Common use of Annuitizations Clause in Contracts

Annuitizations. Reinsurer's assumption of 100% of the liabilities and benefits of the Reinsured Contracts shall be continuous and uninterrupted in the event a Reinsured Contract is settled, in whole or in part, as a fixed annuity payout. Proceeds so applied to a fixed annuity payout under any such Reinsured Contract shall be reflected as a Fixed Annuitization in the Quarterly Accounting and Settlement in accordance with Section 5.11, and a reinsurance premium for a single premium immediate annuity ("SPIA") contract pursuant to the terms and conditions of that certain coinsurance agreement effective on the Effective Date between the parties and designated Treaty Number 11.

Annuitizations. Reinsurer's ’s assumption of 100% of the liabilities and benefits of the Reinsured Contracts Policies shall be continuous and uninterrupted in the event a Reinsured Contract Policy is settled, in whole or in part, as a fixed annuity payout. Proceeds so applied to a fixed annuity payout under any such Reinsured Contract Policy shall be reflected as a Fixed Annuitization in the Quarterly Accounting and Settlement in accordance with Section 5.11, and a reinsurance premium for a single premium immediate annuity ("“SPIA"”) contract pursuant to the terms and conditions of that certain coinsurance agreement effective on the Effective Date between the parties and designated Treaty Number 11.