AUTOMATIC REINSURANCE TERMS. THE REINSURER agrees to automatically accept contractual risks on the life insurance policies shown in Schedule A, subject to the following requirements:
AUTOMATIC REINSURANCE TERMS. The Ceding Company agrees to cede and the Reinsurer agrees to automatically accept contractual risks on the life insurance plans and supplemental benefits shown in Section 1 of Schedule A, subject to the following requirements:
AUTOMATIC REINSURANCE TERMS. AUSA agrees to automatically accept contractual risks on the life insurance plans shown in Schedule A, subject to the following requirements:
AUTOMATIC REINSURANCE TERMS. 7 a. ......
AUTOMATIC REINSURANCE TERMS. For VUL II and VUL Protector, THE REINSURER agrees to automatically accept contractual risks on the life insurance policies shown in Schedule A, subject to the requirements in subsections ‘a’ – ‘g’. PPVUL policies will not qualify for automatic reinsurance, but may be reinsured on a Facultative Obligatory basis, as described in the ‘FACULTATIVE OBLIGATORY REINSURANCE’ section.
AUTOMATIC REINSURANCE TERMS. 2 7. PORTIONS REINSURED AND RETAINED UNDER AUTOMATIC REINSURANCE.........................................3 8. AUTOMATIC REINSURANCE NOTICE PROCEDURE..............................................................3
AUTOMATIC REINSURANCE TERMS. The Ceding Company agrees to cede and the Reinsurer agrees to automatically accept contractual risks on Covered Policies and Benefits set forth in Section 2 of Schedule A, subject to the conditions listed below. • The total amount of reinsurance ceded on a life by the ceding company to the Reinsurer is not in excess of the automatic binding limit shown in Section 4 of Schedule A. • The amount of life insurance in force plus the amount currently being applied for on that life in all companies does not exceed the jumbo limit set forth in Section 5 of Schedule A. • The substandard mortality rating does not exceed 500% or its equivalent on an extra premium basis. • The life insurance was issued in accordance with the ceding company’s normal underwriting rules and practices. If a risk cannot be ceded automatically under the terms of this agreement the ceding company may submit the risk to the Reinsurer on a facultative basis.
AUTOMATIC REINSURANCE TERMS. 6 8. PORTIONS REINSURED AND RETAINED UNDER AUTOMATIC REINSURANCE...................................... 7
AUTOMATIC REINSURANCE TERMS. THE REINSURER agrees to automatically accept contractual risks on the life insurance plans shown in Schedule A, provided that the issuance of the insurance by THE COMPANY constitutes the transaction of business in a jurisdiction in which THE COMPANY is properly licensed, subject to the following requirements:
AUTOMATIC REINSURANCE TERMS. THE REINSURER agrees to automatically accept contractual risks on the life insurance policies shown in Schedule A, provided that the issuance of insurance by THE COMPANY constitutes the transaction of business in a jurisdiction in which THE COMPANY is properly licensed, subject to the following requirements: • CONVENTIONAL UNDERWRITING. Automatic reinsurance applies only to insurance applications underwritten by THE COMPANY according to THE COMPANY’s conventional underwriting and issue rules and practices, as provided to THE REINSURER. Upon request, THE COMPANY shall provide THE REINSURER with a copy of its current underwriting and issue rules and practices. THE COMPANY’s conventional underwriting and issue practices will be updated from time to time or as required by regulation. From time to time, it may be appropriate for THE COMPANY or THE REINSURER to request of the other party changes in the underwriting rules and practices. The party requesting the change must provide a 120-day advance written notice to the other party before the effective date of such change. Recognition of reinsurance premium rates related to these changes must be determined within the 120-day period. If the underwriting change or rate change is unacceptable to either party, this Agreement may be unilaterally terminated for acceptance of new business with a 90-day written termination notice to the other party.
