Common use of AMOUNT AND PAYMENT OF BENEFITS Clause in Contracts

AMOUNT AND PAYMENT OF BENEFITS. As soon as the Reinsurer receives proper claim notice and proof of the claim, the Reinsurer will promptly pay the reinsurance benefits due the Ceding Company. The Ceding Company's contractual liability for claims is binding on the Reinsurer. The maximum benefit payable to the Ceding Company under each reinsured policy is the amount specifically reinsured with the Reinsurer. The total reinsurance in all companies on a policy shall not exceed the Ceding Company's total contractual liability on the policy, less its retention used on the policy. The excess, if any, of the total reinsurance in all companies plus the Ceding Company's retention used on the policy over its contractual liability under the reinsured policy will first be applied to reduce all reinsurance on the policy. This reduction in reinsurance will be shared among all the reinsurers in proportion to their respective amounts of reinsurance prior to the reduction.

AMOUNT AND PAYMENT OF BENEFITS. As soon as the Reinsurer receives proper claim notice and proof of the claim, the Reinsurer will promptly pay the reinsurance benefits due the Ceding Company. The Ceding Company's contractual liability for claims is binding on the Reinsurer. The maximum benefit payable to the Ceding Company under each reinsured policy is the amount specifically reinsured with the Reinsurer. The total reinsurance in all companies on a policy shall must not exceed the Ceding Company's total contractual liability on the policy, less its retention used on the policy. The excess, if any, of the total reinsurance in all companies plus the Ceding Company's retention used on the policy over its contractual liability under the reinsured policy will first be applied to reduce all reinsurance on the policy. This reduction in reinsurance will be shared among all the reinsurers in proportion to their respective amounts of reinsurance prior to the reduction.

AMOUNT AND PAYMENT OF BENEFITS. As soon as the Reinsurer SECURITY receives proper claim notice and proof of the claim, the Reinsurer SECURITY will promptly pay the reinsurance benefits due the Ceding CompanyCEDING COMPANY. The Ceding CompanyCEDING COMPANY's contractual liability for claims is binding on the ReinsurerSECURITY. The maximum benefit payable to the Ceding Company CEDING COMPANY under each reinsured policy is the amount specifically reinsured with the ReinsurerSECURITY. The total reinsurance in all companies on a policy shall not exceed the Ceding CompanyCEDING COMPANY's total contractual liability on the policy, less its retention used on the policy. The excess, if any, of the total reinsurance in all companies plus the Ceding CompanyCEDING COMPANY's retention used on the policy over its contractual liability under the reinsured policy will first be applied to reduce all reinsurance on the policy. This reduction in reinsurance will be shared among all the reinsurers in proportion to their respective amounts of reinsurance prior to the reduction.

AMOUNT AND PAYMENT OF BENEFITS. As soon as the Reinsurer REINSURER receives proper claim notice and proof of the claim, the Reinsurer REINSURER will promptly pay the reinsurance benefits due the Ceding CompanyCEDING COMPANY. The Ceding CompanyCEDING COMPANY's contractual liability for claims is binding on the ReinsurerREINSURER. The maximum benefit payable to the Ceding Company CEDING COMPANY under each reinsured policy is the amount specifically reinsured with the ReinsurerREINSURER. The total reinsurance in all companies on a policy shall not exceed the Ceding CompanyCEDING COMPANY's total contractual liability on the policy, less its retention used on the policy. The excess, if any, of the total reinsurance in all companies plus the Ceding CompanyCEDING COMPANY's retention used on the policy over its contractual liability under the reinsured policy will first be applied to reduce all reinsurance on the policy. This reduction in reinsurance will be shared among all the reinsurers in proportion to their respective amounts of reinsurance prior to the reduction.