AMOUNT AND PAYMENT OF REINSURANCE 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 policies reinsured under this Agreement is binding on the Reinsurer. However, for claims incurred during the contestable period, if the amount of reinsurance ceded to the Reinsurer is greater than 50% of the total net amount at risk on the policy, the Ceding Company will consult with the Reinsurer before conceding liability or making settlement to the claimant. The Ceding Company will wait at least ten (10) days for the Reinsurer’s recommendation. The total reinsurance recoverable from all companies will not exceed the Ceding Company’s total contractual liability on the policy, less the amount retained. The maximum reinsurance death benefit payable to the Ceding Company under this Agreement is the risk amount specifically reinsured with the Reinsurer. The Reinsurer will also pay its proportionate share of the interest that the Ceding Company pays on the death proceeds until the date of settlement. Life benefit payments will be made in a single sum, regardless of the Ceding Company’s settlement options. The reinsurance benefit for an approved waiver of premium claim will be the Reinsurer’s proportionate share of the monthly deduction or stipulated premium waived on the policy. The Ceding Company will continue to pay the life reinsurance premium; however, it will not pay the reinsurance premium for the waiver benefit for the duration of the waiver claim period. The Reinsurer will pay waiver benefits annually.
AMOUNT AND PAYMENT OF REINSURANCE BENEFITS. As soon as the Ceding Company receives proper claim notice and proof of claim from a claimant or beneficiary, and the claim has been reviewed and settled in accordance with the process described in Article 9.2, the Ceding Company may seek reinsurance benefits by submitting Proof of Claim to the Reinsurer. Proof of Claim shall mean proof of payment by the Ceding Company, an itemized statement of benefits paid by the Ceding Company, and a copy of the insured's death certificate. Upon receipt of Proof of Claim, the Reinsurer will promptly pay the reinsurance benefits due the Ceding Company. The Ceding Company's contractual liability for policies reinsured under this Agreement is binding on the Reinsurer, provided that the claim was paid in good faith and the company's standard practices were followed in the adjudication of the claim. Claims shall be paid promptly upon submission of a proper proof of reinsurance claim subject to the other provisions contained herein. Reinsurer may request additional documents reasonably necessary in order to pay the claim; such requests for additional documents will be made only occasionally unless warranted by factors such as suspected fraud or other identifiable concerns. In any event, Reinsurer shall pay claims covered under this Agreement within thirty (30) calendar days of receipt of the Proof of Claim or, if applicable, other reasonably requested information.
AMOUNT AND PAYMENT OF REINSURANCE BENEFITS. As soon as MARC receives proper claim notice and proof of the claim, MARC will promptly examine the claim and pay the reinsurance benefits due the Ceding Company as appropriate. The Ceding Company’s contractual liability for policies reinsured under this Agreement is binding on MARC. However, for claims incurred during the contestable period if the total amount of reinsurance ceded to all Reinsurers on the policy is greater than the amount retained by the Ceding Company, or if the Ceding Company retained less than its usual retention on the policy, the Ceding Company will consult with MARC before conceding liability or making settlement to the claimant. The Ceding Company will wait at least ten (10) business days for MARC’s recommendation. The total reinsurance recoverable from all companies will not exceed the Ceding Company’s total contractual liability on the policy, less the amount retained. The maximum reinsurance death benefit payable to the Ceding Company under this Agreement is the risk amount specifically reinsured with MARC. MARC will also pay its proportionate share of the interest that the Ceding Company pays on the death proceeds until the date of settlement. Life benefit payments will be made in a single sum, regardless of the Ceding Company’s settlement options.
AMOUNT AND PAYMENT OF REINSURANCE BENEFITS. As soon as the Reinsurer receives proper claim notice and proper claim proofs, the Reinsurer will promptly pay its Proportionate Share of all payable claims eligible for coverage under this Agreement. However, if the Ceding Company wishes to pay any ex gratia payment above and beyond what is contractually obligated, then the Ceding Company will accept the entire liability for such additional payment unless the Reinsurer has expressly agreed to participate. The maximum Reinsured Net Amount at Risk payable to the Ceding Company under this Agreement is the risk amount specifically reinsured with the Reinsurer. The Reinsurer will also pay its Proportionate Share of the interest on the death proceeds through the date of settlement that the Ceding Company is required to pay, either by law or under the terms of the policy. Life benefit payments will be made in a single sum, regardless of the Ceding Company’s settlement options.
AMOUNT AND PAYMENT OF REINSURANCE BENEFITS. As soon as the Reinsurer receives proper claim notice and proper claim proofs, the Reinsurer will promptly pay its Proportionate Share of all payable claims eligible for coverage under this Agreement. The maximum Reinsured Net Amount at Risk payable to the Ceding Company under this Agreement is the risk amount specifically reinsured with the Reinsurer. The Reinsurer will also pay its Proportionate Share of the interest on the death proceeds through the date of settlement that the Ceding Company is required to pay, either by law or under the terms of the policy. Life benefit payments will be made in a single sum, regardless of the Ceding Company’s settlement options. The Reinsurer will pay its portion of accelerated benefits paid by the Ceding Company following the guidelines stated in Exhibit H.
