Common use of AUTOMATIC AND FACULTATIVE REINSURANCE Clause in Contracts

AUTOMATIC AND FACULTATIVE REINSURANCE. The Reinsurer shall not be liable for benefits paid under the Ceding Company’s conditional receipt or temporary insurance agreement unless all the conditions for automatic reinsurance coverage are met. The pre-issue liability applies only once on any given life no matter how many receipts were issued or initial premiums were accepted by the Ceding Company. After a policy is issued, no reinsurance benefits are payable under this pre-issue coverage provision. The Reinsurer’s liability under the Ceding Company’s conditional receipt or temporary insurance agreement is limited to the lesser of i. or ii. below:

Appears in 6 contracts

Samples: Automatic and Facultative Yrt Agreement (Massachusetts Mutual Variable Life Separate Account I), Automatic Yrt Agreement (Massachusetts Mutual Variable Life Separate Account I), Automatic Yrt Agreement (Massachusetts Mutual Variable Life Separate Account I)

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