Maximum Retention Per Life Sample Clauses
Maximum Retention Per Life. The maximum amount of risk that the Ceding Company may hold on an individual insured according to its published Retention schedule. New Business - Policies on which the Ceding Company (1) has obtained the same new underwriting information it would obtain in absence of the Original Policy, (2) pays the same commissions in the first year that it would have paid in absence of the Original Policy and (3) the suicide and contestable period provisions are as long as those contained in other new policies issued by the Ceding Company. New Plan - The plan to which the Original Policy is converted, exchanged or replaced. New Policy - The policy issued resulting from a conversion, exchange or replacement of the Original Policy.
Maximum Retention Per Life. The maximum amount of risk that the Ceding Company may hold on an individual insured according to their published retention schedule. New Business – Policies on which the Ceding Company (1) has obtained the same new underwriting information it would obtain in absence of the Original Policy, (2) pays the same commissions in the first year that it would have paid in absence of the Original Policy and (3) the suicide and contestable period provisions are as long as those contained in other new policies issued by the Ceding Company.
Maximum Retention Per Life. Issue Ages Not Rated Table 1–4 (A-D) Flat Extras Up to [*] Table 5-16 (E-P) Flat Extras [*] and up 0-65 [*] [*] [*] 66-75 [*] [*] [*] 76-80 [*] [*] [*]
Maximum Retention Per Life. The maximum amount of risk that the Ceding Company may hold on an individual insured according to its published Retention schedule. New Business – Policies on which the Ceding Company (1) has obtained the same new underwriting information it would obtain in absence of the Original Policy, (2) pays the same commissions in the first year that it would have paid in absence of the Original Policy and (3) the suicide and contestable period provisions are as long as those contained in other new policies issued by the Ceding Company. Non-Contractual Conversion – An internal company practice or reasonable discretionary procedure which allows coverage to exchange or replace from one product to another for which no evidence of insurability is required. Policy - An insurance contract issued by the Ceding Company on an insured that is reinsured under this Agreement Professional Athlete – An individual who is a team member in any of the four major U.S. professional sports – National Football League (NFL), National Basketball Association (NBA), Major League Baseball (MLB) or National Hockey League (NHL).
Maximum Retention Per Life. The maximum amount of risk that the Ceding Company may hold on an individual insured according to its published Retention schedule. Net Amount At Risk – A life insurance policy’s death benefit, minus the Policy’s Cash Value.
Maximum Retention Per Life. The maximum amount of risk that the Ceding Company may hold on an individual insured according to its published Retention schedule. New Business - Policies on which the Ceding Company (1) has obtained the same new underwriting information it would obtain in absence of the Original Policy, (2) pays the same commissions in the first year that it would have paid in absence of the Original Policy and (3) the suicide and contestable period provisions are as long as those contained in other new policies issued by the Ceding Company. Non-Contractual Conversion - An internal company practice or reasonable discretionary procedure which allows coverage to exchange or replace from one product to another for which no evidence of insurability is required. Policy - An insurance contract issued by the Ceding Company on an insured that is reinsured under this Agreement Professional Athlete - An individual who is a team member in any of the four major U.S. professional sports – National Football League (NFL), National Basketball Association (NBA), Major League Baseball (MLB) or National Hockey League (NHL). Quota Share Retention - Specified percentage Retention on every policy up to the Full Retention on a life. Recapture - The process by which the Ceding Company recovers the liabilities transferred to the Reinsurer. Reinsurer - A company which contractually assumes all or part of the Ceding Company’s Risk. Reinsured Policy - Policies, riders and supplementary benefits accepted by the Reinsurer in accordance with the terms of this Agreement. Risk - Insurance on an individual life. Self Administration - A reinsurance arrangement where the Ceding Company provides the Reinsurer with periodic reports for reinsurance Ceded giving Premium, inforce, reserve, and any other information required by the Reinsurer for its financial reports. Self-Administration is also known as Bulk or Bordereaux. Ultimate Face Amount - The projected maximum Policy Death Benefit that a policy could achieve based on reasonable assumptions made about the operation of certain characteristics of the policy form. Yearly Renewable Term (YRT) - A form of reinsurance under which the Risks, but not the permanent plan reserves, are transferred to the Reinsurer for a Premium that varies each year with the amount at Risk and the ages of the insureds. Under the YRT method, the Ceding Company will transfer to the Reinsurer the mortality Risk on either a net amount at Risk basis or on an approximation of the net amou...