Basic Individual Life Sample Clauses
The 'Basic Individual Life' clause defines the terms and coverage of a standard life insurance policy issued to an individual. It typically outlines the insured person's eligibility, the amount of coverage provided, and the conditions under which the policy pays out a death benefit to designated beneficiaries. For example, it may specify that coverage begins after the first premium is paid and continues as long as premiums are maintained. This clause serves to clearly establish the fundamental rights and obligations of both the insurer and the policyholder, ensuring that the scope of life insurance protection is understood and agreed upon by all parties.
Basic Individual Life. Standard risks through Table 4 Substandard—Issue Age < 76 $ 1,000,000
Basic Individual Life. Standard risks through Table 4 Substandard - Issue Age < 76 $ 1,000,000 Standard risks through Table 4 Substandard - Issue Age < 75 $ 500,000 Table 5 Substandard and worse $ 500,000 Maximum on Aviation risks $ 500,000 Life Retention Corridor $ 400,000
Basic Individual Life. Standard risks through Table 4 Substandard - Issue Age < 76 $ 1,000,000 Standard risks through Table 4 Substandard - Issue Age > 75 $ 500,000 Table 5 Substandard and worse $ 500,000 Maximum on Aviation risks $ 500,000 Life Retention Corridor $ 400,000 2. Accidental Death Benefit $ 100,000 3. Waiver of Premium $ 600,000 Waiver of Premium Corridor $ 100,000 Reinsurance amounts in excess of 90% will be covered under Agreement 3002 between the ceding company and The Guardian. The Life Retention Corridor allows the company to retain risk in excess of its full retention level in order to accommodate increasing benefit coverages, business the company issues as part of a guaranteed or simplified issue program, minimum cession size, or business for which it is impractical to check against other retention. The Waiver of Premium Corridor is available for underwriter’s discretionary use. The Term Insurance Percentage Retained applies up to a maximum of our full retention. REVISION 7 - effective 7/1/02 Revision 7 modifies the Ceding Company’s retention schedule (Exhibit B) effective July 1, 2002. All provisions not amended remain unchanged. In witness whereof, both parties have executed this Amendment in duplicate as follows: By: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇ Title: Assistant Vice President, Life Actuarial Services Title: Vice President & Actuary, Life Actuarial Services Date: September 8, 2005 By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇ Title: Vice President & Actuary, Equity Products Title: Vice President, Equity Financial Management & Control Date: September 8, 2005 Revision 8 modifies the allowance schedule (Exhibit D) effective September 30, 2005. All provisions not amended remain unchanged. In witness whereof, both parties have executed this Amendment in duplicate as follows: By: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇ Title: Assistant Vice President, Title: Vice President & Actuary, Life Actuarial Services Life Actuarial Services Date: September 12, 2005 By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇ Title: Vice President & Actuary, Equity Products Title: Vice President, Equity Financial Management & Control Date: September 12, 2005 PAL95 97.0% 16.7% PAL97 111.0% 16.7% PAL2000 150.0% 19.0% VUL 67.0% 16.7% Millennium Series - S/VUL 152.0% 17.0% 2005 Series VUL 170.0% 17.0% Unscheduled/excess premium 6.0% 6.0% Guardian reserves the right to provide lower allowances on reinsurance amounts in excess of $8,000,000. REVISION 8 effective 9/30/05 THIS...
Basic Individual Life. Standard risks through Table 4 Substandard—Issue Age < 76 $ 1,000,000 Standard risks through Table 4 Substandard—Issue Age > 75 $ 500,000 Table 5 Substandard and worse $ 500,000 Maximum on Aviation risks $ 500,000 Life Retention Corridor $ 400,000 2. Accidental Death Benefit $ 100,000 3. Waiver of Premium $ 600,000 Waiver of Premium Corridor $ 100,000 First 90% each policy is covered under Agreement 3001 between the ceding company and The Guardian. The Life Retention Corridor allows the company to retain risk in excess of its full retention level in order to accommodate increasing benefit coverages, business the company issues as part of a guaranteed or simplified issue program, minimum cession size, or business for which it is impractical to check against other retention. The Waiver of Premium Corridor is available for underwriter’s discretionary use. The Term Insurance Percentage Retained applies up to a maximum of our full retention. REVISION 3—effective 7/1/02 THIS AMENDMENT (this “Amendment”) to the Agreement (as defined below) is entered into as of September 30, 2007 by and between the Guardian Insurance and Annuity Company, Inc. (the “Company”) and The Guardian Life Insurance Company of America (the “Reinsurer”).