Common use of Commencement of Facultative Reinsurance Liability Clause in Contracts

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. The Reinsurer will be bound to facultative policies that are placed by the Company in accordance with the Company’s reasonably documented facultative acceptance procedures. 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.

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. The Reinsurer will be bound to facultative policies that are placed by the Company in accordance with the Company’s 's reasonably documented facultative acceptance procedures. 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.