Facultative Coverage. The reinsurance will be on a facultative basis if the Company receives an application for a policy covered under this Agreement for which:
Facultative Coverage. The reinsurance will be on a facultative basis if the Company receives an application for a policy covered under this Agreement for which:
2.2.1 The total of the new reinsurance required and the amount already reinsured on that life under this Agreement and all other life agreements between the Reinsurer and the Company, exceeds the Automatic Acceptance Limits set out in Exhibit E; or
2.2.2 The Company intends to retain less than the Retention Limit set out in Exhibit D taking into account the applicant's age and mortality rating or
2.2.3 The amount of insurance in force, including any coverage to be replaced, plus the amount currently applied for on that life in all companies exceeds the Jumbo Limit stated in Exhibit E; or
2.2.4 The application is on a life for which an application had been submitted by Company on a facultative basis to the Reinsurer or any other reinsurer within the last --- years, unless the reason for submitting facultatively no longer applies. The reinsurance will also be on a facultative basis if the Company submits an application to the Reinsurer for its consideration on a plan or rider which qualifies for automatic reinsurance under this Agreement. The relevant terms and condition of the Agreement will apply to those facultative offers made by the Reinsurer which are accepted by the Company.
Facultative Coverage. Reinstatement of the reinsurance on policies ceded to the REINSURER on a facultative basis will require prior written approval of the REINSURER. Upon reinstatement the CEDING COMPANY shall pay to the REINSURER all reinsurance premiums that would have been paid if such reinsurance had not been terminated, plus interest at the same rate charged by the CEDING COMPANY.
Facultative Coverage. If the Company receives an application that meets any of the criteria below, the reinsurance shall be considered on a facultative basis:
Facultative Coverage. Whenever Lutheran Brotherhood requires reinsurance for any risk which otherwise qualifies for automatic coverage under this Agreement, but which Lutheran Brotherhood prefers not to cede on that basis, Lutheran Brotherhood may submit an application to Minnesota Mutual for such reinsurance on a facultative basis at the same time that Lutheran Brotherhood applies to any other reinsurer for such reinsurance on a facultative basis. Whenever Lutheran Brotherhood desires reinsurance for any risk which surpasses the acceptance limit or does not meet any of the other conditions for automatic coverage under this Agreement Lutheran Brotherhood may, at its option and subject to the restriction hereafter specified in this section and any further restrictions or conditions that may be stipulated in the relevant Exhibit, submit an application to Minnesota Mutual for such reinsurance on a facultative basis. Minnesota Mutual shall consider, as detailed in Article II, acceptance of the risks indicated for reinsurance on all such applications, regardless of the risk amounts, if any, that Lutheran Brotherhood proposes to retain.
Facultative Coverage. A. Procedure, When a risk does not qualify for automatic reinsurance or if the Company so desires, the Company may request facultative consideration of any risk on those plans of insurance shown in Exhibit A by sending the Reinsurer a reinsurance application form, in substantially the form as set forth in Exhibit ID, showing details of the risk together with copies of the original application and all information known to the Company pertaining to the insurability of the risk. The Reinsurer shall give the reinsurance application prompt consideration and shall notify the Company of its decision and risk classification. The Company will notify the Reinsurer in writing of its acceptance of an offer. If any risk is to be submitted to more than one reinsurer for consideration, the Allocation Rules for Placement of Facultative Cases as outlined in Exhibit D will apply. After the first premium has been received by the Company on a policy that has been submitted to and accepted by the Reinsurer on a facultative basis, the Company shall promptly report placement of the policy to the Reinsurer in the agreed upon format, Unless specifically agreed to the contrary, the Reinsurer shall hold its offer on a pending case open for ninety (90) days, at the end of which time the Reinsurer shall, in the absence of notification of case status, routinely close its file and consider the offer to reinsure as formally withdrawn. The Company may not reinsure the amount it has retained on the business covered under this Agreement on any basis without the Reinsurers written consent, which consent may be withheld for any reason.
Facultative Coverage. Lead Reinsurer:__________________ If the Company allows an exception to the Guaranteed Issue Guidelines set out in Exhibit A-3, the Reinsurer will automatically accept its share as set out in Exhibit A-1. After the case is issued, the Company will send the Reinsurer documentation to outline the nature of the exception made. The Company may also submit cases to the Reinsurer for consideration on a facultative basis. The Company will apply for reinsurance on a facultative basis by sending a census of all lives to the Reinsurer along with details of the policies it proposes to add to the group on a facultative basis. Any subsequent information received by the Company that is pertinent to the risk assessment will be transmitted to the Reinsurer immediately. After consideration of such underwriting evidence, the Reinsurer will 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 issue rules provided to the Reinsurer, the Company will duly notify the Reinsurer according to the terms outlined in Exhibit F. The Company will advise the Reinsurer in writing if the case is not to be placed with the Reinsurer.
Facultative Coverage. A. Reinsurance required by the CEDING COMPANY will be assumed by THE REINSURER on a facultative basis as described in the terms of this Agreement. THE REINSURER will have the option of accepting, rejecting, or rating any application for reinsurance.
B. THE REINSURER will promptly notify the CEDING COMPANY of its underwriting action after all evidence of insurability has been examined.
C. For each risk on which reinsurance is ceded, the CEDING COMPANY will retain its retention as indicated in Exhibit A, at the time of issue, taking into account both currently issued and previously issued policies.
Facultative Coverage. A. The Ceding Company will have the option to submit any case facultatively which it does not wish to cede automatically or which it may not cede automatically under the provisions of Article 1.
B. The Ceding Company will send copies of the original applications, all medical reports, inspection reports, attending physician's statements and any additional information pertinent to the insurability of the risk.
C. The Ceding Company will also notify the Reinsurer of any outstanding underwriting requirements at the time of any facultative submission.
D. Acceptance of the Reinsurer's offer to participate in the risk and delivery of the policy according to the rules of the Ceding Company must occur within 120 days of the Reinsurer's final offer on a facultative submission. Unless the Reinsurer explicitly states in writing that the final offer is extended, the offer will be withdrawn automatically at that point.
Facultative Coverage. 8 3. Continuations .................................................... 8 ARTICLE XI - RECAPTURE ......................................................... 9 ARTICLE
