Common use of CONVERSIONS AND EXCHANGES Clause in Contracts

CONVERSIONS AND EXCHANGES. A. If any policy ceded automatically under this Agreement is exchanged for another policy that is listed in Exhibit III, the new policy shall be reinsured on the basis described in Article I based upon the policy date, age and underwriting classification of the new policy. B. If any policy ceded automatically under this Agreement is exchanged for, or converted to, another policy that is not listed in Exhibit III or does not meet the criteria of Article I, the Ceding Company shall recapture reinsurance under this Agreement. At the Ceding Company's option, the ceding company may recapture only up to its retention limit as shown in Exhibit II and the Reinsurer shall reinsure its proportionate share of the excess above the Ceding Company's retention up to its automatic binding limit shown in Exhibit I. Reinsurance premiums shall be those shown in Exhibit IV, based upon policy date, age and underwriting classification of the original policy. C. If any policy ceded facultatively under this Agreement is exchanged for, or converted to, another policy, at the Ceding Company's option reinsurance shall continue based upon the policy date, age and underwriting classification of the original policy. D. If existing business that was not ceded under this Agreement is exchanged for, or converted to a policy that is listed in Exhibit III, it shall not be considered reinsured under this Agreement, unless otherwise agreed upon.

CONVERSIONS AND EXCHANGES. A. If any policy ceded automatically under pursuant to Article I of this Agreement is exchanged for for, or converted to another policy that is listed in Exhibit III, the new policy shall be reinsured on the basis described in Article I based upon the policy date, age and underwriting classification of the new policy. B. If any policy ceded covered automatically under this Agreement is exchanged for, or converted to, another a policy bearing a series, class or plan code that is not listed shown in Exhibit III or does not meet the criteria of Article IIII, the Ceding Company shall recapture reinsurance under this Agreement. At the Ceding Company's option, the ceding company may recapture only Agreement up to its retention limit as shown in Exhibit II and II. At the Ceding Company's option, the Reinsurer shall reinsure its proportionate share of the excess above the Ceding Company's retention retention, up to its automatic binding limit shown in Exhibit I. Reinsurance premiums shall be those shown in Exhibit IV, based upon policy date, age and underwriting classification of the original policy. C. If any policy ceded facultatively under this Agreement is exchanged for, or converted to, another policy, at the Ceding Company's option reinsurance shall continue based upon the policy date, age and underwriting classification of the original policy. D. If existing business that was not ceded under this Agreement is exchanged for, or converted to a policy that is listed of the type described in Exhibit III, it shall not be considered reinsured under this Agreement, unless otherwise agreed upon.