Common use of Liability of the Pool Clause in Contracts

Liability of the Pool. The liability of the Pool shall begin and terminate simultaneously with that of the Ceding Company, provided that, in the case of a facultative submission, the Pool has notified the Ceding Company of its acceptance of the risk and the Ceding Company has included such risk in the quarterly List of Risks Reinsured. The liability of a Pool Member, for a particular policy under which the Company is liable, shall begin and terminate simultaneously with that of the Ceding Company, provided that, in the case of a facultative submission, the Pool Member has notified the Ceding Company of its acceptance. The liability of the Pool Member shall be restricted to its share of the Company's liability as limited by the terms and conditions of the particular policy under which the Company is liable. The amount of coverage provided by the Pool under a Conditional Receipt (or Interim Receipt) will not exceed the lesser of: 1. The Automatic Acceptance Limits; or 2. The Pool's share of the difference between the amount of insurance provided by the Conditional Receipt (or Interim Receipt) and the Company's maximum retention assuming the life had been underwritten as standard. The Company's retention will include any amounts retained under any in force policies on the life.