INTEREST RATE FOR BALANCES IN DEFAULT. The Reinsurer reserves the right to charge interest at the prime rate plus two percent (2%) as stated in the Wall Street Journal on the 1st business day in January prior to the due date of the premium when: a. renewal premiums are not paid within sixty (60) days of the due date; or b. premiums for New Business are not paid within one hundred twenty (120) days of the date the policy is issued.
Appears in 4 contracts
Samples: Reinsurance Agreement (Farmers Variable Life Separate Account A), Reinsurance Agreement (National Variable Life Insurance Account), Reinsurance Agreement (Farmers Variable Life Separate Account A)
INTEREST RATE FOR BALANCES IN DEFAULT. The Reinsurer reserves the right to charge interest at the prime rate plus two percent (2%) as stated in the Wall Street Journal on the 1st business day in January prior to the due date of the premium when:
a. when renewal premiums are not paid within sixty (60) days of the due date; or
b. premiums for New Business are not paid within one hundred twenty (120) days of the date the policy is issued.
Appears in 2 contracts
Samples: Reinsurance Agreement (Thrivent Variable Life Account I), Reinsurance Agreement (COLI VUL-4 Series Account of First Great-West Life & Annuity Insurance CO)
INTEREST RATE FOR BALANCES IN DEFAULT. The Reinsurer reserves the right to charge interest at the prime rate plus two percent (2%) % as stated in the Wall Street Journal on the 1st business day in January prior to the due date of the premium when:
a. renewal premiums are not paid within sixty (60) 60 days of the due date; or
b. premiums for New Business are not paid within one hundred twenty (120) 120 days of the date the policy is issued.
Appears in 1 contract
Samples: Reinsurance Agreement (Farmers Variable Life Separate Account A)
INTEREST RATE FOR BALANCES IN DEFAULT. The Reinsurer reserves the right to charge interest at the prime rate plus two percent (2%) [*] as stated in the Wall Street Journal on the 1st business day in January prior to the due date of the premium when:
a. renewal premiums are not paid within sixty (60) days of the due date; or
or b. premiums for New Business are not paid within one hundred twenty (120) days of the date the policy is issued.. (019)11220-00-00 00 2/16/2011
Appears in 1 contract
Samples: Reinsurance Agreement (Ameritas Variable Separate Account V)
INTEREST RATE FOR BALANCES IN DEFAULT. The Reinsurer reserves the right to charge interest at the prime rate plus two percent (2%) as stated in the Wall Street Journal on the 1st 15t business day in January prior to the due date of the premium when:
a. renewal premiums are not paid within sixty (60) days of the due date; or
b. premiums for New Business are not paid within one hundred twenty (120) days of the date the policy is issued.
Appears in 1 contract
Samples: Reinsurance Agreement (Nationwide VLI Separate Account-7)
