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Common use of Reductions, Terminations and Reinstatements Clause in Contracts

Reductions, Terminations and Reinstatements. If any part of the underlying coverage on a life reinsured under this Agreement is reduced or terminated, the amount of reinsurance will also be reduced or terminated to the extent that you will continue to maintain your appropriate retention limit as shown in Exhibit A. You will not be required to assume amounts in excess of the retention limit that was in force when the affected policy or policies were issued. If a policy reinsured under this Agreement is lapsed or terminated, the reinsurance will also terminate. If a policy reinsured automatically lapses and is reinstated in accordance with your standard rules and procedures, reinsurance for the amount at risk effective at the time of the lapse will be reinstated automatically at the date of reinstatement of the policy. You will notify us of the reinstatement on your periodic statement of account. You will send us copies of your reinstatement papers only upon request. We will not need to approve reinstatement of a policy reinsured under this Agreement on a facultative basis when: a) You have kept your full retention on the policy; and b) The reinsured amount falls within the Automatic Acceptance Limits shown in Exhibit A. Otherwise, you will need our prior review and approval for reinstatement of any facultative reinsurance. You will send us prompt written notice of your intention to reinstate the policy along with copies of the reinstatement papers required by your standard rules and procedures. The reinsurance will be reinstated at the same time as the policy, subject to our written approval of the reinstatement. You will notify us of all reinstatements on your periodic statement of account, and you will pay all reinsurance payments due from the date of reinstatement to the date of the current statement of account. Thereafter, reinsurance payments will be in accordance with Article V (Reinsurance Rates and Payments).

Appears in 7 contracts

Samples: Automatic Reinsurance Agreement (Usl Separate Account Usl Vl-R), Automatic Reinsurance Agreement (Agl Separate Account Vl-R), Automatic Reinsurance Agreement (Usl Separate Account Usl Vl-R)

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Reductions, Terminations and Reinstatements. If any part of the underlying coverage on a life reinsured under this Agreement is reduced or terminated, the amount of reinsurance reinsured will also be reduced or terminated to the extent that you we will continue to maintain your our appropriate retention limit based on issue age and table rating of insured as shown in Exhibit A. You We will not be required to assume amounts in excess of the retention limit that was in force when the affected policy or policies were issued. Reductions and terminations are permitted only when the underlying policyholder directs such a reduction or termination of the issuing company policy that is in force at the time that the reductions and terminations take place, or by operation of the policy’s terms. If a policy reinsured under this Agreement is lapsed or terminated, the reinsurance of such policy will also terminate. If a policy reinsured automatically under this Agreement lapses and is subsequently reinstated in accordance with your our standard rules and proceduresprocedures previously disclosed to you, reinsurance for the amount at risk effective at the time of the lapse will be reinstated automatically at the date of reinstatement of the policy. You will notify us of the reinstatement on your periodic statement of account. You We will send us you copies of your reinstatement papers only upon request. We will not need to approve reinstatement of a policy reinsured under this Agreement on a facultative basis when: a) You have kept your full retention on the policy; and b) The reinsured amount falls within the Automatic Acceptance Limits shown in Exhibit A. Otherwise, notify you will need our prior review and approval for reinstatement of any facultative reinsurance. You will send us prompt written notice of your intention to reinstate the policy along with copies of the reinstatement papers required by your standard rules and procedures. The reinsurance will be reinstated at the same time as the policy, subject to our written approval of the reinstatement. You will notify us of all reinstatements on your our periodic statement of account, account and you we will pay all reinsurance payments due from the date of reinstatement to the date of the current statement of account. Thereafter, reinsurance payments will be in accordance with Article V (Reinsurance Premium Rates and Payments).

