PROGRAM OF INTERNAL REPLACEMENT Clause Samples
The Program of Internal Replacement clause establishes a framework for replacing existing products, services, or components within an organization with updated or alternative versions from the same provider. Typically, this clause outlines the procedures, eligibility criteria, and timelines for initiating and completing such replacements, ensuring that transitions are managed smoothly and with minimal disruption. Its core function is to facilitate the ongoing modernization or improvement of offerings while maintaining continuity and reducing operational risks associated with outdated or obsolete elements.
PROGRAM OF INTERNAL REPLACEMENT. Should the Company, its affiliates, successors or assigns, initiate a Program of Internal Replacement, as defined below, that would include any of the Reinsured Policies hereunder, the Company will immediately notify the Reinsurer. For each Reinsured Policy hereunder that has been replaced under a Program of Internal Replacement, the Reinsurer shall have the option, at its sole discretion, of either treating the Reinsured Policies as recaptured or continuing reinsurance on the new policy under this Agreement.
PROGRAM OF INTERNAL REPLACEMENT. Should Central United, Commonwealth National Life Insurance Company (“Commonwealth National”), or any of their affiliates, successors or assigns, initiate a Program of Internal Replacement (as defined below) that would include any of the Assumed Policies (as defined in the Coinsurance Agreement) reinsured under this Agreement, Central United will immediately notify KRE. For each Assumed Policy reinsured under this Agreement that has been replaced under a Program of Internal Replacement, KRE shall have the option, at its sole discretion, of either treating the liability thereon as recaptured or continuing reinsurance on the new policy under this Agreement.
PROGRAM OF INTERNAL REPLACEMENT. Should the Company, its affiliates, successors, or assigns, initiate a program of internal replacement, as defined below, that would include any of the risks reinsured hereunder, the Company will immediately notify the reinsurer. For each risk reinsured hereunder that has been replaced under a program of internal replacement, the reinsurer shall have the option at its sole discretion, of either treating the risks reinsured as recaptured, or continuing reinsurance on the new policy under this Agreement. The term "program of internal replacement" shall mean any program offered to a class of policy owners in which a policy or any portion of a policy is exchanged for another policy, not reinsured under this Agreement, which is written by the Company, its affiliates, successors, or assigns.
PROGRAM OF INTERNAL REPLACEMENT