Common use of Plan of Insurance Clause in Contracts

Plan of Insurance. The reinsurance shall be on a Modified Coinsurance basis in accordance with the provisions of the original forms submitted to The Guardian and issued by the ceding company. The ceding company shall pay The Guardian monthly premiums net of allowances. The Guardian shall reimburse the ceding company for its share of surrender, death and disability claims. A modified coinsurance reserve adjustment shall be computed as specified in Exhibit E. The ceding company shall take a reserve credit and The Guardian shall hold a mirror reserve for miscellaneous general account reserves for this business. Miscellaneous reserves are reserves not included in the Modified Coinsurance Reserve Adjustment.

Plan of Insurance. The reinsurance shall be on a Modified Coinsurance basis in accordance with the provisions of the original forms submitted to The Guardian and issued by the ceding company. The ceding company shall pay The Guardian monthly premiums net of allowances. The Guardian shall reimburse the ceding company for its share of surrender, death and disability claims. A modified coinsurance reserve adjustment shall be computed as specified in Exhibit E. The ceding company shall take a reserve credit and The Guardian shall hold a mirror reserve for miscellaneous general account reserves for this business. Miscellaneous reserves are reserves not included in the Modified Coinsurance Reserve Adjustment. For the purpose of this Agreement miscellaneous reserve shall include any statutory reserve held in excess of the Account Value, including reserves on ancillary benefits, but excluding any additional reserves associated Alternate Net Cash Surrender Values.