Appears in 3 contracts

Samples: Pool Reinsurance Agreement (PHL Variable Accumulation Account), Pool Reinsurance Agreement (Nassau Life Variable Accumulation Account), Pool Reinsurance Agreement (Nassau Life Variable Universal Life Account)

Reductions, Terminations and Reinstatements. If any part of the underlying coverage on a life reinsured under this Agreement is reduced or terminated, the amount of reinsurance reinsured will also be reduced or terminated to the extent that you the Ceding Company will continue to maintain your its appropriate retention limit as shown in Exhibit A. You A for the issue age and table rating of the insured. The Ceding Company will not be required to assume amounts in excess of the retention limit that was in force when the affected policy or policies were issued. The amount of the reduction will be applied on a proportional basis to each Pool Reinsurer's net amount at risk at the same proportion that the Pool Reinsurer's initial amount of reinsurance bore to the total initial amount reinsured. If a policy reinsured under this Agreement is lapsed or terminated, the reinsurance coverage will also terminate. If additional policies on the same life are reinsured to the Pool, and if the termination causes the Ceding Company to maintain less than its retention limit shown in Exhibit A, the policy(ies) issued next in sequence to the terminated policy will be decreased until the Ceding Company maintains its full retention on the risk. The Ceding Company will also follow the procedures shown in the above paragraphs when the reduction or termination applies to fully retained policies, where the reduction or termination will cause the Ceding Company to maintain less than its current retention for any policy or policies reinsured. If a policy reinsured automatically lapses and is reinstated in accordance with your the issuing company's standard rules and procedures, reinsurance for the amount at risk effective at the time of the lapse will be reinstated automatically at the date of reinstatement of the policy. You The Ceding Company will notify us of provide the reinstatement on your periodic statement of account. You will send us Pool Reinsurers with copies of your reinstatement papers only upon request. We The Ceding Company will not need to approve reinstatement of a policy reinsured under this Agreement on a facultative basis when: a) You have kept your full retention on notify the policy; and b) The reinsured amount falls within the Automatic Acceptance Limits shown in Exhibit A. Otherwise, you will need our prior review and approval for reinstatement of any facultative reinsurance. You will send us prompt written notice of your intention to reinstate the policy along with copies Pool Reinsurers of the reinstatement papers required by your standard rules and procedures. The reinsurance will be reinstated at the same time as the policy, subject to our written approval of the reinstatement. You will notify us of all reinstatements on your its periodic statement of account, and you it will pay all reinsurance payments due from the date of reinstatement to the date of the current statement of account, including a proportionate share of any interest collected. Thereafter, reinsurance payments will be in accordance with Article V V. (Reinsurance Rates and Payments).

Appears in 2 contracts

Samples: Automatic Pool Reinsurance Agreement (Global Preferred Holdings Inc), Automatic Pool Reinsurance Agreement (Global Preferred Holdings Inc)

Reductions, Terminations and Reinstatements. If any part of the underlying coverage on a life reinsured under this Agreement is reduced or terminated, the amount of reinsurance will also be reduced or terminated to the extent that you will continue to maintain your appropriate retention limit as shown in Exhibit A. A for the issue age and table rating of the insured. You will not be required to assume amounts in excess of the retention limit that was in force when the affected policy or policies were issued. The total amount of the reduction of a reinsured policy will be applied directly to our net amount at risk. If reinsurance on the policy was placed with more than one reinsurer, our net amount at risk will be reduced in the same proportion that our initial amount of reinsurance bore to the total initial amount reinsured in all companies. If a policy reinsured under this Agreement is lapsed or terminated, the reinsurance will also terminate. If a additional policies on the same life are reinsured with us, and if the termination causes you to maintain less than the retention limit shown in Exhibit A, the policy(ies) issued next in sequence to the terminated policy reinsured automatically lapses and is reinstated in accordance with your standard rules and procedures, reinsurance for the amount at risk effective at the time of the lapse will be reinstated automatically at the date of reinstatement of the policy. You will notify us of the reinstatement on your periodic statement of account. You will send us copies of your reinstatement papers only upon request. We will not need to approve reinstatement of a policy reinsured under this Agreement on a facultative basis when: a) You have kept decreased until you maintain your full retention on the policy; and b) The risk. This procedure will not apply to any policies reinsured amount falls within the Automatic Acceptance Limits shown in Exhibit A. Otherwise, on a facultative basis where you will need our prior review and approval for reinstatement of any facultative reinsurancehave not kept your full retention. You will send us prompt written notice of your intention also follow the procedures shown in the above paragraphs when the reduction or termination applies to reinstate the a policy along with copies of the reinstatement papers required by your standard rules and procedures. The reinsurance will be reinstated at the same time as the policy, subject to our written approval of the reinstatement. You will notify us of all reinstatements on your periodic statement of accountor policies that you have fully retained, and where the reduction or termination will cause you will pay all reinsurance payments due from the date of reinstatement to the date of the maintain less than your current statement of account. Thereafter, reinsurance payments will be in accordance with Article V (Reinsurance Rates and Payments)retention for any policy or policies reinsured.

