Common use of Liability and Payment Clause in Contracts

Liability and Payment. In the event that the Reinsurer does not elect to participate in claims adjudication and administration, as described in Article I, Paragraph 7, the Reinsurer will accept the decision of the Ceding Company with respect to payment of a Claim on an Annuity. The Reinsurer will pay the Quota Share Percentage of Claims in a lump sum to the Ceding Company without regard to the form of settlement by the Ceding Company.

Liability and Payment. In the event that the Reinsurer does not elect to participate in claims adjudication and administration, as described in Article I, Paragraph 7, the Reinsurer will accept the decision of the Ceding Company with respect to payment of a Claim on an Annuityannuity reinsured hereunder. The Reinsurer will pay the Quota Share Percentage its proportionate share of Claims in a lump sum to the Ceding Company without regard to the form of settlement by the Ceding Company.

Liability and Payment. In the event that the Reinsurer does not elect to participate in claims adjudication and administration, as described in Article I1, Paragraph 7, the Reinsurer will accept the decision of the Ceding Company with respect to payment of a Claim on an Annuityannuity reinsured hereunder. The Reinsurer will pay the Quota Share Percentage its proportionate share of Claims in a lump sum to the Ceding Company without regard to the form of settlement by the Ceding Company.