Common use of Commencement of Facultative Reinsurance Liability Clause in Contracts

Commencement of Facultative Reinsurance Liability. If a facultative application is submitted by the Company to the Reinsurer only, then the Reinsurer's liability will begin simultaneously with the Company's contractual liability for this facultative policy. The amount of the Reinsurer's liability will be the lesser of the Reinsurer's offer, the Conditional Receipt Amount set out in Exhibit A-2 or the Automatic Acceptance Limits set out in Exhibit E. The Reinsurer's liability ceases if the Reinsurer declines the risk and duly notifies the Company. The Reinsurer's liability would also cease if the Company declines the Reinsurer's offer. If, however, a facultative application is submitted by the Company to any other reinsurer, in addition to the Reinsurer, the liability of the Reinsurer will commence when the Reinsurer has received written notice from the Company, during the lifetime of the insured, that the Reinsurer's offer has been accepted. The Company will have 120 days from the date of the Reinsurer's final offer in which to place the policy with the insured/owner, after which time the Reinsurer's offer will expire unless the Reinsurer explicitly states in writing that the offer is extended for some further period.

Commencement of Facultative Reinsurance Liability. If a facultative application is submitted by the Company to the Reinsurer only, then the Reinsurer's liability will begin simultaneously with the Company's contractual liability for this facultative policy. The amount of the Reinsurer's liability will be the lesser of the Reinsurer's offer, the Conditional Receipt Amount set out in Exhibit A-2 A-1 or the Automatic Acceptance Limits set out in Exhibit E. The Reinsurer's liability ceases if the Reinsurer declines the risk and duly notifies the Company. The Reinsurer's liability would also cease if the Company declines the Reinsurer's offer. If, however, a facultative application is submitted by the Company to any other reinsurer, in addition to the Reinsurer, the liability of the Reinsurer will commence when the Reinsurer has received written notice from the Company, during the lifetime of the insured, that the Reinsurer's offer has been accepted. The Company will have 120 the number of days specified in Exhibit A from the date of the Reinsurer's final offer in which to place the policy with the insured/owner, after which time the Reinsurer's offer will expire unless the Reinsurer explicitly states in writing that the offer is extended for some further period.

Commencement of Facultative Reinsurance Liability. If a facultative application is submitted by the Company to the Reinsurer only, then the Reinsurer's liability will begin simultaneously with the Company's contractual liability for this facultative policy. The amount of the Reinsurer's liability will be the lesser of the Reinsurer's offer, the Conditional Receipt Amount set out in Exhibit A-2 or A-1, the Automatic Acceptance Limits set out in Exhibit E. E, or Temporary Reinsurance Agreement. The Reinsurer's liability ceases if when the Reinsurer declines the risk and duly notifies the Company. The Reinsurer's liability would also cease if when the Company declines the Reinsurer's offer. If, however, a facultative application is submitted by the Company to any other reinsurer, in addition to the Reinsurer, the liability of the Reinsurer will commence when the Reinsurer has received written notice from the Company, during the lifetime of the insured, that the Reinsurer's offer has been accepted. The Company will have 120 the number of days specified in Exhibit A from the date of the Reinsurer's final offer in which to place the policy with the insured/owner, after which time the Reinsurer's offer will expire unless the Reinsurer explicitly states in writing that the offer is extended for some further period.

Commencement of Facultative Reinsurance Liability. If a facultative application is submitted by the Company to the Reinsurer only, then the Reinsurer's liability will begin simultaneously with the Company's contractual liability for this facultative policy. The amount of the Reinsurer's liability will be the lesser of the Reinsurer's offer, the Conditional Receipt Amount set out in Exhibit A-2 or A-1, the Automatic Acceptance Limits set out in Exhibit E. E, or Temporary Insurance Agreement. The Reinsurer's liability ceases if when the Reinsurer declines the risk and duly notifies the Company. The Reinsurer's liability would also cease if when the Company declines the Reinsurer's offer. If, however, a facultative application is submitted by the Company to any other reinsurer, in addition to the Reinsurer, the liability of the Reinsurer will commence when the Reinsurer has received written notice from the Company, during the lifetime of the insured, that the Reinsurer's offer has been accepted. The Company will have 120 the number of days specified in Exhibit A from the date of the Reinsurer's final offer in which to place the policy with the insured/owner, after which time the Reinsurer's offer will expire unless the Reinsurer explicitly states in writing that the offer is extended for some further period.