Appears in 2 contracts

Samples: Automatic Reinsurance Agreement (Nationwide Provident Vli Separate Account 1), Automatic Reinsurance Agreement (Nationwide Provident Vli Separate Account A)

Reductions, Terminations and Reinstatements. If any part of the underlying coverage on a life reinsured under this Agreement is reduced or terminated, the amount of reinsurance will also be reduced or terminated to the extent that you will continue to maintain your appropriate retention limit as shown in Exhibit A. A for the issue age and table rating of the insured. You will not be required to assume amounts in excess of the retention limit that was in force when the affected policy or policies were issued. The total amount of the reduction of a reinsured policy will be applied directly to our net amount at risk. If reinsurance on the policy was placed with more than one reinsurer, our net amount at risk will be reduced in the same proportion that our initial amount of reinsurance bore to the total initial amount reinsured in all companies. If a policy reinsured under this Agreement is lapsed or terminated, the reinsurance will also terminate. If additional policies on the same life are reinsured with us, and if the termination causes you to maintain less than the retention limit shown in Exhibit A, the policy(ies) issued next in sequence to the terminated policy will be decreased until you maintain your full retention on the risk. This procedure will not apply to any policies reinsured on a facultative basis where you have not kept your full retention. You will also follow the procedures shown in the above paragraphs when the reduction or termination applies to a policy or policies that you have fully retained, and where the reduction or termination will cause you to maintain less than your current retention for any policy or policies reinsured. If a policy reinsured automatically lapses and is reinstated in accordance with your standard rules and procedures, reinsurance for the amount at risk effective at the time of the lapse will be reinstated automatically at the date of reinstatement of the policy. You will notify us of the reinstatement on your periodic statement of account. You will send us copies of your reinstatement papers only upon request. We will not need to approve reinstatement of a policy reinsured under this Agreement on a facultative basis when: a) You have kept your full retention on the policy; and b) The reinsured amount falls within the Automatic Acceptance Limits shown in Exhibit A. Otherwise, you will need our prior review and approval for reinstatement of any facultative reinsurance. You will send us prompt written notice of your intention to reinstate the policy along with copies of the reinstatement papers required by your standard rules and procedures. The reinsurance will be reinstated at the same time as the policy, subject to our written approval of the reinstatement. You will notify us of all reinstatements on your periodic statement of account, and you will pay all reinsurance payments due from the date of reinstatement to the date of the current statement of account, including a proportionate share of interest collected. Thereafter, reinsurance payments will be in accordance with Article V V. (Reinsurance Rates and Payments).

Appears in 1 contract

Samples: Automatic Reinsurance Agreement (Union Security Insurance Co Variable Account C)

