Facultative Submission. The liability of the Reinsurer for automatically ceded reinsurance shall commence simultaneously with that of the Ceding Company. The liability of the Reinsurer for reinsurance ceded automatically shall terminate simultaneously with that of the Ceding Company’s liability or as specified in accordance with the provisions of Article III –
Facultative Submission. A. The Ceding Company may submit, on a facultative basis, life insurance risks for plans and eligible policies as set forth in Schedule A – Accepted Coverages, if the requirements for automatic reinsurance are not met, or if the requirements for automatic reinsurance are met but it prefers to apply for facultative reinsurance.
B. A facultative application shall be made that is in substantial accord with Schedule C – Facultative Submission Form, and shall be accompanied by copies of all the Ceding Company’s pertinent papers relating to the insurability of the risk. The Reinsurer shall give immediate consideration to a facultative application and notify the Ceding Company as soon as possible in writing (via mail, fax, or e-mail) of its underwriting offers.
C. The Reinsurer shall have no liability on a facultative submission by the Ceding Company until an offer to reinsure has been made by the Reinsurer and accepted in writing (via mail, fax, or e-mail) by the Ceding Company. The Reinsurer’s offer shall expire at the end of from the date of the Reinsurer’s offer unless an earlier date is specified in the offer, or the date specified in the Reinsurer’s approval to extend their offer, or the date the Reinsurer receives notice from the Ceding Company of the withdrawal of their application, whichever comes first.
D. The liability of the Reinsurer for reinsurance ceded facultatively shall terminate simultaneously with that of the Ceding Company’s liability or as specified in accordance with the provisions of Article III – Basis of Reinsurance. [page break]
Facultative Submission. The Reinsurer does not accept facultative reinsurance.
Facultative Submission. A. The Ceding Company may submit, on a facultative basis, life insurance risks for plans and eligible policies as set forth in Schedule A – Accepted Coverages, if the requirements for automatic reinsurance are not met, or if the requirements for automatic reinsurance are met but it prefers to apply for facultative reinsurance.
B. A facultative application shall be made that is in substantial accord with Schedule C – Facultative Submission Form, and shall be accompanied by copies of all the Ceding Company’s pertinent papers relating to the insurability of the risk. The Reinsurer shall give immediate consideration to a facultative application and notify the Ceding Company as soon as possible in writing (via mail, fax, or e-mail) of its underwriting offers.
C. Any subsequent information received by the Ceding Company before issue that is pertinent to the risk assessment will be immediately transmitted to the Reinsurer. Failure to provide the information as outlined above to the Reinsurer will negate any facultative reinsurance offer.
D. The Reinsurer shall have no liability on a facultative submission by the Ceding Company until an offer to reinsure has been made by the Reinsurer and accepted in writing (via mail, fax, or e-mail) by the Ceding Company. The Reinsurer’s offer shall expire at the end of one hundred twenty (120) days from the date of the Reinsurer’s offer unless an earlier date is specified in the offer, or the date specified in the Reinsurer’s approval to extend their offer, or the date the Reinsurer receives notice from the Ceding Company of the withdrawal of their application, whichever comes first.
E. The Reinsurer’s facultative placement rule is best offer, or if more than one offer has been received than the reinsurer that made the first offer shall be awarded the business.
