Common use of REINSURANCE COVERAGE Clause in Contracts

REINSURANCE COVERAGE. The excess of Individual Life Insurance and Waiver of Premium benefits issued directly by the ceding company on plans listed in Exhibit A shall be reinsured with The Guardian. The ceding company can automatically bind The Guardian under the following conditions: 1. The ceding company retains its maximum retention as shown in Exhibit B. 2. The total amount of reinsurance ceded on a life by the ceding company to The Guardian is not in excess of the amounts shown in Exhibit C. 3. The amount of life insurance in force plus the amount currently being applied for on that life in all companies does not exceed the jumbo limit set forth in Exhibit C. 4. The substandard mortality rating does not exceed 500% or its equivalent on an extra premium basis. 5. The risk has not been submitted to another reinsurer facultatively. 6. The life insurance was issued in accordance with the ceding company’s normal underwriting rules and practices. 7. The risk is not a replacement or conversion of a policy reinsured facultatively with another reinsurer, unless such reinsurer has released all such covered risk. If a risk cannot be ceded automatically under the terms of this agreement the ceding company may submit the risk to The Guardian on a facultative basis.

REINSURANCE COVERAGE. The excess of Individual Life Insurance and Waiver of Premium benefits issued directly by the ceding company on plans listed in Exhibit A shall be reinsured with The Guardian. The ceding company can automatically bind The Guardian under the following conditions: 1. The ceding company retains its maximum retention as shown in Exhibit B. 2. The total amount of reinsurance ceded on a life by the ceding company to The Guardian is not in excess of the amounts shown in Exhibit C. 3. The amount of life insurance in force plus the amount currently being applied for on that life in all companies does not exceed the jumbo limit set forth in Exhibit C. 4. The substandard mortality rating does not exceed 500% or its equivalent on an extra premium basis. 5. The risk has not been submitted to another reinsurer facultatively. 6. The life insurance was issued in accordance with the ceding company’s 's normal underwriting rules and practices. 7. The risk is not a replacement or conversion of a policy reinsured facultatively with another reinsurer, unless such reinsurer has released all such covered risk. If a risk cannot be ceded automatically under the terms of this agreement the ceding company may submit the risk to The Guardian on a facultative basis.