Reductions, Terminations and Reinstatements. If any part of the underlying coverage on a life reinsured under this Agreement is reduced or terminated, the amount of reinsurance will also be reduced or terminated to the extent that you will continue to maintain your appropriate retention limit as shown in Exhibit A. A for the issue age and table rating of the insured. You will not be required to assume amounts in excess of the retention limit that was in force when the affected policy or policies were issued. The total amount of the reduction of a reinsured policy will be applied directly to our net amount at risk. If reinsurance on the policy was placed with more than one reinsurer, our net amount at risk will be reduced in the same proportion that our initial amount of reinsurance bore to the total initial amount reinsured in all companies. If a policy reinsured under this Agreement is lapsed or terminated, the reinsurance will also terminate. If additional policies on the same life are reinsured with us, and if the termination causes you to maintain less than the retention limit shown in Exhibit A, the policy(ies) issued next in sequence to the terminated policy will be decreased until you maintain your full retention on the risk. This procedure will not apply to any policies reinsured on a facultative basis where you have not kept your full retention. You will also follow the procedures shown in the above paragraphs when the reduction or termination applies to a policy or policies that you have fully retained, and where the reduction or termination will cause you to maintain less than your current retention for any policy or policies reinsured. If a policy reinsured automatically lapses and is reinstated in accordance with your standard rules and procedures, reinsurance for the amount at risk effective at the time of the lapse will be reinstated automatically at the date of reinstatement of the policy. You will notify us of the reinstatement on your periodic statement of account. You will send us copies of your reinstatement papers only upon request. We will not need to approve reinstatement of a policy reinsured under this Agreement on a facultative basis when: a) You you have kept your full retention on the policy; and b) The the reinsured amount falls within the Automatic Acceptance Limits shown in Exhibit A. Otherwise, you will need our prior review and approval for reinstatement of any facultative reinsurance. You will send us prompt written notice of your intention to reinstate the policy along with copies of the reinstatement papers required by your standard rules and procedures. The reinsurance will be reinstated at the same time as the policy, subject to our written approval of the reinstatement. You will notify us of all reinstatements on your periodic statement of account, and you will pay all reinsurance payments due from the date of reinstatement to the date of the current statement of account. Thereafter, reinsurance payments will be in accordance with Article V (Reinsurance Rates and Payments).Continued...

Appears in 1 contract

Samples: Reinsurance Agreement (Travelers Fund Ul for Variable Life Insurance)

Reductions, Terminations and Reinstatements. If any part of the underlying coverage policy on a life reinsured under this Agreement is reduced or terminated, the amount of reinsurance reinsured will also be reduced or terminated to the extent that you the Ceding Company will continue to maintain your its appropriate retention limit as shown in Exhibit A. You A for the issue age and table rating of the insured. The Ceding Company will not be required to assume amounts in excess of the retention limit that was in force when the affected policy was issued. Reductions or terminations to any one policy will neither affect nor change the Ceding Company's retention on existing policies were issuedcovering the same insured life. The amount of the reduction will be applied on a proportional basis to each Pool Reinsurer's net amount at risk at the same proportion that the Pool Reinsurer's initial amount of reinsurance bore to the total initial amount reinsured. If a policy reinsured under this Agreement is lapsed or terminated, the reinsurance coverage will also terminate. If a policy reinsured automatically lapses and is reinstated in accordance with your the Ceding Company's standard rules and procedures, reinsurance for the amount at risk effective at the time of the lapse will be reinstated automatically at the date of reinstatement of the policy. You will notify us of Otherwise, the Pool Reinsurer that bound the reinsurance initially must approve the reinstatement on your periodic statement of accountfor facultative consideration. You If the Pool Reinsurer assumes the risk, then the Ceding Company will send us reinstate the policy. The Ceding Company will provide the Pool Reinsurers with copies of your reinstatement papers only upon request. We The Ceding Company will not need to approve reinstatement of a policy reinsured under this Agreement on a facultative basis when: a) You have kept your full retention on notify the policy; and b) The reinsured amount falls within the Automatic Acceptance Limits shown in Exhibit A. Otherwise, you will need our prior review and approval for reinstatement of any facultative reinsurance. You will send us prompt written notice of your intention to reinstate the policy along with copies Pool Reinsurers of the reinstatement papers required by your standard rules and procedures. The reinsurance will be reinstated at the same time as the policy, subject to our written approval of the reinstatement. You will notify us of all reinstatements on your its periodic statement of account, and you it will pay all reinsurance payments due from the date of reinstatement to the date of the current statement of account, including a proportionate share of any interest collected. Thereafter, reinsurance payments will be in accordance with Article V V. (Reinsurance Rates and Payments).

