Common use of FACULTATIVE REINSURANCE Clause in Contracts

FACULTATIVE REINSURANCE. THE REINSURER’s reinsurance coverage for any policy that is ceded facultatively under this Agreement shall begin when (1) THE COMPANY accepts THE REINSURER’s offer by making a dated notation of its acceptance in its underwriting file and communicating its written acceptance to THE REINSURER and (2) the policy has been issued. In accordance with (1) in the previous paragraph, THE REINSURER will be liable for benefits paid under THE COMPANY’s conditional receipt, temporary insurance agreement or limited insurance agreement if: (1) the policy is pre-paid, (2) THE REINSURER has made a binding offer, and (3) THE COMPANY has accepted that offer by communicating its written acceptance to THE REINSURER. THE REINSURER’s liability under THE COMPANY’s conditional receipt, temporary insurance agreement, or limited insurance agreement will be limited to the lesser of (a) THE REINSURER’s reinsured portion of the face amount of the policy and (b) the portion of $1,000,000 that is derived as the amount of capacity reserved by THE COMPANY from THE REINSURER divided by the sum of the total amount of capacity reserved by THE COMPANY from all reinsurers plus the amount to be retained by THE COMPANY.

FACULTATIVE REINSURANCE. THE REINSURER’s reinsurance coverage for any policy that is ceded facultatively under this Agreement shall begin when (1) THE COMPANY accepts THE REINSURER’s offer by making a dated notation of its acceptance in its underwriting file and communicating its written acceptance to THE REINSURER REINSURER’s underwriting department during the lifetime of the insured and before the expiration date of THE REINSURER’s offer and (2) the policy has been issued. In accordance with (1) in the previous paragraph, THE REINSURER will be liable for benefits paid under THE COMPANY’s conditional receipt, temporary insurance agreement or limited insurance agreement if: (1) the policy is pre-paid, (2) THE REINSURER has made a binding offer, and (3) THE COMPANY has accepted that offer by communicating its written acceptance to THE REINSURER. THE REINSURER’s liability under THE COMPANY’s conditional receipt, temporary insurance agreement, or limited insurance agreement will be limited to the lesser of (a) THE REINSURER’s reinsured portion of the face amount of the policy and (b) the portion of $1,000,000 that is derived as the amount of capacity reserved by THE COMPANY from THE REINSURER divided by the sum of the total amount of capacity reserved by THE COMPANY from all reinsurers plus the amount to be retained by THE COMPANY.

FACULTATIVE REINSURANCE. THE REINSURER’s 's reinsurance coverage for any policy that is ceded facultatively under this Agreement shall begin when (1) THE COMPANY accepts THE REINSURER’s 's offer by making a dated notation of its acceptance in its underwriting file and communicating its written acceptance to THE REINSURER and (2) the policy has been issued. In accordance with (1) After making a dated notation of its acceptance in the previous paragraphits underwriting file, THE REINSURER COMPANY will be liable mail a "Notification of Reinsurance" form to THE REINSURER. In addition, conditional receipt for benefits paid any facultative policies ceded under THE COMPANY’s conditional receipt, temporary insurance agreement or limited insurance agreement if: (1) this Agreement shall only apply if the policy is pre-paid, (2) THE REINSURER has made a binding offer, offer and (3) THE COMPANY has accepted that offer by communicating its written acceptance to THE REINSURERthe offer. THE REINSURER’s 's liability under THE COMPANY’s 's conditional receipt, receipt or temporary insurance agreement, or limited insurance agreement will be limited to the lesser of (a1) THE REINSURER’s 's reinsured portion of the face amount of the policy and (b2) the portion of $1,000,000 that is derived as the amount of capacity reserved by THE COMPANY from THE REINSURER divided by the sum of the total amount of capacity reserved by THE COMPANY from all reinsurers plus and the amount to be retained by THE COMPANY.

FACULTATIVE REINSURANCE. THE REINSURER’s reinsurance coverage for any policy that is ceded facultatively under this Agreement shall begin when (1) THE COMPANY accepts THE REINSURER’s offer by making a dated notation of its acceptance in its underwriting file and communicating its written acceptance to THE REINSURER and (2) the policy has been issued. In accordance with (1) After making a dated notation of its acceptance in the previous paragraphits underwriting file, THE REINSURER COMPANY will be liable mail a “Notification of Reinsurance” form to THE REINSURER. In addition, conditional receipt for benefits paid any facultative policies ceded under THE COMPANY’s conditional receipt, temporary insurance agreement or limited insurance agreement if: (1) this Agreement shall only apply if the policy is pre-paid, (2) THE REINSURER has made a binding offer, offer and (3) THE COMPANY has accepted that offer by communicating its written acceptance to THE REINSURERthe offer. THE REINSURER’s liability under THE COMPANY’s conditional receipt, receipt or temporary insurance agreement, or limited insurance agreement will be limited to the lesser of (a1) THE REINSURER’s reinsured portion of the face amount of the policy and (b2) the portion of $1,000,000 that is derived as the amount of capacity reserved by THE COMPANY from THE REINSURER divided by the sum of the total amount of capacity reserved by THE COMPANY from all reinsurers plus and the amount to be retained by THE COMPANY.

