Common use of Payment of Reinsurance Proceeds Clause in Contracts

Payment of Reinsurance Proceeds. The Reinsurer shall reimburse the Ceding Company for its proportionate share of any interest paid on claims. The Reinsurer will pay the Ceding Company the reinsurance proceeds within fifteen (15) business days of final notification of the Ceding Company making the final decision to pay the policy proceeds, unless the claim amount is disputed. If either by the terms of the contract or by the exercise of an option, payment under the policy is deferred or made in installments, the Reinsurer shall nevertheless make payment immediately in one sum, upon receipt of proper notification stated in (B) above. Fac for Single Life Excess Pool Between HLAIC and Canada Life Effective 4/01/2003

Payment of Reinsurance Proceeds. The Reinsurer shall reimburse the Ceding Company for its proportionate share of any interest paid on claims. The Reinsurer will pay the Ceding Company the reinsurance proceeds within fifteen (15) business days of final notification of the Ceding Company making the final decision to pay the policy proceeds, unless the claim amount is disputed. If either by the terms of the contract or by the exercise of an option, payment under the policy is deferred or made in installments, the Reinsurer shall nevertheless make payment immediately in one sum, upon receipt of proper notification stated in (B) above. Fac for Single Life Excess Pool Between HLAIC HLIC and Canada Life Effective 4/01/2003