Facultative Cessions. Any re-underwriting or non-contractual increase, including any change in mortality rating shall be subject to the Reinsurer’s approval.
Facultative Cessions. The Ceding Company has the option to, in accordance with the provisions of this Article, facultatively submit to the Reinsurer any Policy that is not obligatorily ceded under the provisions of Article I; provided that the provisions of Sections A through E below are met. In addition, there is no limitation on the Ceding Company's right to submit a case facultatively to other reinsurers.
A. the Ceding Company shall have provided to the Reinsurer copies of the original Policy application, medical reports, inspection reports, attending physician statements and any additional information that is pertinent to the insurability of the risk;
B. the Ceding Company shall have notified the Reinsurer of any outstanding underwriting requirements at the time of the facultative submission;
C. the Reinsurer shall, within 30 days after receipt of all required information, advise the Ceding Company of the portion that it would facultatively accept and the terms and conditions of such acceptance;
D. the Ceding Company shall have notified the Reinsurer of its acceptance of the Reinsurer's proposed terms and conditions for the facultative cession within 120 days of receipt or the termination date specified in the Reinsurer's offer unless the Reinsurer in writing expressly extends the period for the Ceding Company's acceptance or rejection; and
E. the facultative cessions shall not be limited to those Policies that are listed in Exhibit III.
Facultative Cessions. Any changes shall be subject to the Reinsurer’s approval only if the Company is obtaining evidence in accordance with the Company’s new business underwriting rules. The Company and the Reinsurer shall agree to the applicable reinsurance terms. These practices will apply unless mutually agreed otherwise by the Company and the Reinsurer and described in the Exhibits. Increase in Amount and Underwriting Reclassification Any underwriting reclassification, (including any change in mortality rating), or non-contractual increase in amount at risk for any cession shall be subject to the Company’s new business underwriting rules or as agreed otherwise by the Company and the Reinsurer. The amount of the increase shall be subject to the terms of this Agreement. If the amount of the policy shall increase above the Jumbo Limits (Exhibit E-III), or if the amount to be reinsured exceeds the Reinsurer’s Automatic Acceptance Limits (Exhibit E-II), the increase shall be subject to the Reinsurer’s approval.
Facultative Cessions. The Company may apply for reinsurance by sending to the Reinsurer copies of all pertinent papers, including the original application, medical examination, inspection reports, physician’s statements, urinalyses, and all other information that the Company may have relating to the insurability of the risk. The Company shall have ninety (90) days from the date of the Reinsurer’s final offer in which to place the policy with the insured/owner, after which time the Reinsurer’s offer shall expire unless the Reinsurer explicitly states in writing that the offer is extended for some further period. After consideration of the pertinent papers, the Reinsurer shall promptly inform the Company of its underwriting decision. If the underwriting decision is acceptable to the Company and the Company’s policy is subsequently placed in force in accordance with the Company’s placement rules, the Company shall advise the Reinsurer in the manner described in Exhibit F. The Company will advise the Reinsurer of its acceptance of the Reinsurer’s underwriting decision pertaining to facultative business by sending written notice to the Reinsurer. If any application to the Reinsurer is not to be placed with the Reinsurer, the Company shall advise the Reinsurer so that the Reinsurer can complete its records. For all cessions reinsured hereunder, the Company shall advise the Reinsurer as outlined in Exhibit F. The Company shall provide the Reinsurer with the reports as set out in Exhibit F. The Company, upon request, will provide the Reinsurer with any other information related to the business reinsured under this Agreement and which the Reinsurer requires in order to complete its financial statements.
Facultative Cessions. Any re-underwriting or non-contractual increase, including any change in mortality rating shall be subject to the Reinsurer’s approval. Reductions If the amount of insurance of a policy issued by the Company is reduced then the reinsurance net amount at risk shall be reduced proportionately. The reduction shall be effective on the same date as the reduction under the original policy. If the reinsurance for a policy has been placed with more than one reinsurer, the reduction shall be applied to all reinsurers in proportion to the amounts originally reinsured with each reinsurer. If the insured has multiple policies, some which are reinsured and a fully retained policy lapses or reduces, the Company will not make any changes to the reinsured policies. Special Changes If any special or unusual change, which is not covered above and which may materially affect the terms of the cession in question, is requested, the Reinsurer’s approval shall be obtained before such a change becomes effective.
