMPLIANCE WITH LAWS AND REGULATIONS. Enrollee shall conduct his or her business in compliance with all applicable laws, rules, regulations, ordinances, licenses, and other requirements of any federal, state, provincial, county, municipal, local, or other governmental agency or board, as well as in accordance with standard practices and procedures of his or her profession.
  1. INTELLECTUAL PROPERTY. Upon certification as an Authorized IBC Practitioner™, Enrollee shall have a non-exclusive and revocable license to use IBC’s Intellectual Property as follows:
  • Upon completion of the IBC Practitioner Program™ and payment of required fees as described in Paragraph (3), an Authorized IBC Practitioner™ will have a non-exclusive license to use IBC’s Marks in his or her marketing, promotional, and educational services offered under the terms of this Agreement. Enrollee is not permitted to further license or sub-license the IBC Marks to any other Person at any time. Unless otherwise affirmed in writing, this license does not extend to an entity or agency of which an Authorized IBC Practitioner™ is a member, manager, operator, or otherwise a participant in; and does not consent to, grant, permit, or allow any Authorized IBC Practitioner™ to create or seek to register any other marks that are confusingly similar to the IBC Marks.
  • Certification Mark. Upon successful completion of the IBC Practitioner Program™ and payment of required fees as described in Paragraph (3), an Authorized IBC Practitioner™ shall have a non-exclusive license to utilize IBC’s Certification Mark to denote himself or herself as an Authorized IBC Practitioner™.
  • As a part of enrolling in this program, Enrollee is granted a revocable license to the Program Materials only for their own personal use. Enrollee is not permitted to further license or sub-license the Program Materials to any other Person at any time. Unless otherwise affirmed in writing, this license does not extend to an entity or agency of which an Enrollee is a member, manager, operator, or otherwise a participant in; and does not consent to, grant, permit, or allow any Enrollee from distributing any copies or transformative works of the Program Materials.
  • Termination of License. Upon termination of this Agreement for any reason, the non-exclusive licenses described above and all access to the Program Materials will be immediately revoked. Upon such revocation, the former Enrollee/Authorized IBC Practitioner™ will have no further rights, privileges, permission, or ability to use the IBC Marks, utilize IBC’s Certification Mark, and will confirm deletion of all copies Educational Materials within 5 days of such termination regardless of where it is saved—physical copy, electronic database, file sharing platform, cloud storage, etc.
  1. INDEMNIFICATION AND HOLD HARMLESS. Enrollee hereby indemnifies and holds harmless IBC, its agents, officers, employees and consultants, against any third-party claims against IBC, its agents, officers, employees, consultants, for damages arising out of or relating to or from any breach of the terms of this Agreement by Enrollee.
  1. RELEASES, DISCLAIMERS AND LIMITATION OF LIABILITY. IBC hereby disclaims any and all warranties, express or implied, including any implied warranty of merchantability or fitness for a particular purpose, with respect to the subject matter of this Agreement. IBC makes no representation or warranty that any particular result will be achieved by Enrollee as a result of Enrollee’s participation in the Program. IN NO EVENT SHALL IBC HAVE ANY LIABILITY TO ENROLLEE FOR ANY INDIRECT, SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, INCLUDING WITHOUT LIMITATION, LOSS OF PROFITS, REVENUE OR USE INCURRED BY ENROLLEE, WHETHER IN AN ACTION IN CONTRACT, BREACH OF WARRANTY OR TORT, EVEN IF IBC HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IBC’S AGGREGATE LIABILITY FOR ANY DIRECT DAMAGES TO ENROLLEE UNDER THIS AGREEMENT SHALL BE LIMITED TO THE AMOUNT OF FEES PAID BY ENROLLEE TO IBC IN THE TWELVE (12) MONTHS PRIOR TO THE ACTION GIVING RISE TO THE CLAIM.
  • Termination by Enrollee. Enrollee shall have the right to terminate and cancel this Agreement at the end of the Initial Term. In the event that IBC has not received the applicable Renewal Fee for a Renewal Term within thirty days (30) after the expiration of the prior term, then, in that event and unless otherwise agreed to by IBC in writing, Enrollee’s participation in the Program shall be automatically terminated and IBC may remove Enrollee’s name from the IBC Website.
  • Termination by IBC.IBC shall have the right to terminate this Agreement upon written notice to Enrollee in the event of:
  1. non-payment by Enrollee of any fees or other sums due to IBC under the terms of this Agreement;
  1. a breach or violation by Enrollee of Section 5(vii) of this Agreement, whereby a client brings a complaint directly to IBC that the Enrollee failed to negotiate and execute a Dividend Paying Whole-Life Insurance Policy to a client requesting, and or, believing he or she had obtained an “IBC,” “Nelson Nash,” “Privatized Banking,” or “Banking Policy,” and instead was contracted with a different type of insurance policy or financial product;
  • a breach or violation by Enrollee of any other of the provisions of this Agreement or any other agreement between the Enrollee and IBC; or
  1. at the discretion of the IBC along with a pro-rated refund on any amount remaining on the current year’s Membership or Renewal Fee.
  • Procedures after Termination.Upon termination of this Agreement, Enrollee shall immediately and permanently discontinue and refrain from the use of Program Materials and IBC Marks and Enrollee’s name and/or likeness will be removed from the IBC Website. Enrollee will no longer have access to portions of IBC Website requiring login credentials. If Enrollee has adopted the IBC Practitioner™ recognition into its marketing materials, Enrollee shall immediately cease any reference to Enrollee as an IBC Practitioner™ or Authorized IBC Practitioner™ and remove any such designation from any of its marketing materials.
  1. PROPRIETARY INFORMATION/INJUNCTIVE RELIEF AND OTHER RIGHTS.
    • Proprietary Information. For purposes of this Agreement, “Proprietary Information” shall mean any pass codes and information, supplied to the Enrollee hereunder, relating to the IBC Practitioner Program™.
  • Nondisclosure of Proprietary Information. Enrollee agrees to regard and preserve as confidential, all Proprietary Information, whether Enrollee has such information in memory or in writing or other physical form. Enrollee shall not, without written authority from IBC to do so, directly, or indirectly, use for the benefit or purposes, nor disclose to others, either during the term of this Agreement or thereafter any Proprietary Information. However, the Enrollee may disclose information in order to comply with any applicable laws or to comply with lawful state and/or federal government requests for information.
  • Exceptions. The foregoing obligations of this Section 10 shall not apply to any part of the Proprietary Information that (i) has been disclosed in publicly available sources of information, (ii) is, through no fault of the Enrollee, hereafter disclosed in publicly available sources of information, or (iii) has been or is hereafter lawfully disclosed to Enrollee by any third party, but only to the extent that the use or disclosure thereof has been or is rightfully authorized by that third party.
  • Remedies and Survivability. Enrollee acknowledges and agrees that money damages would not be a sufficient remedy for any breach of this Section by Enrollee and that, in addition to other remedies, and notwithstanding any dispute resolution process set forth herein, IBC shall be entitled to specific performance and/or injunctive or other equitable relief, without the requirement of posting a bond, for any such breach. The provisions of this Section shall continue and survive the termination of this Agreement.
  1. MISCELANEOUS PROVISIONS:
  • Entire Agreement. This Agreement is the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior agreements between them with respect thereto.
  • This Agreement may not be altered or amended except as described herein, or by a separate written agreement duly executed by both of the Parties.
  • Agreement Binding. The provisions of this Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective successors and assigns, subject, however, to the provisions regarding assignment herein above set forth.
  • This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, and said counterparts shall together constitute but one and the same agreement, binding upon both of the Parties hereto, notwithstanding that both of the Parties are not signatory to the original or the same counterpart.
  • The headings of the sections of this Agreement are inserted solely for convenience of reference, and in no way define, describe, limit, extend or aid in the construction of the scope, extent or intent of this Agreement or of any term or provision hereof.
  • Terms. Where the context so requires, the use of the masculine gender shall include the feminine and/or neuter genders and the singular shall include the plural, and vice versa.
  • Severability. In the event that any provision or any portion of any provision contained in this Agreement is unenforceable, the remaining provisions and, in the event that a portion of any provision is unenforceable, the remaining portion of such provision, shall nevertheless be carried into effect.
  • Governing Law. This Agreement is to be governed by and construed in accordance with the laws of the State of Alabama. Any claim brought here on, whether in contract, tort, equity or otherwise, shall be brought in arbitration in Jefferson County, Alabama.
  • No Waiver.The failure of either Party to enforce at any time or for any period of time the provisions of this Agreement shall not be construed as a waiver of such provision or of the right of such Party thereafter to enforce each and every such provision of this Agreement.
  • Dispute Resolution Procedure. The Parties shall follow the dispute resolution process set forth in this section in connection with all disputes, controversies or claims, whether based on contract, tort, statute, fraud, misrepresentation or any other legal theory arising out of or relating to this Agreement or breach of alleged breach of this Agreement (collectively “Disputes”).

