POLICY RESCISSION. If it is determined that a policy reinsured under this Agreement should be rescinded due to misrepresentation by the policyholder or the insured, the Reinsurer will pay its share of reasonable investigation and legal expenses connected with the rescission action. The Reinsurer will not reimburse the Ceding Company for routine expenses, including but not limited to the Ceding Company’s home office expenses, compensation of salaried officers and employees, and any legal expenses other than third party expenses incurred by the Ceding Company.
POLICY RESCISSION. If it is determined that a Policy reinsured under this Agreement should be rescinded due to misrepresentation by the policy owner or the insured, the Reinsurer will pay its share of reasonable investigation and legal expenses connected with the rescission action. If it is determined that multiple similarly situated policies reinsured under this Agreement should all be rescinded for the same reason or reasons, the Ceding Company must consult with the Reinsurer in advance of incurring the investigation and legal expenses. The Reinsurer will not reimburse the Ceding Company for routine expenses, including but not limited to the Ceding Company’s home office expenses, compensation of salaried officers and employees, and any legal expenses other than third party expenses incurred by the Ceding Company.
POLICY RESCISSION. If it is determined that a policy reinsured under this Agreement should be rescinded due to misrepresentation by the policy owner or the insured, the Reinsurer will pay its share of reasonable investigation and legal expenses connected with the rescission action. If it is determined that multiple similarly situated policies reinsured under this Agreement should all be rescinded for the same reason or reasons, the Ceding Company must consult with the Reinsurer in advance of incurring the investigation and legal expenses. The Reinsurer will not reimburse the Ceding Company for routine expenses, including but not limited to the Ceding Company’s home office expenses, compensation of salaried officers and employees, and any legal expenses other than third party expenses incurred by the Ceding Company. (B17) 00000-00-00 Final 15 3/12/2017
POLICY RESCISSION. If, after a policy involving reinsurance has been placed in force, new information received by the Ceding Company indicates that the policy might be rescinded, the Ceding Company shall report this information promptly to the Reinsurer. Rescission expenses incurred by the Ceding Company's full-time employees, including any routine investigative costs, shall be borne by the Ceding Company. Additional costs shall be shared by the Ceding Company and the Reinsurer proportionately, as long as each has agreed to participate.
POLICY RESCISSION. 14 ARTICLE 9 - CLAIMS............................................................15
POLICY RESCISSION. If the Ceding Company receives new information on an inforce reinsured policy that indicates that it may be rescinded, the Ceding Company will report this information promptly to the Reinsurer and the Reinsurer will pay its share of reasonable investigation and legal expenses connected with the rescission action to a maximum of 5% of the Reinsured Net Amount At Risk. If investigation and legal expenses are in excess of the above, the Ceding Company will consult with the Reinsurer and seek mutual agreement to ensure the Reinsurer's continued participation. Rescission expenses incurred by the Ceding Company' s full-time employees, including any routine investigative costs, will be borne by the Ceding Company. In addition, policy rescissions that occur after the death of the considered life are covered under sub section G of Section 19 - Settlement of Claims.
POLICY RESCISSION. If, after a policy involving reinsurance has been placed in force, new information received by the Ceding Company indicates that the policy might be rescinded, the Ceding Company shall report this information promptly to the Reinsurer. Rescission expenses incurred by the Ceding Company’s full-time employees, including any routine investigative costs, shall be borne by the Ceding Company. Additional costs shall be shared by the Ceding Company and the Reinsurer proportionately, as long as each has agreed to participate. It is understood that provisions for policy rescissions that occur after the death of the reinsured life are covered under subsection (c) of Section 25, Settlement of Claims.
POLICY RESCISSION. 16 SECTION 28.
POLICY RESCISSION. If it is determined that a policy reinsured under this Agreement should be rescinded due to misrepresentation by the policyholder or the insured, the Reinsurer will pay its share of reasonable investigation and legal expenses connected with the rescission action. The Reinsurer shall not be liable for any portion of any administrative expenses incidental to the rescission action or for the compensation of salaried officers and employees of the Ceding Company involved in the rescission action other than third party expenses incurred by the Ceding Company, provided however that compensation as used in this paragraph shall not include the hourly fees and expenses associated with the investigation or litigation of a particular rescission by salaried officers and employees of the Ceding Company. If the Ceding Company returns premiums to the policy owner or beneficiary as a result of misrepresentation, or if the Ceding Company pays a suicide benefit equal to the premiums paid for the policy, the Reinsurer will refund net reinsurance premiums received on that policy to the Ceding Company, without interest. EXHIBIT III POLICIES AND RIDERS ------------------- The Policies and Riders underwritten by or on behalf of the Ceding Companies or simplified issue with fully underwritten rates, as described below may be ceded hereunder: STATUTORY VALUATION REINSURANCE REINSURANCE REINSURANCE REINSURANCE CEDING MORTALITY RATES TO BE PRODUCT CATEGORY BASIS MAXIMUM AGE TABLE COMPANY TABLE USED ------- ----------- ------------- ----------- -------------- ---------- --------- --------------- 90-95modified MLI 6 Class GLT Term Excess 100 - UW.xls XXX/XXXX 0000 XXX Xxxxx Xxxx 90-95modified Permanent - UL/Accum - UW to age XXXX, XXX 0 class (joint JSUL 2005 Product First Dollar 120 120.xls USA 2001 CSO life) Permanent - 5 class (single life); Permanent - 4 class (single life); 90-95modified Permanent - UL/Accum - UW to age XXXX, XXX 0 class GAUL07 Product First Dollar 121 120.xls USA 2001 CSO (single life) 90-95modified Permanent - UL/Accum - UW to age XXXX, XXX 0 class EAVUL08 Product Excess 121 120.xls USA 2001 CSO (single life) Life Paid up at 90-95modified Permanent - Age 100 (WL UL/Accum - UW to age 5 class 08) Product Excess 121 120.xls XXXX 0000 CSO (single life) Permanent - EEA COLI UL/Accum 90-95modified 5 class (2001 CSO) Product Excess 100 - UW.xls NELICO 2001 CSO (single life) Permanent - UL/Accum 90-95modified 4 class PPVUL Product Excess 100 - UW.xls GALIC 2001 CSO (sin...
POLICY RESCISSION. If it is determined that a policy reinsured under this Agreement should be rescinded due to misrepresentation by the policyholder or the insured, the Reinsurer will pay its share of reasonable investigation and legal expenses connected with the rescission action. The Reinsurer shall not be liable for any portion of any administrative expenses incidental to the rescission action or for the compensation of salaried officers and employees of the Ceding Company involved in the rescission action other than third party expenses incurred by the Ceding Company, provided however that compensation as used in this paragraph shall not include the hourly fees and expenses associated with the investigation or litigation of a particular rescission by salaried officers and employees of the Ceding Company. If the Ceding Company returns premiums to the policy owner or beneficiary as a result of misrepresentation, or if the Ceding Company pays a suicide benefit equal to the premiums paid for the policy, the Reinsurer will refund net reinsurance premiums received on that policy to the Ceding Company, without interest.