Appears in 1 contract

Samples: Reinsurance Agreement (WRL Series Life Account)

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Reductions, Terminations and Reinstatements. If any part of the underlying coverage on a life reinsured under this Agreement is reduced or terminated, the amount of reinsurance reinsured will also be reduced or terminated to the extent that you we will continue to maintain your our appropriate retention limit quota share percentage as shown in Exhibit A. You We will not be required to assume amounts in excess of the retention limit quota share percentage that was in force when the affected policy or policies were issued. If a policy reinsured under this Agreement is lapsed or terminated, the reinsurance of such policy will also terminate. If a policy automatically reinsured automatically lapses and is reinstated in accordance with your our standard rules and procedures, reinsurance for the amount at risk effective at the time of the lapse will be reinstated automatically at the date of reinstatement of the policy. You We will notify us you of the reinstatement on your our periodic statement of account. You We will send us you copies of your reinstatement papers only upon request. We will not need have the authority to approve reinstatement of reinstate a policy reinsured under this Agreement on a facultative basis without your prior approval when: a) You we have kept your our full retention quota share percentage on the policy; and b) The the reinsured amount falls within the Automatic Acceptance Limits automatic acceptance limits shown in Exhibit A. Otherwise, you we will need our your prior review and approval for reinstatement of any facultative reinsurance. You We will send us you prompt written notice of your our intention to reinstate the policy along with copies of the reinstatement papers required by your our standard rules and procedures. The reinsurance will be reinstated at the same time as the policy, subject to our your written approval of the reinstatement. You We will notify us you of all reinstatements on your our periodic statement of account, account and you we will pay all reinsurance payments due from the date of reinstatement to the date of the current statement of account, including a proportionate share of any interest collected. Thereafter, reinsurance payments will be in accordance with Article V (Reinsurance Premium Rates and Payments).

Appears in 1 contract

Samples: Automatic Coinsurance Agreement (Nassau Life Variable Universal Life Account)

Reductions, Terminations and Reinstatements. If any part of the underlying coverage policy on a life reinsured under this Agreement is reduced or terminated, the amount of reinsurance reinsured will also be reduced or terminated to the extent that you the Ceding Company will continue to maintain your its appropriate retention limit as shown in Exhibit A. You A for the issue age and table rating of the insured. The Ceding Company will not be required to assume amounts in excess of the retention limit that was in force when the affected policy was issued. Reductions or terminations to any one policy will neither affect nor change the Ceding Company's retention on existing policies were issuedcovering the same insured life. The amount of the reduction will be applied on a proportional basis to each Pool Reinsurer's net amount at risk at the same proportion that the Pool Reinsurer's initial amount of reinsurance bore to the total initial amount reinsured. If a policy reinsured under this Agreement is lapsed or terminated, the reinsurance coverage will also terminate. If a policy reinsured automatically lapses and is reinstated in accordance with your the Ceding Company's standard rules and procedures, reinsurance for the amount at risk effective at the time of the lapse will be reinstated automatically at the date of reinstatement of the policy. You will notify us of Otherwise, the reinstatement on your periodic statement of accountapplication shall be submitted to Lead Facultative Reinsurer for facultative consideration. You The Ceding Company will send us provide the Pool Reinsurers with copies of your reinstatement papers only upon request. We The Ceding Company will not need to approve reinstatement of a policy reinsured under this Agreement on a facultative basis when: a) You have kept your full retention on notify the policy; and b) The reinsured amount falls within the Automatic Acceptance Limits shown in Exhibit A. Otherwise, you will need our prior review and approval for reinstatement of any facultative reinsurance. You will send us prompt written notice of your intention to reinstate the policy along with copies Pool Reinsurers of the reinstatement papers required by your standard rules and procedures. The reinsurance will be reinstated at the same time as the policy, subject to our written approval of the reinstatement. You will notify us of all reinstatements on your its periodic statement of account, and you it will pay all reinsurance payments due from the date of reinstatement to the date of the current statement of account, including a proportionate share of any interest collected. Thereafter, reinsurance payments will be in accordance with Article V V. (Reinsurance Rates and Payments).

