Common use of Processing of Disbursements Clause in Contracts

Processing of Disbursements. Purchaser agrees to perform the following services with respect to disbursements made in respect of the Coinsured Contracts for payment of death benefits, annuity benefits, withdrawals, surrenders, transfers, policy loans, returns of deposits, and any other disbursement and payments due to reinsurers or otherwise in respect of Outward Reinsurance: (a) Receive and process requests for disbursements. (b) Process policy lapses, expiries and/or non-forfeiture options with respect to the Coinsured Contracts. (c) Evaluate requests for disbursements and either pay any such request for disbursement, in accordance with Section 3.04 hereof, or propose to deny any such request for disbursement in full or in part, in accordance with Section 3.05 hereof, (i) within 10 Business Days after receipt of all documentation required to process any such disbursement, with respect to any request for a disbursement relating to the general account portion of a Coinsured Contract and (ii) within the time period specified in the applicable contract, with respect to any request for a disbursement relating to the separate account under a Coinsured Contract, or, in the case of either clause (i) or clause (ii) above, within any shorter time provided by applicable statute, rule or regulation. In the event that Purchaser is unable to make a determination as to whether any such request for disbursement should be paid or denied within the specified period, it shall notify Seller immediately in writing and shall state in such notice the reasons for such delay.

Processing of Disbursements. Purchaser agrees to perform the following services with respect to disbursements made in respect of the Coinsured Covered Contracts for payment of death benefits, annuity benefits, withdrawals, surrenders, transfers, policy loans, returns of deposits, and any other disbursement and payments due to reinsurers or otherwise in respect of Outward Reinsurance: (a) Receive and process requests for disbursements. (b) Process policy lapses, expiries and/or non-forfeiture options with respect to the Coinsured Covered Contracts. (c) Evaluate requests for disbursements and either pay any such request for disbursement, in accordance with Section 3.04 hereof, or propose to deny any such request for disbursement in full or in part, in accordance with Section 3.05 hereof, (i) within 10 Business Days after receipt of all documentation required to process any such disbursement, with respect to any request for a disbursement relating to the general account portion of a Coinsured Contract and (ii) within the time period specified in the applicable contract, with respect to any request for a disbursement relating to the separate account under a Coinsured Covered Contract, or, in the case of either clause (i) or clause (ii) above, within any shorter time provided by applicable statute, rule or regulation. In the event that Purchaser is unable to make a determination as to whether any such request for disbursement should be paid or denied within the specified period, it shall notify Seller immediately in writing and shall state in such notice the reasons for such delay.

Processing of Disbursements. Purchaser agrees to perform the following services with respect to disbursements made in respect of the Coinsured Contracts for payment of death benefits, annuity benefits, withdrawals, surrenders, transfers, policy loans, returns of deposits, and any other disbursement and payments due to reinsurers or otherwise in respect of Outward Reinsurance: (a) Receive and process requests for disbursements. (b) Process policy lapses, expiries and/or non-forfeiture options with respect to the Coinsured Contracts. (c) Evaluate requests for disbursements and either pay any such request for disbursement, in accordance with Section 3.04 hereof, or propose to deny any such request for disbursement in full or in part, in accordance with Section 3.05 hereof, (i) within 10 Business Days after receipt of all documentation required to process any such disbursement, with respect to any request for a disbursement relating to the general account portion of a Coinsured Contract and (ii) within the time period specified in the applicable contract, with respect to any request for a disbursement relating to the separate account under a Coinsured Contract, or, in the case of either clause (i) or clause (ii) above, within any shorter time provided by applicable statute, rule or regulation. In the event that Purchaser is unable to make a determination as to whether any such request for disbursement should be paid or denied within the specified period, it shall notify Seller CLIC immediately in writing and shall state in such notice the reasons for such delay.

Processing of Disbursements. Purchaser LLANY agrees to perform the following services with respect to disbursements made in respect of the Coinsured Contracts for payment of death benefits, annuity benefits, withdrawals, surrenders, transfers, policy loans, returns of deposits, and any other disbursement and payments due to reinsurers or otherwise in respect of Outward Reinsurance: (a) Receive and process requests for disbursements. (b) Process policy lapses, expiries and/or non-forfeiture options with respect to the Coinsured Contracts. (c) Evaluate requests for disbursements and either pay any such request for disbursement, in accordance with Section 3.04 hereof, or propose to deny any such request for disbursement in full or in part, in accordance with Section 3.05 hereof, (i) within 10 Business Days after receipt of all documentation required to process any such disbursement, with respect to any request for a disbursement relating to the general account portion of a Coinsured Contract and (ii) within the time period specified in the applicable contract, with respect to any request for a disbursement relating to the separate account under a Coinsured Contract, or, in the case of either clause (i) or clause (ii) above, within any shorter time provided by applicable statute, rule or regulation. In the event that Purchaser LLANY is unable to make a determination as to whether any such request for disbursement should be paid or denied within the specified period, it shall notify Seller immediately in writing and shall state in such notice the reasons for such delay.