Facultative Submission. Lutheran Brotherhood shall, after completing its underwriting, submit to Minnesota Mutual an Application for Reinsurance together with copies of any and all information it has about the risk, including specifically, but not limited to, the original application for insurance, medical examiner’s report, attending physician’s statement, inspection report and all other relevant information bearing on the insurability of the risk. Upon receipt of such submission, Minnesota Mutual shall analyze the risk promptly. Should additional information be necessary in order to evaluate the risk, Minnesota Mutual shall notify Lutheran Brotherhood and Lutheran Brotherhood shall obtain and send to Minnesota Mutual copies of the necessary information. Upon completion of its evaluation, Minnesota Mutual shall promptly notify Lutheran Brotherhood by telephone, or facsimile transmission of its decision to either accept or decline the risk on the basis applied for and, in the case of an acceptance, the risk amounts that Minnesota Mutual is able to accept and the underwriting classifications at which it is willing to accept such risk amounts. All facultative offers of reinsurance by Minnesota Mutual shall remain valid until the earlier of the date specified in its written final acceptance or the conclusion of a period of 120 days, after which the offer shall be automatically withdrawn and the file shall be closed if by such date Lutheran Brotherhood has not reported the cession, as described in Section 3 of this Article, or notified Minnesota Mutual that its offer has been accepted and that a formal cession shall be forthcoming.
Facultative Submission. A. The Ceding Company may submit, on a facultative basis, life insurance risks for plans and eligible policies as set forth in Schedule A – Accepted Coverages, if the requirements for automatic reinsurance are not met, or if the requirements for automatic reinsurance are met but it prefers to apply for facultative reinsurance.
B. A facultative application shall be made that is in substantial accord with Schedule C – Facultative Submission Form, and shall be accompanied by copies of all the Ceding Company’s pertinent papers relating to the insurability of the risk. The Reinsurer shall give immediate consideration to a facultative application and notify the Ceding Company as soon as possible in writing (via mail, fax, or e-mail) of its underwriting offers.
C. The Reinsurer shall have no liability on a facultative submission by the Ceding Company until an offer to reinsure has been made by the Reinsurer and accepted in writing (via mail, fax, or e-mail) by the Ceding Company. The Reinsurer’s offer shall expire at the end of one hundred twenty (120) days from the date of the Reinsurer’s offer unless an earlier date is specified in the offer, or the date specified in the Reinsurer’s approval to extend their offer, or the date the Reinsurer receives notice from the Ceding Company of the withdrawal of their application, whichever comes first. The liability of the Reinsurer for reinsurance ceded facultatively shall terminate simultaneously with that of the Ceding Company’s liability or as specified in accordance with the provisions of Article IV – Premiums, Payments and Reports or Article X – Increase in Retention.
Facultative Submission. Whenever the CEDING COMPANY desires reinsurance on a risk not eligible for automatic cession under the provisions of Article I, the CEDING COMPANY may apply to the REINSURER for facultative reinsurance.
Facultative Submission. (Continued)
F. The liability of the Reinsurer for reinsurance ceded facultatively shall terminate simultaneously with that of the Ceding Company’s liability or as specified in accordance with the provisions of Article IV – Premiums, Payments and Reports, Article IX – Policy Changes or Article X – Increase in Retention.
Facultative Submission. The Reinsurer does not accept Facultative Reinsurance in accordance with this Agreement.
Facultative Submission. A. The Ceding Company may submit, on a facultative basis, Business which does not qualify for Automatic Reinsurance under Article I above. A facultative application shall be made that is in substantial accord with Schedule H – Facultative Submission Form, and shall be accompanied by copies of all the Ceding Company’s pertinent papers relating to the insurability of the individual risk. The Reinsurer shall give prompt consideration to a facultative application and notify the Ceding Company as soon as possible in writing (via mail, fax, or e-mail) of its underwriting offers.
B. The Reinsurer shall have no liability on a facultative submission by the Ceding Company until an offer to reinsure has been made by the Reinsurer and accepted in writing (via mail, fax, or e-mail) by the Ceding Company. The Reinsurer’s offer shall expire at the end of one hundred twenty (120) days from the date of the Reinsurer’s offer unless an earlier date is specified in the offer, or the date specified in the Reinsurer’s approval to extend their offer, or the date the Reinsurer receives notice from the Ceding Company of the withdrawal of their application, whichever comes first.
C. The liability for Business ceded facultatively shall terminate simultaneously with that of the Ceding Company’s liability or as specified in accordance with the provisions of Article IV- Reinsurance Premiums, Payments and Reports or Article X – Increase in Retention.
