Reduced Paid-up Sample Clauses
The Reduced Paid-up clause allows a policyholder to convert their life insurance policy into a paid-up policy with a reduced death benefit, using the policy's accumulated cash value. Instead of continuing to pay premiums, the policyholder can stop payments and the insurer will provide a smaller, fully paid-up policy that remains in force for the insured's lifetime. This clause is particularly useful for individuals who no longer wish to pay premiums but want to maintain some level of life insurance coverage, effectively preserving value without further financial commitment.
Reduced Paid-up. If the original policy lapses and reduced paid-up insurance is elected under the terms of the policy, the amount reinsured will be reduced in accordance with paragraph 1.
Reduced Paid-up. If the original policy lapses and reduced paid-up insurance is elected under the terms of the policy, the amount reinsured will be reduced. Reinsurance will be reduced by the full amount of the reduction. The reinsurance premiums will be calculated in the same manner as reinsurance premiums were calculated on the original policy. If the amount of reduction exceeds the risk amount reinsured, the reinsurance on the policy will be terminated.
Reduced Paid-up. If the original policy lapses and reduced paid up insurance is elected under the terms of the policy, the amount reinsured will be reduced and the Ceding Company will notify the Reinsurer of the new amount of reinsurance. If reinsurance is on an excess basis, reinsurance will be reduced by the full amount of the reduction. If the amount of the reduction exceeds the risk amount reinsured, the reinsurance on the policy will be terminated. If reinsurance is on a first dollar quota share basis, the amount reinsured and the amount retained by the Ceding Company will be reduced based upon their respective quota share percentages. The reinsurance rates will remain the same as the rates used for the original policy and will be based on the original issue age, duration since issuance of the original policy and the original underwriting classification.
Reduced Paid-up. If the original Policy lapses and reduced paid-up insurance· is elected under the terms of the Policy, the amount reinsured shall be reduced. Reinsurance shall be reduced by the full amount of the reduction. The reinsurance premiums shall be calculated in the same manner as reinsurance premiums were calculated on the original Policy. If the amount of reduction exceeds the risk amount reinsured, the reinsurance on the Policy shall be terminated. Treaty # 4347 Munich American Reassurance Company P a g e | 16
Reduced Paid-up. The amount reinsured will be the amount of the reduced paid up coverage minus the Company’s initial level retained amount.
Reduced Paid-up. If the Policy changes to reduced paid-up insurance under the terms of the Policy, the amount reinsured will be reduced in accordance with Article XI, Section 2 above.
Reduced Paid-up. If the original policy lapses and reduced paid-up insurance is elected under the terms of the policy, the amount reinsured will be reduced. For policies reinsured on an excess basis, reinsurance will be reduced by the full amount of the reduction. If the amount of reduction exceeds the risk amount reinsured, the reinsurance on the policy will be terminated. For all other policies, the reinsurance will be decreased on a proportional basis. The reinsurance premiums will be calculated in the same manner as reinsurance premiums were calculated on the original policy.
Reduced Paid-up. If a Policy converts to reduced paid-up, the Company will continue to retain their retention and the amount reinsured with the Reinsurer will be reduced.
Reduced Paid-up