Exchanges and Replacements. A policy resulting from an internal exchange or replacement will be underwritten by the Ceding Company in accordance with its underwriting guidelines, standards and procedures for exchanges and replacements. If the Ceding Company's guidelines treat the policy as new business, then the reinsurance will also be considered new business. For purposes of this Article, new business is defined as those policies on which:
a. the Ceding Company has obtained complete and current underwriting evidence on the full amount; and
b. the full normal commissions are paid for the new plan; and
Exchanges and Replacements. The Contractor shall offer a full refund exchange for Products that meet one or more of the following conditions and adhere to the following: • The Contractor will not impose on the Customer any additional costs, including shipping costs or a restocking fee, for inventory that is returned or exchanged for another Product within 30 calendar days of delivery. • For Customer exchanges beyond 30 calendar days of delivery, restocking fees shall be no greater than 10% of the price paid by the Customer for the Product(s) that requires restocking, and standard shipping costs. • Exchanges for Special Clothing are at the discretion of the Contractor.
Exchanges and Replacements. A policy resulting from an internal exchange or replacement will be underwritten by the Ceding Company in accordance with its underwriting guidelines, standards and procedures for exchanges and replacements. If the Ceding Company’s guidelines treat the policy as new business, then the reinsurance will also be considered new business. For purposes of this Article, new business is defined as those policies on which:
a. the Ceding Company has obtained complete and current underwriting evidence on the full amount; and
b. the full normal commissions are paid for the new plan; and
c. the Suicide and Contestable provisions apply as if the policy were newly issued. The Reinsurer’s approval to exchange or replace the policy will be required if the original policy was reinsured on a facultative basis. If the Ceding Company’s guidelines do not treat the policy as new business, the exchange or replacement will continue to be ceded to the Reinsurer. The rates will be based on the original issue age, underwriting class and duration since the issuance of the original policy.
Exchanges and Replacements. For purposes of this Agreement, an exchange or replacement is a new policy replacing an existing policy of the same type, where the new policy lacks at least one of the following characteristics: new business underwriting, full first year commissions, new suicide period, or new contestable period. New policies resulting from exchanges or replacements in the insurance reinsured hereunder will continue to be ceded to the Reinsurer under this Agreement, in an amount not to exceed the original amount reinsured hereunder. Reinsurance rates for exchanges or replacements will be those in effect at issuance of the original policy and will be point in scale (based on the original issue age, duration, and original underwriting class since issuance of the original policy). The recapture period applicable to the original policy shall govern the new policy and duration shall be measured from the effective date of the original policy. If an exchange or replacement results in an increase in risk amount, the increase will be underwritten by the Ceding Company as new business and will be eligible for reinsurance coverage under this Agreement as new business. When an exchange or replacement is fully underwritten with new suicide and contestable periods and full first year commissions, the resulting policy will be administered the same as the issuance of a new policy.
Exchanges and Replacements. A policy resulting from an internal exchange or replacement will be underwritten by the Ceding Company in accordance with its underwriting guidelines, standards and procedures for exchanges and replacements. All internal exchanges to Succession Select from the current joint life last survivor product that are over 120 days old will be fully underwritten and will be treated as new business under this Agreement. Additionally, policies that are 120 days old or less may be exchanged without penalty to Succession Select within 120 days of the product's introduction in the state in which the original policy was signed. All such exchanges will be treated as new business for reinsurance purposes.
