Common use of Claims Payment Clause in Contracts

Claims Payment. A. The Reinsurer will be liable to the Company for the benefits reinsured and, except as provided in the Retention and Limit Article, the reinsurance provided hereunder will not exceed the Company’s contractual liability under the terms of its Policies less the amount retained. The payment of death claims by the Reinsurer will be in one lump sum regardless of the mode of settlement under the Policy. Such a lump sum will be the Reinsurer’s share of the face amount of the Policy. The Reinsurer’s share of interest, which is based on the death proceeds paid by the Company, will be payable in addition to the death claim settlement. Such interest is not considered a claim expense. B. For claims on Accelerated Benefits riders reinsured under this Contract, the benefit amount payable by the Reinsurer will be calculated by multiplying the total accelerated death benefit rider payout by the ratio of the reinsured amount to the face amount. The Company’s retention and the amount of the reinsurance shall be reduced proportionately as a result of an Accelerated Benefit claims payment. C. Should any claim be settled on a reduced compromise basis, or should a contested claim be settled for a reduced sum, the Company and the Reinsurer will participate in such reductions in proportion to their respective liabilities under the Policy or Policies reinsured. D. The Reinsurer may pay its share of the death benefit if it does not deem it advisable to contest the claim.

Claims Payment. A. The Reinsurer will be liable to the Company for its proportionate share of the benefits Company’s Gross Liability reinsured and, except as provided in the Retention and Limit Article, the reinsurance provided hereunder will not exceed the Company’s contractual liability Gross Liability under the terms of its Policies less the amount retainedPolicies. The payment of death Gross Liability claims by the Reinsurer will be in one lump sum regardless of the mode of settlement under the Policy. Such a lump sum will be the Reinsurer’s share of the face amount of the Policy. The Reinsurer’s share of claim interest, which is based on the death proceeds Gross Liability paid by the Company, will be payable in addition to the death claim settlement. Such interest is not considered a claim expenseLoss Adjustment Expense. B. For claims on Accelerated Benefits riders reinsured under this Contract, the benefit amount Gross Liability payable by the Reinsurer will be calculated by multiplying the total accelerated death benefit rider payout by the ratio of the reinsured amount to the face amount. The Company’s retention and the amount of the reinsurance shall be reduced proportionately as a result of an Accelerated Benefit claims payment. C. Should any claim be settled on a reduced compromise basis, or should a contested claim be settled for a reduced sum, the Company and the Reinsurer will participate in such reductions in proportion to their respective liabilities under the Policy or Policies reinsured. D. The Reinsurer may pay its share of the death benefit if it does not deem it advisable to contest the claim.

Claims Payment. A. The Reinsurer will be liable to the Company for the benefits reinsured and, except as provided in the Retention and Limit Article, the reinsurance provided hereunder will not exceed the Company’s contractual liability under the terms of its Policies less the amount retained. The payment of death claims by the Reinsurer will be in one lump sum regardless of the mode of settlement under the Policy. Such a lump sum will be the Reinsurer’s share of the face amount of the Policy. The Reinsurer’s share of interest, which is based on the death proceeds paid by the Company, will be payable in addition to the death claim settlement. Such interest is not considered a claim expense. B. For claims on Accelerated Benefits riders reinsured under this Contract, the benefit amount payable by the Reinsurer will be calculated by multiplying the total accelerated death benefit rider payout by the ratio of the reinsured amount to the face amount. The Company’s retention and the amount of the reinsurance shall be reduced proportionately as a result of an Accelerated Benefit claims payment.. Effective: January 1, 2007 12 of 28 DOC: April 19, 2007 C. Should any claim be settled on a reduced compromise basis, or should a contested claim be settled for a reduced sum, the Company and the Reinsurer will participate in such reductions in proportion to their respective liabilities under the Policy or Policies reinsured. D. The Reinsurer may pay its share of the death benefit if it does not deem it advisable to contest the claim.

Claims Payment. A. The Reinsurer will be liable to the Company for its proportionate share of the benefits Company’s Gross Liability reinsured and, except as provided in the Retention and Limit Article, the Effective: January 1, 2017 U1G30006 reinsurance provided hereunder will not exceed the Company’s contractual liability Gross Liability under the terms of its Policies less the amount retainedPolicies. The payment of death Gross Liability claims by the Reinsurer will be in one lump sum regardless of the mode of settlement under the Policy. Such a lump sum will be the Reinsurer’s share of the face amount of the Policy. The Reinsurer’s share of claim interest, which is based on the death proceeds Gross Liability paid by the Company, will be payable in addition to the death claim settlement. Such interest is not considered a claim expenseLoss Adjustment Expense. B. For claims on Accelerated Benefits riders reinsured under this Contract, the benefit amount Gross Liability payable by the Reinsurer will be calculated by multiplying the total accelerated death benefit rider payout by the ratio of the reinsured amount to the face amount. The Company’s retention and the amount of the reinsurance shall be reduced proportionately as a result of an Accelerated Benefit claims payment. C. Should any claim be settled on a reduced compromise basis, or should a contested claim be settled for a reduced sum, the Company and the Reinsurer will participate in such reductions in proportion to their respective liabilities under the Policy or Policies reinsured. D. The Reinsurer may pay its share of the death benefit if it does not deem it advisable to contest the claim.