Common use of INTERNAL REPLACEMENTS Clause in Contracts

INTERNAL REPLACEMENTS. If a CEDING COMPANY policy reinsured under this Agreement is replaced with another CEDING COMPANY policy, reinsurance will continue under this Agreement or under another agreement between CEDING COMPANY and REINSURER. Reinsurance premium rates for the new policy will be based on the issue age and duration since issue of the original policy, but on the underwriting classification of the new policy. If a CEDING COMPANY policy not reinsured under this Agreement is replaced with a CEDING COMPANY policy of the plan covered by this Agreement, other than as the result of a contractual term conversion, the new policy will be eligible for reinsurance under this Agreement. A policy issued as a result of a contractual term conversion will be eligible for reinsurance under this Agreement if the term policy was applied for on or after the effective date of this Agreement and conversion occurs within one year of the policy issue date. Reinsurance may be ceded automatically subject to the conditions listed in Section 3. or facultatively as provided by Section 5. Reinsurance premium rates will be based on the issue age, issue date and underwriting classification of the new policy.

INTERNAL REPLACEMENTS. If a CEDING COMPANY policy reinsured under this Agreement is replaced with another CEDING COMPANY policy, reinsurance will continue under this Agreement or under another agreement between CEDING COMPANY and REINSURER. Reinsurance premium rates for the new policy will be based on the issue age and duration since issue of the original policy, but on the underwriting classification of the new policy. If a CEDING COMPANY policy not reinsured under this Agreement is replaced with a CEDING COMPANY policy of the plan covered by this Agreement, other than as the result of a contractual term conversion, the new policy will be eligible for reinsurance under this Agreement. Agreement A policy issued as a result of a contractual term conversion will be eligible for reinsurance under this Agreement if the term policy was applied for on or after the effective date of this Agreement and conversion occurs within one year of the policy issue date. Reinsurance may be ceded automatically subject to the conditions listed in Section 3. or facultatively as provided by Section 5. Reinsurance premium rates will be based on the issue age, issue date and underwriting classification of the new policy.

INTERNAL REPLACEMENTS. If a CEDING COMPANY policy reinsured under this Agreement is replaced with another CEDING COMPANY policy, reinsurance will continue under this Agreement or under another agreement between CEDING COMPANY and REINSURER. Reinsurance premium rates for the new policy will be based on the issue age and duration since issue of the original policy, but on the underwriting classification of the new policy. If a CEDING COMPANY policy not reinsured under this Agreement is replaced with a CEDING COMPANY policy of the plan covered by this Agreement, other than as the result of a contractual term conversion, the new policy will be eligible for reinsurance under this Agreement. A policy issued as a result of a contractual term conversion will be eligible for reinsurance under this Agreement if the term policy was applied for on or after the effective date of this Agreement and conversion occurs within one year of the policy issue date. Reinsurance may be ceded automatically subject to the conditions listed in Section 3. or facultatively as provided by Section 5. Reinsurance premium rates will be based on the issue age, issue date and underwriting classification of the new policy. following the expiration of the 90-day notice period to recapture and the policy anniversary date when the required minimum of years is attained.

INTERNAL REPLACEMENTS. If a CEDING COMPANY policy reinsured under this Us Agreement is replaced with another CEDING COMPANY policy, reinsurance will continue under this Agreement or under another agreement between CEDING COMPANY and REINSURER. Reinsurance premium rates for the new policy will be based on the issue age and duration since issue of the original policy, but on the underwriting classification of the new policy. If a CEDING COMPANY policy not reinsured under this Agreement is replaced with a CEDING COMPANY policy of the plan covered by this Agreement, other than as the result of a contractual term conversion, the new policy will be eligible for reinsurance under this Agreement. A policy issued as a result of a contractual term conversion will be eligible for reinsurance under this Agreement if the term policy was applied for on or after the effective date of this Agreement and conversion occurs within one year of the policy issue date. Reinsurance may be ceded automatically subject to the conditions listed in Section 3. or facultatively as provided by Section 5. Reinsurance premium rates will be based on the issue age, issue date and underwriting classification of the new policy.