Facultative Cessions. Any changes shall be subject to the Reinsurer’s approval only if the Company is obtaining evidence in accordance with the Company’s new business underwriting rules. These practices regarding plan changes will apply unless mutually agreed otherwise by the Company and the Reinsurer.
Facultative Cessions. The Company may apply for reinsurance by sending to the Reinsurer copies of all pertinent papers, including the original application, medical examination, inspection reports, physician’s statements, urinalyses, and all other information that the Company may have relating to the insurability of the risk. After consideration of the pertinent papers, the Reinsurer shall promptly inform the Company of its underwriting decision. If the underwriting decision is acceptable to the Company and the Company’s policy is subsequently placed in force in accordance with the Company’s placement rules, the Company shall advise the Reinsurer in the manner described in Exhibit E. If any application to the Reinsurer is not to be placed with the Reinsurer, the Company shall advise the Reinsurer so that the Reinsurer can complete its records. For all cessions reinsured hereunder, the Company shall advise the Reinsurer as outlined in Exhibit E. The Company shall self-administer all business reinsured under this Agreement using the TAI System. The Company shall provide the Reinsurer with the reports as set out in Exhibit E. The Company, upon request, will provide the Reinsurer with any other information related to the business reinsured under this Agreement and which the Reinsurer requires in order to complete its financial statements.
Facultative Cessions. For facultative policies, the Reinsurer's share will be determined on a case-by-case basis, subject to the terms of the Reinsurer's facultative offer.
Facultative Cessions. Any increase in amount shall be subject to the Reinsurer’s approval. Premium rates shall be applied to the converted policy on a point-in-scale basis.
Facultative Cessions. Any re-underwriting or non-contractual increase, including any change in mortality rating, shall be subject to the Reinsurer’s approval. Reductions If the amount of insurance of a policy issued by the Company is reduced then the reinsurance net amount at risk shall be reduced proportionately. The reduction shall be effective on the same date as the reduction under the original policy. If the reinsurance for a policy has been placed with more than one reinsurer, the reduction shall be applied to all reinsurers in proportion to the amounts originally reinsured with each reinsurer. If the insured has multiple policies, some which are reinsured and a fully retained policy lapses or reduces, the Company will not make any changes to the reinsured policies. Special Changes If any special or unusual change, which is not covered above and which may materially affect the terms of the cession in question, is requested, the Reinsurer’s approval shall be obtained before such a change becomes effective. Table of Contents ARTICLE V (cont’d) Lapses When a reinsured policy is terminated due to a lapse, the cession in question shall be cancelled effective the same date. If the Company allows extended or reduced paid-up insurance following a lapse, the reinsurance will be appropriately amended. If the Company allows the policy to remain in force under its automatic premium loan regulations, the reinsurance shall continue unchanged and in force as long as such regulations remain in effect, except as provided for otherwise in this Agreement. If the policy continues in force without payment during any days of grace pending its termination, whether such continuance is as a result of a policy provision or a practice of the Company, the reinsurance will also continue without payment of premium and will terminate on the same date as the Company’s risk terminates. Reinstatements If a policy reinsured on an automatic basis is reinstated in accordance with the terms of the policy and normal Company rules and practices, the Reinsurer shall reinstate the reinsurance automatically. If the Company collects premiums in arrears from the policyholder of a reinstated policy, it agrees to pay the Reinsurer all corresponding reinsurance premiums in arrears in connection with the reinstatement. The Reinsurer’s approval is required only for the reinstatement of a facultative policy when the Company’s regular reinstatement rules indicate that more evidence than a Statement of Good Health or Health...
