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 any required proof of the claim, reinsurance benefits are due and payable to THE COMPANY. THE COMPANY's contractual liability for claims is binding on THE REINSURER. The maximum benefit payable to THE COMPANY for each reinsured policy is the amount specifically reinsured with THE REINSURER. In the event that reinsurance benefits are sixty days past due, THE COMPANY may recapture the reinsurance as described in Section 19. If THE REINSURER intends to dispute its liability with respect to a claim, THE REINSURER shall promptly notify THE COMPANY in writing of its intention.