Common use of Loss Settlements Clause in Contracts

Loss Settlements. A. All loss settlements made by the Company within the terms and conditions of the Policy and of this Contract shall be binding upon the Reinsurer, and the Reinsurer agrees to pay or allow, as the case may be, its proportion of each such settlement in accordance with the Reports and Remittances Article. B. As between the Company and the Reinsurer, the Company shall be the sole judge as to: 1. What constitutes a claim or loss covered under the Policy; 2. The Company's liability thereunder; 3. The amount or amounts the Company shall pay thereunder. The Reinsurer shall be bound by the judgment of the Company as to the obligation(s) and liability(ies) of the Company under the Policy subject to the terms and conditions of this Contract.

Loss Settlements. ‌ A. All loss settlements made by the Company within the terms and conditions of the Policy and of this Contract shall be binding upon the Reinsurer, and the Reinsurer agrees to pay or allow, as the case may be, its proportion of each such settlement in accordance with the Reports and Remittances ArticleArticle 10. B. As between the Company and the Reinsurer, the Company shall be the sole judge as to: 1. What constitutes a claim or loss covered under the Policy; 2. The Company's liability thereunder; 3. The amount or amounts the Company shall pay thereunder. The Reinsurer shall be bound by the judgment of the Company as to the obligation(s) and liability(ies) of the Company under the Policy subject to the terms and conditions of this Contract.