AMOUNT AND PAYMENT OF REINSURANCE BENEFITS. As soon as the Ceding Company receives proper claim notice and proof of claim from a claimant or beneficiary, and the claim has been reviewed and settled in accordance with the process described in Article 9.2, the Ceding Company may seek reinsurance benefits by submitting Proof of Claim to the Reinsurer. Proof of Claim shall mean proof of payment by the Ceding Company, an itemized statement of benefits paid by the Ceding Company, and a copy of the insured's death certificate. Upon receipt of Proof of Claim, the Reinsurer will promptly pay the reinsurance benefits due the Ceding Company. The Ceding Company's contractual liability for policies reinsured under this Agreement is binding on the Reinsurer, provided that the claim was paid in good faith and the company's standard practices were followed in the adjudication of the claim.
AMOUNT AND PAYMENT OF REINSURANCE BENEFITS. Except as otherwise set forth herein, the total reinsurance recoverable from all companies will not exceed the Ceding Company’s total contractual liability on the Policy, less the amount retained. The maximum reinsurance benefit payable by MARC to the Ceding Company under this Agreement is the risk amount specifically reinsured with MARC. MARC will also pay its proportionate share of Claim Expenses and its proportionate share of the amount of interest dictated by state statute (“Statutory Interest”) or an amount that is mutually agreed upon by the Ceding Company and MARC that the Ceding Company pays on the death benefit proceeds unless payment was unreasonably delayed by the Ceding Company. Unless otherwise set forth in this Agreement, the Ceding Company’s contractual liability for Policies reinsured under this Agreement is binding on MARC so long as all conditions and requirements under this Agreement are satisfied. A decision made by the Ceding Company as to whether or not to deny or pay a claim in whole or in part is the Ceding Company’s responsibility and rests solely within the Ceding Company’s authority. Within a reasonable time following MARC’s receipt of request for payment and any other required or requested documentation, MARC will adjudicate the claim for reinsurance benefits as appropriate. The reinsurance benefit for an approved waiver of premium claim will be MARC’s proportionate share of the annual gross premium waived by the Ceding Company on the Policy. MARC will pay waiver benefits annually regardless of the mode of premium payment specified in the Policy. For all approved waiver of premium claims for which the payment of direct premium is waived by the Ceding Company, depending on the Ceding Company’s method of administering such claims:
(i) MARC will waive its proportionate share of the gross reinsurance premium such that payment of such premium will not be made to MARC and will be netted from the total amount of premium owed for all Policies reinsured under this Agreement or, (ii) in the event the Ceding Company pays premium to MARC on a Policy where a waiver claim has been approved, MARC will reimburse the Ceding Company in the amount of its proportionate share of gross premium on such Policy. If MARC reimburses the Ceding Company for waiver benefits as set forth in (ii) above, such reimbursement will be made on annual bases regardless of the mode of premium payment specified in the Policy.
AMOUNT AND PAYMENT OF REINSURANCE BENEFITS. 9.4 Lead Reinsurer 9.5 Contested Claims IDSL VUL4/LP Select Treaty i
AMOUNT AND PAYMENT OF REINSURANCE BENEFITS. Except as otherwise set forth herein, the total reinsurance recoverable from all companies will not exceed the Ceding Company’s total contractual liability on the Policy, less the amount retained. The maximum reinsurance benefit payable by Munich Re, U.S. (Life) to the Ceding Company under this Agreement is the risk amount specifically reinsured with Munich Re, U.S. (Life). Munich Re, U.S. (Life) will also pay its proportionate share of Claim Expenses and its proportionate share of the amount of interest dictated by state statute (“Statutory Interest”) or an amount that is mutually agreed upon by the Ceding Company and Munich Re, U.S. (Life) that the Ceding Company pays on the death benefit proceeds unless payment was unreasonably delayed by the Ceding Company. Unless otherwise set forth in this Agreement, the Ceding Company’s contractual liability for Policies reinsured under this Agreement is binding on Munich Re, U.S. (Life) so long as all conditions and requirements under this Agreement are satisfied. A decision made by the Ceding Company as to whether or not to deny or pay a claim in whole or in part is the Ceding Company’s responsibility and rests solely within the Ceding Company’s authority. Within a reasonable time following Munich Re, U.S. (Life)’s receipt of request for payment and any other required or requested documentation, Munich Re, U.S. (Life) will adjudicate the claim for reinsurance benefits as appropriate.
AMOUNT AND PAYMENT OF REINSURANCE BENEFITS. 9.4 Lead Reinsurer 9.5 Contested Claims
