Policy Liabilities Sample Clauses
The Policy Liabilities clause defines the insurer's obligations to pay for covered losses or claims under the insurance policy. It typically outlines the scope of coverage, including what types of incidents or damages are included, any applicable limits, and the circumstances under which the insurer is required to make payments. For example, it may specify that the insurer will cover property damage up to a certain amount per incident. The core function of this clause is to clearly allocate financial responsibility between the insurer and the insured, ensuring both parties understand the extent of coverage and the insurer's liability in the event of a claim.
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Policy Liabilities. Policy Liabilities include those contractual liabilities and obligations concerning the Policies as written in the Policy contracts to the extent assumed in the Assumption Endorsement. For avoidance of doubt, the Assumption Endorsement contains language concerning dividends different from the language set forth in the Policies concerning dividends. The Assumption Endorsement shall govern IA American’s obligations concerning Policy dividends. The reserves related to Policy Liabilities are listed in Exhibit 1.20 attached to this Agreement. The Parties contemplate further identifying these liabilities in a schedule to be exchanged at Closing.
Policy Liabilities. The Reinsurer accepts, reinsures, and ------------------- assumes the Policy Liabilities subject to any and all defenses, setoffs, and counterclaims to which the Company would be entitled with respect to the Policy Liabilities, it being expressly understood and agreed by the Parties hereto that no such defenses, setoffs, or counterclaims are or shall be waived by the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby, and that the Reinsurer is and shall be fully subrogated in and to all such defenses, setoffs, and counterclaims. From and after the Effective Time, as among the Parties, the Reinsurer shall bear and shall have responsibility for paying or performing all Policy Liabilities. The Policy Liabilities ceded under this Agreement shall be subject to any changes required by law or regulation and the same rates, terms, conditions, waivers, interpretations, modifications and alterations as the Non-Novated Dental Policies.
Policy Liabilities. Policy Liabilities include those contractual liabilities and obligations concerning the Policies as written in the Policy contracts to the extent assumed in the Assumption Endorsement. For avoidance of doubt, the Assumption Endorsement contains language concerning dividends different from the language set forth in the Policies concerning dividends. The Assumption Endorsement shall govern IA American’s obligations concerning Policy dividends. The reserves related to Policy Liabilities are listed in Exhibit 1.20 attached to the Assumption Reinsurance Agreement. The Parties contemplate further identifying these liabilities in a schedule to be exchanged at Closing.
Policy Liabilities. For the purposes of this Agreement, the term "Policy Liabilities" means all amounts or benefits payable under the terms and conditions of, or with respect to, the Insurance Policies, including without limitation: (a) all losses and loss adjustment expenses; (b) all liability for premium taxes and commissions payable with respect to the Insurance Policies based on insurance premiums paid on or after the Closing Date; (c) all liability in connection with the participation by Fremont or AHIC, whether involuntary or voluntary, in any guaranty fund, insolvency fund, plan, pool, association or other similar fund or association, established or governed by state, federal or foreign law or any other jurisdiction, which participation is based on insurance premiums paid after the Closing Date; and (d) all liability for returns or refunds of insurance premiums with respect to the Insurance Policies; and (c) all loss in excess of limits, extra-contractual obligations and associated allocated loss adjustment expense (all as defined in the Quota Share Reinsurance Agreement of even date herewith between Fremont and SCPIE Indemnity Company (the "Quota Share Reinsurance Agreement")) arising out of or related to acts, omissions or occurrences on or after 12:01 a.m. Pacific Standard Time on the Closing Date.
Policy Liabilities. The term "
Policy Liabilities. From and after the Effective Time, as between ------------------ the parties, the Reinsurer shall bear and shall have responsibility for paying all Policy Liabilities, including but not limited to liabilities for surrenders, withdrawals, and claims for benefits incurred on or after the Effective Time. The Reinsurer hereby agrees to pay directly any Policy Liabilities under the Policies on behalf of, and in the name of, the Company; provided, however, that -------- ------- the Reinsurer shall have no direct or indirect obligation itself to insureds, claimants, or beneficiaries under such Policies. The liability of the Reinsurer on any Policy shall begin simultaneously with that of the Company, but not prior to the Effective Time.
Policy Liabilities. Policy Liabilities" shall mean any and all of the Company's gross risks, liabilities and obligations, based upon or arising out of the Policies including, but not limited to, gross risks, liabilities and obligations for (a) claims or losses in respect of the Policies, including Extra Contractual Obligations, and any attorneys' fees related to such claims or losses; (b) commissions, fees, other payments due to, or claims made by, any agent, general agent, manager, broker, producer or any other person who marketed or produced the Policies including claims made under the Selling Agreements pursuant to which the Policies were sold; (c) any premiums or other amounts payable under the Third-Party Reinsurance Agreements; (d) premium taxes or assessments in connection with participation by the Company, whether involuntary or voluntary, in any guaranty fund established or governed by any state or jurisdiction arising on account of premiums paid at any time under the Policies; (e) returns or refunds of premiums (irrespective of when due) under the Policies; and (f) policyholder dividends declared at any time by the Company on participating Policies. With respect to the fraternal certificates included among the Policies, "Policy Liabilities" shall include, but not be limited to, any and all of the Company's gross risks, liabilities and obligations, based upon or arising out of the terms and conditions of coverage under such fraternal certificates specified in Article VII of the Company's By-Laws and set forth in Schedule 1.15 attached hereto.