CONVERSIONS, EXCHANGES AND REPLACEMENTS. If a policy reinsured under this Agreement is converted, exchanged or replaced, the Ceding Company will promptly notify the Reinsurer. Unless mutually agreed otherwise, policies that are not reinsured with the Reinsurer and that exchange or convert to a plan covered under this Agreement will not be reinsured hereunder.
CONVERSIONS, EXCHANGES AND REPLACEMENTS. If a policy reinsured under this Agreement is converted, exchanged or replaced, the Ceding Company will promptly notify MARC. Unless mutually agreed otherwise, policies that are not reinsured with MARC and that exchange or convert to a plan covered under this Agreement will not be reinsured hereunder.
CONVERSIONS, EXCHANGES AND REPLACEMENTS. You will promptly notify us if a reinsured policy is converted, exchanged, or internally replaced. If the conversion, exchange, or replacement is not considered to be new business, as defined below, we will continue to reinsure the new policy (hereinafter referred to as a “continuation”) in an amount determined on the same basis as, but not to exceed, the amount reinsured on the original policy as of the date of conversion, exchange, or replacement, unless mutually agreed otherwise. If we reinsure the plan to which the original policy is converting, either under this Agreement or under a different agreement, reinsurance premium rates for the continuation will be those contained in the agreement that covers the plan to which the original policy is converting. However, if we do not reinsure the new plan, reinsurance will be on a YRT basis using rates to be mutually agreed upon between the parties. Reinsurance premiums and any expense allowances for continuations will be based on the issue date of the original policy and the original issue age of the insured, i.e. on a point-in-scale basis. A conversion, exchange, or replacement will be considered to be new business provided all of the following criteria are met:
6.1 The new policy is underwritten in accordance with your normal new business guidelines and procedures;
6.2 A full first-year commission is paid on the new policy; and
6.3 The new policy provides for the maximum normal periods of suicide and contestability protection permitted in the state in which the new policy is issued. Unless mutually agreed otherwise, any policies that had been reinsured with another reinsurer and which convert to a plan covered under this Agreement will not be reinsured with us.
CONVERSIONS, EXCHANGES AND REPLACEMENTS. All Policies reinsured under this Agreement shall be issued in accordance with the Ceding Company’s normal standards and guidelines related to exchanges and replacements which are in effect on the Effective Date of this Agreement (“ER Guidelines”) and have been provided to Munich Re, U.S. (Life). The Ceding Company shall notify Munich Re, U.S. (Life) in writing within ninety (90) days of the effective date of any proposed material change to the ER Guidelines. If Munich Re, U.S. (Life) agrees to the proposed change in writing, then such change shall become a part of the ER Guidelines. In the event that Munich Re, U.S. (Life) does not respond within thirty (30) days, Munich Re, U.S. (Life) shall be deemed to have accepted such change. If Munich Re, U.S. (Life) rejects such proposed change in writing, such proposed change shall not be applied to Policies reinsured under this Agreement. The Ceding Company’s ER Guidelines are incorporated herein by reference and shall form an integral part of this Agreement. Unless mutually agreed otherwise, policies that are not reinsured with Munich Re, U.S. (Life) and that exchange or convert to a plan covered under this Agreement will not be reinsured hereunder.
CONVERSIONS, EXCHANGES AND REPLACEMENTS. The Reinsurer will continue to reinsure the Risk resulting from the Contractual or Noncontractual Conversion of any coverage reinsured under this Agreement, in an amount not to exceed the original amount reinsured. Contractual or Noncontractual Conversions will continue to be reinsured under this Agreement on a YRT basis following the parameters as outlined in Exhibit D-Rate Schedule I. Reinsurance Premiums and any allowances for conversions will be on a point in scale basis from the original issue date.
CONVERSIONS, EXCHANGES AND REPLACEMENTS. You will promptly notify us if a reinsured policy is converted, exchanged, or internally replaced. If the conversion, exchange, or replacement is not considered to be new business, as defined below, we will continue to reinsure the new policy (hereinafter referred to as a “continuation”) in an amount determined on the same basis as, but not to exceed, the amount reinsured on the original policy as of the date of conversion, exchange, or replacement, unless mutually agreed otherwise. If we reinsure the plan to which the original policy is converting, either under this Agreement or under a different agreement, reinsurance premium rates for the continuation will be those contained in the agreement that covers the plan to which the original policy is converting. However, if we do not reinsure the new plan, reinsurance will be on a YRT basis using the YRT conversion rates shown in Exhibit C.XX, Conversion Rates. Reinsurance premiums and any expense allowances for continuations will be based on the issue date of the original policy and the original issue age of the insured, i.
CONVERSIONS, EXCHANGES AND REPLACEMENTS. 13 A. Conversions B. Exchanges and Replacements
CONVERSIONS, EXCHANGES AND REPLACEMENTS. The Reinsurer does not accept conversions to permanent products under this Agreement. The Reinsurer will continue to reinsure the Risks resulting from internal replacements or exchanges of any coverage reinsured under this Agreement, in an amount not to exceed the original amount reinsured. Reinsurance Premiums and any allowances for internal replacements or exchanges will be on a point in scale basis from the original issue date of the Risk Reinsured.
CONVERSIONS, EXCHANGES AND REPLACEMENTS. With regard to the provisions of Article 7 of the base Agreement, for policies covered under this Addendum the following two term conversion options are available which must be elected at time of issue and cannot be subsequently changed.
CONVERSIONS, EXCHANGES AND REPLACEMENTS. The Reinsurer will continue to reinsure the Risk resulting from the Non-Contractual Conversion of any coverage reinsured under this Agreement, in an amount not to exceed the original amount reinsured. For the sake of clarity, a Contractual Conversion option is not available for any term rider or term agreement reinsured under this Agreement. Reinsurance of Non-Contractual Conversions will remain with the Reinsurer on a YRT basis. If the product to which the original Risk is converting is reinsured by the Reinsurer, either under this Agreement or under a different Agreement, reinsurance Premium rates for the coverage will be those contained in the Agreement that covers the product to which the Policy is converting. However, if the new product is not reinsured by the Reinsurer, reinsurance Premiums for a Policy resulting from a Non-Contractual Conversion will use the rates shown in Exhibit D – Reinsurance Premiums. Reinsurance Premiums and any pay percentages applicable to Non-Contractual Conversions will be on a point in scale basis from the original issue age and current duration of the Risk reinsured. For off-anniversary conversions, duration shall be rounded to the nearest number based on the issue date of the original policy. If conversion occurs during the first six (6) months of the original issued policy, the first year percentage of premium for the converted policy will be 0%. The Ceding Company will promptly notify the Reinsurer in advance of any previously undefined or undisclosed marketing campaigns or changes in company practices which target and encourage conversions, exchanges, or replacements of reinsured policies. If the Reinsurer concludes any such campaigns or changes materially impact the risk profile of the business reinsured under this Agreement, the Reinsurer will promptly notify the Ceding Company of any changes to the pay percentages.
