CLAIM SETTLEMENTS. THE REINSURER agrees that THE COMPANY will use its standard claim practices and guidelines in the adjudication of all claims on policies reinsured under this Agreement. THE REINSURER has the right to inspect, at the COMPANY's offices, the COMPANY's written claims practices and guidelines. Once THE REINSURER has been notified of a contestable claim in accordance with subsection a. of this ‘CLAIMS’ section, THE REINSURER will have two business days to review the information and offer advice to THE COMPANY as to whether the claim should be paid or denied. If there is a disagreement between THE COMPANY and THE REINSURER as to whether THE COMPANY should pay or deny the claim, THE COMPANY will make a reasonable effort to secure mutual agreement between the parties. Any advice offered by THE REINSURER will not be binding on THE COMPANY. THE COMPANY will advise THE REINSURER of any intention to contest a claim involving a policy reinsured hereunder and provide THE REINSURER with copies of all relevant documents. THE REINSURER may choose not to participate in the contest of a contestable claim. THE REINSURER will have 10 business days to communicate its decision whether to participate in the contested claim. If THE REINSURER chooses not to participate, it will discharge its liability by immediately paying to THE COMPANY the full amount of THE REINSURER’s liability on the portion of the policy reinsured under this Agreement, regardless of any subsequent outcome of such contest.
CLAIM SETTLEMENTS. PRUCO will use its standard claim practice and guidelines in the adjudication of all claims on policies reinsured under this Agreement. Until such time as PRUCO has systems capability to administer the right of ANNUITY & LIFE RE to opt out of contested claims, claim settlements made by PRUCO, including compromises, shall be unconditionally binding on ANNUITY & LIFE RE. ANNUITY & LIFE RE will share in any reduced amount in proportion to its share of the liability.
CLAIM SETTLEMENTS. THE REINSURER agrees that THE COMPANY will use its standard claim practices and guidelines in the adjudication of all claims on policies reinsured under this Agreement. THE REINSURER has the right to inspect, at the COMPANY's offices, the COMPANY's written claims practices and guidelines. THE COMPANY will promptly notify the REINSURER of its intention to contest, compromise, or litigate a claim involving a reinsured policy. THE COMPANY will also promptly and fully disclose all information relative to the claim. Once notified, the REINSURER will have two business days to notify THE COMPANY in writing of its decision to accept participation in the contest, compromise, or litigation. If the REINSURER has accepted participation, THE COMPANY will promptly advise the REINSURER of all significant developments in the claim investigation, including notification of the initiation of any legal proceedings against THE COMPANY in response to denial of the claim. If the REINSURER does not accept participation, the REINSURER will then fulfill its obligation by paying THE COMPANY its full share of reinsurance, and will not share in any subsequent reduction or increase in liability.
CLAIM SETTLEMENTS. PRUCO will use its standard claim practice and guidelines in the adjudication of all claims on policies reinsured under this Agreement. Until such time as PRUCO has systems capability to administer the right of AUSA to opt out of contested claims, claim settlements made by PRUCO, including compromises, shall be unconditionally binding on AUSA. AUSA will share in any reduced amount in proportion to its share of the liability.
CLAIM SETTLEMENTS. All benefit payments or claim settlements made by the Company, directly or through the Third Party Administrator, if any, shall be binding upon the Reinsurer, provided, however, that such benefit payments or claim settlements are within the terms, conditions and limitations of the Reinsured Policies and within the terms, conditions and limitations of this Agreement.
CLAIM SETTLEMENTS. PRUCO OF NJ will use its standard claim practice and guidelines in the adjudication of all claims on policies reinsured under this Agreement. Until such time as PRUCO OF NJ has systems capability to administer the right of AUSA to opt out of contested claims, claim settlements made by PRUCO OF NJ, including compromises, shall be unconditionally binding on AUSA. AUSA will share in any reduced amount in proportion to its share of the liability.