Exchanges and Replacements. The Reinsurer will consider exchanges and replacements to the plans reinsured under this Agreement. First-year premium calculations will apply to any policy on which:
1. the Company has obtained complete and current underwriting evidence on the full amount; and
2. the full normal commissions are paid for the new plan; and
3. the Suicide and Contestable provisions apply as if the policy were newly issued. Reinsurance premiums shall be the agreed upon exchange premiums. 11/13/01 7 of 24
Exchanges and Replacements. A policy resulting from an exchange or replacement will be underwritten by the Company in accordance with its underwriting guidelines, standards and procedures for exchanges and replacements. If the Company’s guidelines treat the policy as new business, then the reinsurance will also be considered new business. For purposes of this Article, new business is defined as those policies on which:
a. The Company has obtained complete and current underwriting evidence on the full amount; and
b. The full normal commissions are paid for the new plan; and
c. The Suicide and Contestable provisions apply as if the policy were newly issued, unless prohibited by law. If the Company has not obtained complete and current underwriting evidence or if the other new business provisions do not apply, the Company and the Reinsurer must specifically agree on terms and procedures for the reinsurance coverage to continue; otherwise, reinsurance coverage will terminate. The Reinsurer’s approval will be required if the original policy was reinsured on a facultative basis.
Exchanges and Replacements. (a) The Distributor shall not directly or indirectly exchange or offer to exchange any Contract issued by a Separate Account registered under Section 8 of the Company Act for any other security or insurance contract issued by any person without the express written authorization of the Company and such Separate Account or except in strict accordance with the Company’s written policies with respect to the acceptability of exchanges. The Distributor shall enforce the Company’s exchange procedures, including any training requirements, and shall ensure that all required disclosures, notices, waivers and other materials have been appropriately executed and delivered in accordance with applicable law.
(b) For purposes of paragraph (a) hereof the term “exchange” means any transaction in which a new life insurance policy or annuity contract is purchased and an existing Contract is replaced, lapsed, forfeited, surrendered, converted, amended, reissued or otherwise terminated or used in a financed purchase and includes a transaction subject to Section 11 of the Company Act.
Exchanges and Replacements. (a) The Distributor shall not directly or indirectly exchange or offer to exchange any Contract issued by a Separate Account registered under Section 8 of the Company Act for any other security or insurance contract issued by any person without the express written authorization of the Company and such Separate Account. This paragraph does not apply to the reallocation of subaccount assets. The Distributor may not directly or indirectly effect any exchange of any Contract except in accordance with the Company’s written policies with respect to the acceptability of exchanges. The Distributor shall enforce the Company’s exchange procedures, including any training requirements, and shall ensure that all required disclosures, notices, waivers and other materials have been appropriately executed and delivered in accordance with applicable law.
(b) For purposes of paragraph (a) hereof the term “exchange” means any transaction in which a new life insurance policy or annuity contract is purchased and an existing Contract is replaced, lapsed, forfeited, surrendered, converted, amended, reissued or otherwise terminated or used in a financed purchase and includes a transaction subject to Section 11 of the Company Act.
Exchanges and Replacements. 1. To be eligible for reinsurance under this Agreement, a policy resulting from an internal exchange or replacement (an "Exchanged Policy") must be underwritten by the Company in accordance with the portions of its Underwriting Guidelines applicable to exchanges and replacements. An Exchanged Policy may be covered under this Agreement as follows:
a. If the Company's guidelines would consider an Exchanged Policy to be "new business" and the Exchanged Policy uses an underlying policy form, then it may be submitted as "new business" if it meets the following criteria:
i) the Company has obtained complete and current underwriting evidence on the full ultimate amount;
ii) the full normal commissions are paid for the new plan; and
iii) the Suicide and Contestable provisions apply as if the policy were newly issued.
b. Notwithstanding the foregoing, exchanges from single life products into a joint-last-survivor product will not be reinsured hereunder.
2. If the Company's guidelines do not treat the policy as new business and the replacement utilizes an underlying policy, the Exchanged Policy will continue to be ceded to the Reinsurer on a "point-in-scale" basis utilizing the YRT Rates shown in Exhibit B (the rates will be based on the original issue age, underwriting class and duration since the issuance of the original policy).
3. If the Company's guidelines do not treat the policy as new business and the replacement does not utilize an underlying policy, no coverage is available under this Agreement.
4. The Reinsurer's approval to exchange or replace the policy will be required if the original policy was reinsured on a facultative basis.
