Commencement of Facultative Reinsurance Liability. The Reinsurer’s liability for facultative reinsurance will begin simultaneously with the Company’s contractual liability if the Company has accepted, during the lifetime of the insured, the Reinsurer’s offer of coverage. However, the Reinsurer will be bound to facultative policies that are placed with the Reinsurer by the Company in accordance with the Company’s reasonably documented facultative acceptance procedures which have been provided to the Reinsurer. The Reinsurer will have no liability for any application submitted for facultative consideration if the Reinsurer declined facultative coverage or made an offer of coverage that was not accepted by the Company as required by the terms of this Agreement.
Appears in 7 contracts
Samples: Nationwide Vli Separate Account 4, Nationwide Vli Separate Account 4, Nationwide Vli Separate Account 4
Commencement of Facultative Reinsurance Liability. The Reinsurer’s liability for facultative reinsurance will begin simultaneously with the Company’s contractual liability if the Company has accepted, during the lifetime of the insured, the Reinsurer’s offer of coverage. However, the Reinsurer will be bound to facultative policies that are placed with the Reinsurer by the Company in accordance with the Company’s reasonably documented facultative acceptance procedures which have been provided to the Reinsurerprocedures. The Reinsurer will have no liability for any application submitted for facultative consideration if the Reinsurer declined facultative coverage or made an offer of coverage that was not accepted by the Company as required by the terms of this Agreement.
Appears in 5 contracts
Samples: Yrt Reinsurance Agreement (Nationwide VL Separate Account-G), Yrt Reinsurance Agreement (Nationwide VL Separate Account-G), Automatic Yrt Reinsurance Agreement (First Investors Life Level Premium Variable Lif Ins Sep Ac B)
Commencement of Facultative Reinsurance Liability. The Reinsurer’s 's liability for facultative reinsurance will begin simultaneously with the Company’s 's contractual liability if the Company has accepted, during the lifetime of the insured, the Reinsurer’s 's offer of coverage. However, the Reinsurer will be bound to facultative policies that are placed with the Reinsurer by the Company in accordance with the Company’s 's reasonably documented facultative acceptance procedures which have been provided to the Reinsurerprocedures. The Reinsurer will have no liability for any application submitted for facultative consideration if the Reinsurer declined facultative coverage or made an offer of coverage that was not accepted by the Company as required by the terms of this Agreement.
Appears in 2 contracts
Samples: Reinsurance Agreement (Nationwide VLI Separate Account-7), Administered Yrt Reinsurance Agreement (Ameritas Variable Separate Account V)
Commencement of Facultative Reinsurance Liability. The Reinsurer’s 's liability for facultative reinsurance will begin simultaneously with the Company’s 's contractual liability if the Company has accepted, during the lifetime of the insured, the Reinsurer’s ' s offer of coverage. However, the Reinsurer will be bound to facultative policies that are placed with the Reinsurer by the Company in accordance with the Company’s 's reasonably documented facultative acceptance procedures which have been provided to the Reinsurer. The Reinsurer will have no liability for any application submitted for facultative consideration if the Reinsurer declined facultative coverage or made an offer of coverage that was not accepted by the Company as required by the terms of this Agreement.
Appears in 1 contract
Samples: Reinsurance Agreement (Ameritas Variable Separate Account V)