CLAIM SETTLEMENTS. PRUCO OF NJ will use its standard claim practice and guidelines in the adjudication of all claims on policies reinsured under this Agreement. Until such time as PRUCO OF NJ has systems capability to administer the right of SWISS RE to opt out of contested claims, claim settlements made by PRUCO OF NJ, including compromises, shall be unconditionally binding on SWISS RE. SWISS RE will share in any reduced amount in proportion to its share of the liability.
CLAIM SETTLEMENTS. THE REINSURER agrees that THE COMPANY will use its standard claim practices and guidelines in the adjudication of all claims on policies reinsured under this Agreement. THE REINSURER has the right to inspect, at the COMPANY's Y-PS3-2002-MARC-PLNJ-3 offices, the COMPANY's written claims practices and guidelines. Once THE REINSURER has been notified of a contestable claim in accordance with subsection a. above, it will have ten business days to review the information and provide its opinion as to whether or not the reinsurance claim is payable. THE COMPANY will advise THE REINSURER of any intention to contest a claim involving a policy reinsured hereunder and provide THE REINSURER with copies of all relevant documents. THE REINSURER may choose not to participate in the contest of a Contestable Claim. THE REINSURER will have 10 business days to communicate its decision to THE COMPANY. If THE REINSURER chooses not to participate, it will discharge its liability by immediately paying to THE COMPANY the full amount of THE REINSURER’s liability on the portion of the policy reinsured under this Agreement, regardless of any subsequent outcome of such contest.
CLAIM SETTLEMENTS. All claim settlements made by PRISM, under the General Liability 1 Program Memorandums of Coverage reinsured hereunder, shall be binding upon the Reinsurer. Upon receipt of satisfactory proof of loss, the Reinsurer agrees to reimburse PRISM in accordance with this Agreement.
CLAIM SETTLEMENTS. THE REINSURER agrees that THE COMPANY will use its standard claim practices and guidelines in the adjudication of all claims on policies reinsured under this Agreement. THE REINSURER has the right to inspect, at the COMPANY's offices, the COMPANY's written claims practices and guidelines. THE COMPANY will promptly notify the REINSURER of its intention to contest, compromise, or litigate a claim involving a reinsured policy. THE COMPANY will also promptly and fully disclose all information relative to the claim. Once notified, the REINSURER will have two business days to notify THE COMPANY in writing of its decision to accept participation in the contest, compromise, or litigation. If the REINSURER has accepted participation, THE COMPANY will promptly advise the REINSURER of all significant developments in the claim investigation, including notification of the initiation of any legal proceedings against THE COMPANY in response to denial of the claim. If the REINSURER does not accept participation, the REINSURER will then fulfill its obligation by paying THE COMPANY its full share of reinsurance, and will not share in any subsequent reduction or increase in liability. • CLAIM EXPENSES. THE REINSURER will pay its share of any interest paid by THE COMPANY on any claim payment. In addition, THE REINSURER will pay its share of the unusual expense of THE COMPANY of investigating and adjudicating contestable claims, including investigation expenses and compensation expenses charged by THE COMPANY’s Special Investigation Unit. The Special Investigation Unit is THE COMPANY's in-house department that conducts the investigations of contestable claims. The term “unusual expense” shall mean all expenses of THE COMPANY associated with the contestable claim other than normal and customary claim administration expenses that are commonly incurred YRT-VUL 2008-2008-SGL(TX)-PICA [Missing Graphic Reference] with the normal and customary settlement of non-contestable claims. Also, expenses incurred in connection with a dispute or contest arising out of conflicting claims of entitlement to policy proceeds or benefits that THE COMPANY admits are payable are not a claim expense under this Agreement. Notwithstanding the above, THE REINSURER will not be liable for any portion of interest or unusual expenses for any period of time after THE REINSURER chooses not to participate in a contested, compromised or litigated claim. • EXTRACONTRACTUAL DAMAGES. Generally, THE REINSURER will no...
