Common use of Exchanges and Replacements Clause in Contracts

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. 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 '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. (a) the Ceding Company has obtained complete and current underwriting evidence on the full amount; and b. (b) the full normal commissions are paid by the Ceding Company for the new plan; and c. (c) the Suicide and Contestable provisions apply as if from the policy were newly issuedeffective date of the new plan. The Reinsurer’s MARC'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 's guidelines do not treat the policy as new business, the exchange or replacement will continue to be ceded to the ReinsurerMARC. The rates will be based on the original issue age, underwriting class and duration since the issuance of the original 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. 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. CLAIMS Claims covered under this Agreement include only death claims, which are those due to the death of the insured on a policy reinsured under this Agreement, and any additional benefits specified in Exhibit B, which are provided by the underlying policy and are reinsured under this Agreement.

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 '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 '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 '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.