Oversights. If there is an unintentional oversight, misunderstanding, delay or error in the administration of this Agreement by the Ceding Company or the Reinsurer, it can be corrected provided the correction takes place within a reasonable time after the oversight, misunderstanding, delay, or error is first discovered. Both the Ceding Company and the Reinsurer will be restored to the position they would have occupied had the oversight or misunderstanding not occurred. Should it not be possible to restore both parties to such a position, the Ceding Company and the Reinsurer shall negotiate in good faith to equitably apportion any resulting liabilities and expenses.
Appears in 17 contracts
Samples: Reinsurance Agreement (Hartford Life & Annuity Ins Co Separate Acount Vlii), Reinsurance Agreement (Hartford Life Insurance Co Separate Account Vl Ii), Reinsurance Agreement (Separate Account Vl I of Hartford Life Insurance Co)
Oversights. If there is an unintentional oversight, misunderstanding, delay or error in the administration of this Agreement by the Ceding Company or the Reinsurer, it can be corrected provided the correction takes place within a reasonable time after the oversight, misunderstanding, delay, delay or error is first discovered. Both the Ceding Company and the Reinsurer will be restored to the position they would have occupied had the oversight or misunderstanding not occurred. Should it not be possible to restore both parties to such a position, the Ceding Company and the Reinsurer shall negotiate in good faith to equitably apportion any resulting liabilities and expenses.
Appears in 1 contract
Samples: Reinsurance Agreement (Hartford Life & Annuity Insurance Co Sep Account Vl I)