Appears in 1 contract

Samples: Reinsurance Treaty (Ausa Series Life Account)

Reductions, Terminations and Reinstatements. If any part of the underlying coverage on a life reinsured under this Agreement is reduced or terminated, the amount of reinsurance reinsured will also be reduced or terminated to the extent that you we will continue to maintain your our appropriate retention limit based on issue age and table rating of insured as shown in Exhibit A. You We will not be required to assume amounts in excess of the retention limit that was in force when the affected policy or policies were issued. Reductions and terminations are permitted only when the underlying policyholder directs such a reduction or termination of the issuing company policy that is in force at the time that the reductions and terminations take place, or by operation of the policy's terms. If a policy reinsured under this Agreement is lapsed or terminated, the reinsurance of such policy will also terminate. If a policy automatically reinsured automatically lapses and is reinstated in accordance with your our standard rules and procedures, reinsurance for the amount at risk effective at the time of the lapse will be reinstated automatically at the date of reinstatement of the policy. You will notify us of the reinstatement on your periodic statement of account. You We will send us you copies of your our reinstatement papers only upon request. We will not need have the authority to approve reinstatement of reinstate a policy reinsured under this Agreement on a facultative basis without your prior approval when: a) You we have kept your full our maintained our maximum available retention on as shown in Exhibit A, at the policy; andtime reinsurance was required. b) The the reinsured amount falls within the Automatic Acceptance Limits automatic acceptance limits shown in Exhibit A. Otherwise, you we will need our your prior review and approval for reinstatement of any facultative reinsurance. You We will send us you prompt written notice of your our intention to reinstate the policy along with copies of the reinstatement papers required by your our standard rules and procedures. The reinsurance will be reinstated at the same time as the policy, subject to our your written approval of the reinstatement. You We will notify us you of all reinstatements on your our periodic statement of account, account and you we will pay all reinsurance payments due from the date of reinstatement to the date of the current statement of account. Thereafter, reinsurance payments will be in accordance with Article V (Reinsurance Premium Rates and Payments).

Appears in 1 contract

Samples: Reinsurance Agreement (Phlvic Variable Universal Life Account)

Reductions, Terminations and Reinstatements. If any part of the underlying coverage on a life reinsured under this Agreement is reduced or terminated, the amount of reinsurance reinsured will also be reduced or terminated to the extent that you we will continue to maintain your our appropriate retention limit based on issue age and table rating of insured as shown in Exhibit A. You We will not be required to assume amounts in excess of the retention limit that was in force when the affected policy or policies were issued. Reductions and terminations are permitted only when the underlying policyholder directs such a reduction or termination of the issuing company policy that is in force at the time that the reductions and terminations take place, or by operation of the policy's terms. If a policy reinsured under this Agreement is lapsed or terminated, the reinsurance of such policy will also terminate. If a policy automatically reinsured automatically lapses and is reinstated in accordance with your our standard rules and procedures, reinsurance for the amount at risk effective at the time of the lapse will be reinstated automatically at the date of reinstatement of the policy. You will notify us of the reinstatement on your periodic statement of account. You We will send us you copies of your our reinstatement papers only upon request. We will not need have the authority to approve reinstatement of reinstate a policy reinsured under this Agreement on a facultative basis without your prior approval when: a) You we have kept your full our maintained our maximum available retention on as shown in Exhibit A, at the policy; andtime reinsurance was required. b) The the reinsured amount falls within the Automatic Acceptance Limits automatic acceptance limits shown in Exhibit A. A. c) a facultative policy which has been in a lapsed status for more than ninety (90) days must be submitted with underwriting requirements and approved by the Reinsurer before it is reinstated. Otherwise, you we will need our your prior review and approval for reinstatement of any facultative reinsurance. You We will send us you prompt written notice of your our intention to reinstate the policy along with copies of the reinstatement papers required by your our standard rules and procedures. The reinsurance will be reinstated at the same time as the policy, subject to our your written approval of the reinstatement. You We will notify us you of all reinstatements on your our periodic statement of account, account and you we will pay all reinsurance payments due from the date of reinstatement to the date of the current statement of account. Thereafter, reinsurance payments will be in accordance with Article V (Reinsurance Premium Rates and Payments).

Appears in 1 contract

Samples: Automatic Yrt Reinsurance Agreement (Phlvic Variable Universal Life Account)

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