Commencement of Facultative Reinsurance Liability. If a facultative application is submitted by the Company to the Reinsurer only, then the Reinsurer's ’s liability will begin simultaneously with the Company's ’s contractual liability for this facultative policy. The amount of the Reinsurer's ’s liability will be the lesser of the Reinsurer's ’s offer, the Conditional Receipt Amount set out in Exhibit A-2 A-1 or the Automatic Acceptance Limits set out in Exhibit E. The Reinsurer's ’s liability ceases if when the Reinsurer declines the risk and duly notifies the Company. The Reinsurer's ’s liability would also cease if when the Company declines the Reinsurer's Reinsurers offer. If, however, a facultative application is submitted by the Company to any other reinsurer, in addition to the Reinsurer, the liability of the Reinsurer will commence when the Reinsurer has received written notice from the Company, during the lifetime of the insured, that the Reinsurer's ’s offer has been accepted. The Company will have 120 the number of days specified in Exhibit A from the date of the Reinsurer's ’s final offer in which to place the policy with the insured/owner, after which time the Reinsurer's ’s offer will expire unless the Reinsurer explicitly states in writing that the offer is extended for some further period.

Commencement of Facultative Reinsurance Liability. If a facultative application is submitted by the Company to the Reinsurer only, then the Reinsurer's liability will begin simultaneously with the Company's contractual liability for this facultative policy. The amount of the Reinsurer's liability will be the lesser of the Reinsurer's offer, the Conditional Receipt Amount set out in Exhibit A-2 or the Automatic Acceptance Limits set out in Exhibit E. The Reinsurer's liability ceases if the Reinsurer declines the risk and duly notifies the Company. The Reinsurer's liability would also cease if the Company declines the Reinsurer's offer. If, however, a facultative application is submitted by the Company to any other reinsurer, in addition to the Reinsurer, the liability of the Reinsurer will commence when the Reinsurer has received written notice from the Company, during the lifetime of the insured, that the Reinsurer's offer has been accepted. The Company will have 120 days from the date of the Reinsurer's final offer in which to place the policy with the insured/insured/ owner, after which time the Reinsurer's offer will expire unless the Reinsurer explicitly states in writing that the offer is extended for some further period.

Commencement of Facultative Reinsurance Liability. If a facultative application is submitted by the Company to the Reinsurer only, then the Reinsurer's liability will begin simultaneously with the Company's contractual liability for this facultative policy. The amount of the Reinsurer's liability will be the lesser of the Reinsurer's offer, the Conditional Receipt Amount set out in Exhibit A-2 A-1 or the Automatic Acceptance Limits set out in Exhibit E. The Reinsurer's liability ceases if when the Reinsurer declines the risk and duly notifies the Company. The Reinsurer's liability would also cease if when the Company declines the Reinsurer's offer. If, however, a facultative application is submitted by the Company to any other reinsurer, in addition to the Reinsurer, the liability of the Reinsurer will commence when the Reinsurer has received written notice from the Company, during the lifetime of the insured, that the Reinsurer's offer has been accepted. The Company will have 120 the number of days specified in Exhibit A from the date of the Reinsurer's final offer in which to place the policy with the insured/owner, after which time the Reinsurer's offer will expire unless the Reinsurer explicitly states in writing that the offer is extended for some further period. The Reinsurer may assume liability for claims arising prior to the time of notification if it is shown to the satisfaction of the Reinsurer that the policy would have been reinsured with the Reinsurer.

Commencement of Facultative Reinsurance Liability. If a facultative application is submitted by the Company to the Reinsurer only, then the Reinsurer's liability will begin simultaneously with the Company's contractual liability for this facultative policy. The amount of the Reinsurer's liability will be the lesser of the Reinsurer's offer, the Conditional Receipt Amount set out in Exhibit A-2 A-1 or the Automatic Acceptance Limits set out in Exhibit E. The Reinsurer's liability ceases if when the Reinsurer declines the risk and duly notifies the Company. The Reinsurer's liability would also cease if when the Company declines the Reinsurer's offer. If, however, a facultative application is submitted by the Company to any other reinsurer, in addition to the Reinsurer, the liability of the Reinsurer will commence when the Reinsurer has received written notice from the Company, during the lifetime of the insured, that the Reinsurer's offer has been accepted. The Company will have 120 the number of days specified in Exhibit A from the date of the Reinsurer's final offer in which to place the policy with the insured/owner, after which time the Reinsurer's offer will expire unless the Reinsurer explicitly states in writing that the offer is extended for some further period.