Litigated Claims Clause Samples
Litigated Claims a. The CEDING COMPANY shall immediately notify the REINSURER in writing of the CEDING COMPANY’s intention to contest, compromise or litigate a claim. If the REINSURER agrees, within fifteen (15) business days following its receipt of the written notice from the CEDING COMPANY, to participate in the contest, compromise or litigation of the claim, the REINSURER agrees that it will pay its share of any settlement up to the maximum that would have been payable under the specified policy had there been no controversy. The REINSURER shall have the right to utilize legal counsel, accounting experts and such other experts and personnel as the REINSURER in its sole discretion chooses and, under such circumstances, the REINSURER shall not be responsible for the payment of any “unusual expenses” (as defined in paragraph 5 of this Article). However, if the REINSURER does not elect to use counsel or other experts of its choosing, then the REINSURER shall pay its proportionate share of all “usual expenses” and “unusual expenses” (each as defined in paragraph 5 of this Article) of the contest, compromise or litigation.
b. The REINSURER’s failure to notify the CEDING COMPANY of the REINSURER’s intent to participate in the contest, compromise or litigation of a claim within the required fifteen (15) day notice period shall be deemed a declination by the REINSURER to participate. The REINSURER shall thereafter discharge all of its liability with respect to any contested, compromised or litigated claim by paying to the CEDING COMPANY the REINSURER’s proportionate share of the full amount then current and at risk under the reinsurance cession with respect to such claim. Upon such discharge, the REINSURER shall not be liable for any portion of any usual expenses or unusual expenses incurred with respect to such claim, nor shall the REINSURER share in any reduced settlement thereof.
Litigated Claims. The Ceding Company shall notify Munich Re, U.S. (Life) of any litigation related to a claim under a reinsured Policy upon its receipt of the initial complaint. Immediately following such notification, the Ceding Company shall provide Munich Re, U.S. (Life) with all relevant information related to the claim in the litigation. Within ten (10) business days after receipt of all relevant information, Munich Re, U.S. (Life) shall notify the Ceding Company in writing of its decision to participate or to decline to participate in the litigation. If Munich Re, U.S. (Life) fails to provide such notification, then Munich Re, U.S. (Life) shall be deemed to have elected to participate in the litigation. If Munich Re, U.S. (Life) declines to participate in the litigation, Munich Re, U.S. (Life) shall satisfy its obligation with respect to such claim by paying to the Ceding Company its full share of the reinsurance benefit, including accrued Statutory Interest as of the date on which Munich Re, U.S. (Life) declines to participate in the litigation, along with its proportionate share of Contestable Claims Expenses, and the Ceding Company shall accept such payment as payment in full for Munich Re, U.S. (Life)’s liability regarding such claim. If Munich Re, U.S. (Life) declines to participate in the litigation, Munich Re, U.S. (Life) shall not share in any reduction or increase in liability. If Munich Re, U.S. (Life) agrees to participate in the litigation, Munich Re, U.S. (Life) shall reimburse the Ceding Company for its proportionate share of the Litigation Expenses (as defined below), and Munich Re, U.S. (Life) shall share in any such reduction or increase in liability related to the outcome of such litigation. Munich Re, U.S. (Life)’s participation in any such increase or reduction will be determined in accordance with Munich Re, U.S. (Life)’s proportionate share. Litigation Expenses shall be submitted to Munich Re, U.S. (Life) on a monthly basis. Throughout the litigation, the Ceding Company shall provide Munich Re, U.S. (Life) with all information related to the litigation including, but not limited to, pleadings, interrogatories and depositions. If Munich Re, U.S. (Life) discovers information that causes Munich Re, U.S. (Life) to disagree with the Ceding Company’s course of action with respect to a litigated claim, then Munich Re, U.S. (Life) may opt out of the litigation, pay its full share of the reinsurance benefit plus its proportionate share of Statutory Intere...
Litigated Claims. 17 10.8 Return of Premium Due to Misrepresentation or Suicide................18 10.9 Misstatement of Age or Gender........................................18
Litigated Claims. 13 5. EXPENSES......................................................13 6. MISSTATEMENT OF AGE OR SEX....................................14 7.
Litigated Claims. Fiscal Year (completed per quarter)