Non-contractual Increases Clause Samples
Non-contractual Increases. If the Initial Death Benefit is increased as a result of a non-contractual change, the increase will be underwritten by the Ceding Company in accordance with the underwriting guidelines, practices, and procedures for risk selection conveyed to the Reinsurer prior to or at the time of pricing, or any Material Changes consented to in writing by the Reinsurer, which are still in use on the coverage commencement date. Such increases will be considered New Business and be subject to all provisions under this Agreement. If a request for an increase in the amount of insurance is made for a reinsured policy and the insured meets the Ceding Company's underwriting requirements and the increased amount is approved under the policy, then the increase will be added to the policy as a new layer. The increased risk amount will have a separate benefit or cession record and its own effective date. Reinsurance premiums for the increased risk amounts only, will be first-year premiums using the rates as stated in Exhibit D. The Reinsurer's approval is required if the Original Policy was reinsured on a Facultative basis or if the new amount will cause the Automatic Binding Limits or the Jumbo Limits shown in Exhibit C to be exceeded. The Reinsurer will assume its share of the entire amount in excess of the Ceding Company's Full Retention. Premiums for the additional reinsurance will be based on the issue age, mortality rating, underwriting class and duration since the time of underwriting of the increase. If the reinsurance is Automatic, the Automatic Binding Limits or Jumbo Limits shown in Exhibit C must not be exceeded. If the increase is Facultative, the amount of reinsurance must not exceed the Ultimate Amount included in the Facultative offer.
Non-contractual Increases a. For a single Reinsured Policy the amount of insurance may only be increased as a result of a non-contractual change if the increase was "fully" underwritten by the Ceding Company. For this purpose, "fully" underwritten means that the increased coverage amount meets the following criteria:
Non-contractual Increases. If the amount of life insurance on a Policy is increased as the result of a non-contractual change, such an increase shall be considered as new business and shall be subject to all terms and conditions set forth in Article 3, “Automatic Reinsurance” or Article 4, “Facultative Reinsurance” herein. The Reinsurer’s or facultative underwriting Designee’s approval is required if the original Policy was reinsured on a Facultative Reinsurance basis, or if the new amount of coverage causes the Reinsured Amount on the insured’s life to exceed either the Automatic Acceptance Limit or the Jumbo Limits as specified in Schedule C, “Reinsurance Limits”.
Non-contractual Increases a) For a single Reinsured Policy, the amount of insurance may only be increased as a result of a non-contractual change if the increase was "fully" underwritten by the Ceding Company. For this purpose, "fully" underwritten means that the increased coverage amount meets each of the following criteria:
i) the Ceding Company has obtained complete and current underwriting evidence in accordance with the Underwriting Guidelines applicable to "new business" on the increased amount; and
ii) a commission is paid for the increased amount on the same basis as if it were new business; and
iii) the Suicide and Contestable provisions apply to the increased amount.
b) The Reinsurer' s approval is required if the original policy was reinsured on a facultative basis or if the new amount will cause the reinsured amount on the life to exceed either the Automatic Binding Limits or the Jumbo Limit specified in Schedule B.
c) The Ceding Company and the Reinsurer will share the increased amount proportionately. Once the Ceding Company's maximum retention has been reached, the remaining amount will be reinsured using the same proportion as specified in this Agreement. Premiums for the additional reinsurance will be reinsured on an excess of retention basis as specified in this Agreement.
d) Non-contractual increases applicable to more than one Reinsured Policy must be submitted to the Reinsurer for approval, which shall not be unreasonably withheld, prior to implementation.
Non-contractual Increases. If the amount of insurance is increased as a result of a non-contractual change, the increase will be underwritten by the Ceding Company in accordance with its customary standards and procedures and will be considered new reinsurance under this Agreement. The Reinsurer’s approval is required if the original policy was reinsured on a facultative basis or if the new amount will cause the reinsured amount on the life to exceed either the Automatic Binding Limits or the Jumbo Limits shown in Exhibit B. The Ceding Company and the Reinsurer will share the increased amount proportionately. Once the Ceding Company’s maximum retention has been reached, the remaining amount will be reinsured on an excess basis. Premiums for the additional reinsurance will be at the new-issue rate from the point of increase.
Non-contractual Increases. If the amount of insurance is increased as a result of a non-contractual change, the increase is eligible for reinsurance only if the increase is underwritten by the Ceding Company in accordance with its Underwriting Guidelines and the requirements set forth in Article 3.3. If eligible, the increase will be considered New Business. Otherwise, the increase is not eligible for reinsurance under this Agreement. ▇▇▇▇’s prior written approval is required if the original Policy was reinsured on a facultative basis or if the new amount will cause the reinsured amount on the life to exceed either the Automatic Binding Limits or the Jumbo Limits shown in Exhibit B. ▇▇▇▇ will assume its share of the entire amount in excess of the Ceding Company’s Retention up to ▇▇▇▇’s proportionate share of the Automatic Binding Limits shown in Exhibit B. Premiums for the additional reinsurance will be at the new-issue rate from the point of increase.
Non-contractual Increases a. If for a single Reinsured Policy the amount of insurance is increased as a result of a non-contractual change, the increase must be underwritten by the Ceding Company in accordance with its customary standards and procedures and then will be considered new reinsurance under this Agreement,
i. Generali USA's approval is required if the original policy was reinsured on a facultative basis or if the new amount will cause the reinsured amount on the life to exceed either the Automatic Binding Limits or the Jumbo Limits specified in Schedule A.
ii. The Ceding Company and Generali USA will share the increased amount proportionately up to the Ceding Company's maximum retention. Once the Ceding Company's maximum retention has been reached, the remaining amount will be reinsured on a proportional basis. Premiums for the additional reinsurance will be at the new-issue rate from the point of increase,
b. Non-contractual increases applicable to more than one Reinsured Policy must be submitted to Generali USA for approval, which shall not be unreasonably withheld, prior to implementation.
Non-contractual Increases. For Reinsured Policies on an automatic basis, if the amount of insurance is increased as a result of a non-contractual change, then the increase will be fully underwritten by the Company and will be considered new reinsurance under this Agreement; therefore, the suicide and contestable period for the increase will begin at the date of the increase, unless prohibited by law. If either Party terminates this Agreement for new business, per the parameters of Article 21, then fully underwritten, non-contractual increases will not be covered under this Agreement after the new business termination date. If the amount of insurance on a Policy reinsured on a facultative basis is increased as a result of a non-contractual change, the increase will be subject to new facultative underwriting as described in Article 4 herein. Reinsurance Premiums for the increased portion of the policy will be at the new issue rate from the point of increase using the age at the time of increase and duration from the date of increase as appropriate.
Non-contractual Increases. For purposes of this Agreement, non – contractual increases will include increases on policies not previously reinsured under this Agreement, regardless of the issue date of the original policy, as well as policies reinsured under this Agreement, if the amount of insurance is increased as a result of a noncontractual change, the increase will be fully underwritten by the Company in accordance with its customary standards and procedures and will be considered new reinsurance under this Agreement. The Reinsurer’s written approval is required if the original policy was reinsured on a facultative basis or if the new amount will cause the reinsured amount on the life to exceed either the Automatic Binding Limits or the Jumbo Limits shown in Exhibit C. Premiums for the additional reinsurance will be at the new issue rate from the point of increase.
Non-contractual Increases. First year reinsurance premium rates will apply to the amount normally underwritten of a non-contractual increase.