FACULTATIVE REINSURANCE. THE REINSURER’s reinsurance coverage for any policy that is ceded facultatively under this Agreement shall begin when (1) THE COMPANY accepts THE REINSURER’s offer by making a dated notation of its acceptance in its underwriting file and communicating its written acceptance sending an email notification to THE REINSURER and (2) the policy has been issued. In accordance with number (1) in of the previous preceding paragraph, THE REINSURER will be liable for benefits paid under THE COMPANY’s conditional receipt, temporary insurance agreement or limited insurance agreement if: (1) the policy is pre-paidprepaid, (2) THE REINSURER has made a binding offer, and (3) THE COMPANY has accepted that offer by communicating its written acceptance to sending an email notification provided THE REINSURERCOMPANY has not received notice of the insured’s death. THE REINSURER’s liability under THE COMPANY’s conditional receipt, temporary insurance agreement, agreement or limited insurance agreement will be limited to the lesser of (a) THE REINSURER’s reinsured portion of the face amount of the policy and (b) the portion of $1,000,000 that is derived as the amount of capacity reserved by THE COMPANY from THE REINSURER divided by the sum of the total amount of capacity reserved by THE COMPANY from all reinsurers plus and the amount to be retained by THE COMPANY. The pre-issue liability applies only once on any given life at one time no matter how many conditional receipts or temporary insurance agreements are in effect. After a policy has been issued, no reinsurance benefits are payable under this pre-issue coverage provision.

FACULTATIVE REINSURANCE. THE REINSURER’s 's reinsurance coverage for any policy that is ceded facultatively under this Agreement shall begin when (1) THE COMPANY accepts THE REINSURER’s 's offer by making a dated notation of its acceptance in its underwriting file and communicating its written acceptance to THE REINSURER and (2) the policy has been issued. In accordance with (1) in After the previous paragraphpolicy is issued, THE REINSURER COMPANY will be liable mail a "Notification of Reinsurance" form to THE REINSURER. In addition, conditional receipt for benefits paid any facultative policies ceded under THE COMPANY’s conditional receipt, temporary insurance agreement or limited insurance agreement if: (1) this Agreement shall only apply if the policy is pre-paid, (2) THE REINSURER has made a binding offer, offer and (3) THE COMPANY has accepted that offer by communicating its written acceptance to THE REINSURERthe offer. THE REINSURER’s 's liability under THE COMPANY’s 's conditional receipt, receipt or temporary insurance agreement, or limited insurance agreement will be limited to the lesser of (a1) THE REINSURER’s 's reinsured portion of the face amount of the policy and (b2) the portion of $1,000,000 that is derived as the amount of capacity reserved by THE COMPANY from THE REINSURER divided by the sum of the total amount of capacity reserved by THE COMPANY from all reinsurers plus and the amount to be retained by THE COMPANY.

FACULTATIVE REINSURANCE. THE REINSURER’s reinsurance coverage for any policy that is ceded facultatively under this Agreement shall begin when (1) THE COMPANY accepts THE REINSURER’s offer by making a dated notation of its acceptance in its underwriting file and communicating its written acceptance to THE REINSURER and (2) the policy has been issued. In accordance with (1) in the previous paragraph, THE REINSURER will be liable for benefits paid under THE COMPANY’s conditional receipt, temporary insurance agreement or limited insurance agreement if: (1) the policy is pre-paid, (2) THE REINSURER has made a binding offer, and (3) THE COMPANY has accepted that offer by communicating its written acceptance to THE REINSURERREINSURER and Designee. THE REINSURER’s liability under THE COMPANY’s conditional receipt, temporary insurance agreement, or limited insurance agreement will be limited to the lesser of (a) THE REINSURER’s reinsured portion of the face amount of the policy and (b) the portion of $1,000,000 that is derived as the amount of capacity reserved by THE COMPANY from THE REINSURER divided by the sum of the total amount of capacity reserved by THE COMPANY from all reinsurers plus the amount to be retained by THE COMPANY.

FACULTATIVE REINSURANCE. THE REINSURER’s reinsurance coverage for any policy that is ceded facultatively under this Agreement shall begin when (1) THE COMPANY accepts THE REINSURER’s offer by making a dated notation of its acceptance in its underwriting file and communicating its written acceptance sending an email notification to THE REINSURER and (2) the policy has been issued. In accordance with number (1) in of the previous preceding paragraph, THE REINSURER will be liable for benefits paid under THE COMPANY’s conditional receipt, temporary insurance agreement or limited insurance agreement if: (1) the policy is pre-paidprepaid, (2) THE REINSURER has made a binding offer, and (3) THE COMPANY has accepted that offer by communicating its written acceptance to sending an email notification provided THE REINSURERCOMPANY has not received notice of the insured’s death. THE REINSURER’s liability under THE COMPANY’s conditional receipt, temporary insurance agreement, agreement or limited insurance agreement will be limited to the lesser of (a1) THE REINSURER’s reinsured portion of the face amount of the policy and (b2) the portion of $1,000,000 that is derived as the amount of capacity reserved by THE COMPANY from THE REINSURER divided by the sum of the total amount of capacity reserved by THE COMPANY from all reinsurers plus and the amount to be retained by THE COMPANY. The pre-issue liability applies only once on any given life at one time no matter how many conditional receipts or temporary insurance agreements are in effect. After a policy has been issued, no reinsurance benefits are payable under this pre-issue coverage provision.