The Parties will use all reasonable efforts to settle all Disputes through good faith negotiations. If those attempts fail to resolve the Dispute within thirty (30) days of the date of initial demand for negotiation, then the Parties shall use all reasonable efforts in good faith to settle the Dispute by mediation conducted under the Commercial Mediation Rules of the American Arbitration Association (AAA), or other such rules agreed to in advance by the Parties in writing.

Any Disputes not finally resolved at mediation shall be settled by binding arbitration conducted in accordance with the then current AAA, or other such rules agreed to in advance by the Parties in writing, by a single arbitrator. The arbitration hearing shall be held in Jefferson County at a place and time designated by the arbitrator.

The laws of the State of Alabama shall govern all issues of law. The arbitrator shall not have the power to award punitive damages, or any other damages not permitted to be recovered under the terms of this Agreement, as the Parties have agreed to exclude such damages from any relief any Party will seek as a remedy.

The arbitrator shall award to the prevailing Party all attorneys’ fees, and other costs incurred in the preparation for and participation in the arbitration proceeding. No attorneys’ fees shall be awarded for any Dispute that is resolved prior to a demand for commencement of arbitration proceedings.

The award of the arbitrator shall be final and binding on all Parties. Judgment on the award may be entered by any Party in the highest court, state or federal, having jurisdiction. The Dispute resolution process set forth in this section shall survive the termination or expiration of this Agreement.

  • Recitals. The recitals set forth at the beginning of this Agreement are part of this Agreement.
  • Assignment. Enrollee may not assign this Agreement or delegate its duties here under without the prior written consent of IBC.

IN WITNESS WHEREOF, this Agreement is made as of the day and year first above written.