ERROR AND OMISSION. Any unintentional or accidental failure of the Ceding Company or the Reinsurer to comply with the terms of this Agreement which can be shown to be the result of an oversight, misunderstanding or clerical error, will not be deemed a breach of this Agreement. Upon discovery, the error will be corrected so that both parties are restored to the position they would have occupied had the oversight, misunderstanding or clerical error not occurred. Should it not be possible to restore both parties to such a position, the Ceding Company and the Reinsurer shall negotiate in good faith to equitably apportion any resulting liabilities and expenses. This provision applies only to oversights, misunderstandings or clerical errors relating to the administration of reinsurance covered by this Agreement. This provision does not apply to the administration of the insurance provided by the Ceding Company to its insured or any other errors or omissions committed by the Ceding Company with regard to the policy reinsured hereunder.
Appears in 5 contracts
Samples: Yearly Renewable Term Reinsurance Agreement (American National Variable Life Separate Account), Automatic and Facultative Yearly Renewable Term Reinsurance Agreement (National Variable Life Insurance Account), Automatic and Facultative Yearly Renewable Term Reinsurance Agreement (National Variable Life Insurance Account)
ERROR AND OMISSION. Any unintentional or accidental failure of the Ceding Company or the Reinsurer to comply with the terms of this Agreement which can be shown to be the result of an oversight, misunderstanding or clerical error, will not be deemed a breach of this Agreement. Upon discovery, the error will be corrected so that both parties are restored to the position they would have occupied had the oversight, misunderstanding or clerical error not occurred. Should it not be possible to restore both parties to such a position, the Ceding Company and the Reinsurer shall will negotiate in good faith to equitably apportion any resulting liabilities and expenses. This provision Article applies only to oversights, misunderstandings or clerical errors relating to the administration of reinsurance covered by this Agreement. This provision does not apply to the administration of the insurance provided by the Ceding Company to its insured or any other errors or omissions committed by the Ceding Company with regard to the policy reinsured hereunder.
Appears in 2 contracts
Samples: Reinsurance Agreement (Kansas City Life Insurance Co), Coinsurance Agreement (Cuna Mutual Variable Life Insurance Account)
