Increasing Net Amount at Risk Policies and Riders Sample Clauses

Increasing Net Amount at Risk Policies and Riders. I. Business Reinsured on an Automatic Basis
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Increasing Net Amount at Risk Policies and Riders continued C. Death Benefit Option D (Up to Two Times the Initial Face Amount) 1. Death Benefit Option D (which is a special case of VART) is underwritten and reported as two times the Initial Face Amount for all coverages issued with the policy. 2. The CEDING COMPANY will report the ultimate doubled face amount for all Option D coverages issued with the policy. Coverage is ceded on an excess of retention basis, with the CEDING COMPANY retaining the amounts shown in Exhibit A. The face amount ceded will be the REINSURER’s portion of the total face amount based on the REINSURER’s automatic pool participation percentage. 3. The CEDING COMPANY will report the current net amount at risk as the NAR amount for policies with Option D. Premium paid the REINSURER for policies with Option D is calculated and paid on the current ceded NAR amount. 4. Death benefits payable will be based upon current NAR.
Increasing Net Amount at Risk Policies and Riders continued III. Net Amount at Risk and Face Amount Changes
Increasing Net Amount at Risk Policies and Riders continued C. Death Benefit Option D (Up to Two Times the Initial Face Amount)
Increasing Net Amount at Risk Policies and Riders continued C. Death Benefit Option D (Up to Two Times the Initial Face Amount) 1. Death Benefit Option D (which is a special case of VART) is underwritten and reported as two times the Initial Face Amount for all coverages issued with the policy. 2. The CEDING COMPANY will report the ultimate doubled face amount for all Option D coverages issued with the policy. Coverage is ceded on an excess of retention basis, with the CEDING COMPANY retaining the amounts shown in Exhibit A. The face amount ceded will be the REINSURER’s portion of the total face amount based on the REINSURER’s automatic pool participation percentage. 3. The CEDING COMPANY will report the current net amount at risk as the NAR amount for policies with Option D. Premium paid the REINSURER for policies with Option D is calculated and paid on the current ceded NAR amount. 4. Death benefits payable will be based upon current NAR. D. SIR (Scheduled Increase Rider) (Refer to PL Rider # R10SIR for additional detail) 1. SIR is a rider that can have up to a maximum of 10 annual increases which are scheduled at issue. The percentage must be the same for each increase, and the increases must be completed within 10 years. 2. The CEDING COMPANY will report the highest SIR amount in all years as the total coverage face amount. Coverage is ceded on an excess of retention basis, with the CEDING COMPANY retaining the amounts shown in Exhibit A. The face amount ceded will be the REINSURER’s portion of the highest SIR amount based on the REINSURER’s automatic pool participation percentage. 3. The CEDING COMPANY will report the current net amount at risk as the NAR amount for SIR riders. Premium paid the REINSURER for SIR riders is calculated and paid on the current ceded NAR amount. 4. Death benefits payable will be based upon current NAR. 5. The XXX xxxxx is not allowed on a policy with either the Flexible Duration No Lapse Guarantee rider or the VART rider.
Increasing Net Amount at Risk Policies and Riders continued
Increasing Net Amount at Risk Policies and Riders. I. Whenever the death benefit and/or the net amount at risk on a policy will be increased at future date(s) without additional underwriting, and these increasing risks will be automatically reinsured under this Agreement, they will be handled as shown below. The CEDING COMPANY will use a 15 year projection to determine whether these policies comply with the binding and jumbo limits shown in Exhibit D. The 15 year projection will also be used to determine the CEDING COMPANY’S retention at issue and the percentage of future increases to be retained. As long as the CEDING COMPANY follows the procedures as outlined, the REINSURERS will be obligated to assume their prorata share of all future risk increases. A. Scheduled Increases (Variable Annual Renewable Term rider, “VART”) 1. VART is a rider with coverage amounts that can vary annually and are scheduled at issue.
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Related to Increasing Net Amount at Risk Policies and Riders

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