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Common use of Non-Payment of Premium Clause in Contracts

Non-Payment of Premium. If reinsurance premiums are delinquent, the Reinsurer has the right to terminate the reinsurance risks on those policies listed on the delinquent monthly statement by giving the Ceding Company ninety days' advance written notice. If the delinquent premiums have not been paid as of the close of the ninety-day period, the Reinsurer's liability will terminate for the risks described in the delinquency notice. Regardless of the termination, the Ceding Company will continue to be liable to the Reinsurer for all unpaid reinsurance premiums earned.

Appears in 12 contracts

Samples: Reinsurance Agreement (Hartford Life & Annuity Insurance Co Sep Account Vl I), Reinsurance Agreement (Separate Account Vl I of Hartford Life Insurance Co), Reinsurance Agreement (Hartford Life & Annuity Insurance Co Sep Account Vl I)

Non-Payment of Premium. If reinsurance premiums are delinquent, the Reinsurer has the right to terminate the reinsurance risks on those policies listed on the delinquent monthly statement by giving the Ceding Company ninety days' advance written notice. If the delinquent premiums have not been paid as of the close of the ninety-day period, the Reinsurer's Reinsurers liability will terminate for the risks described in the delinquency notice. Regardless of the termination, the Ceding Company will continue to be liable to the Reinsurer for all unpaid reinsurance premiums earned.

Appears in 2 contracts

Samples: Reinsurance Agreement (Separate Account Vl I of Hartford Life Insurance Co), Reinsurance Agreement (Hartford Life & Annuity Insurance Co Sep Account Vl I)