Reinsurance Terms Sample Clauses

Reinsurance Terms. 2.1. SAFECO agrees to cede, and Lincoln agrees to accept, the ADB Reinsurance Amount as Automatic Reinsurance if 2.1.1. SAFECO retains the following amounts of ADB on a life: SAFECO’S life insurance Retention less the amount of life insurance then retained on the life by SAFECO 2.1.2. the sum of ADB issued by SAFECO then in force on the insured life and the amount of ADB then being applied for from SAFECO does not exceed the sum of SAFECO’S ADB Retention and the following amounts: 2.1.3. the sum of the amount of ADB then in force on the insured life in all companies and the amount of ADB then being applied for on the insured life from all companies does not exceed the following amounts: 2.2. Lincoln’s liability for ADB shall begin simultaneously with SAFECO. To place ADB reinsurance into effect, SAFECO need only report ADB reinsurance on a bulk basis within sixty (60) days following the end of each reinsurance term. The report shall provide a listing of Policies subject to ADB reinsurance, show the average amount of ADB reinsurance in force during the reinsurance term, and calculate the amount of reinsurance premiums due for such reinsurance. 2.3. ADB reinsurance premiums shall equal the average ADB Reinsurance Amount in force during the Reinsurance Term times the appropriate rate shown below. Reinsurance premiums are payable in arrears and due with the bulk ADB report. ADB reinsurance premiums shall be due even if a Policy is subject to a waiver of premium claim. 2.4. Lincoln shall pay the ADB Reinsurance Amount of all ADB claims incurred during the reinsurance term. Claims shall be reported and paid as incurred. Portions marked [***] have been omitted pursuant to a Confidential Treatment Request by Symetra Financial Corp., this information has been filed separately with the Securities and Exchange Commission. 2.5. If SAFECO increases its ADB Retention on new Policies, it agrees to notify Lincoln in writing within sixty (60) days of such increase. In force ADB reinsurance shall not be eligible for recapture without Lincoln’s express written consent, which Lincoln agrees not to unreasonably withhold. Either SAFECO or Lincoln may terminate ADB reinsurance as of the end of a reinsurance term for Policies issued after the end of such reinsurance term by giving ninety (90) days’ advance written notice to the other party. ACCELERATED BENEFITS RIDER ADDENDUM (Effective as of January 1, 2000) to Agreement Number 12 The provisions of the Agreement shall apply in a...
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Reinsurance Terms. 2.1. There shall be no additional reinsurance premium paid by SAFECO to Lincoln for ABR. 2.2. Lincoln shall reinsure the accelerated benefit only if the following conditions are met: 2.2.1. SAFECO receives written evidence which would lead it to reasonably conclude that the insured is expected to live for twelve (12) months or less; and 2.2.2. The amount accelerated does not exceed two hundred fifty thousand dollars or fifty percent (50%) of the death benefit. 2.3. Lincoln shall reimburse SAFECO for a portion of the accelerated benefit equal to the portion of the Base Policy reinsured with Lincoln as of the date of the payment of the accelerated benefit, except that if the accelerated benefit is calculated using a feature of the Base Policy which is not reinsured with Lincoln (such as, but not limited to dividends, dividend additions and Policy loans), Lincoln’s portion of the accelerated benefit shall be calculated only on those features of the Base Policy that are reinsured with Lincoln. 2.4. To receive reimbursement from Lincoln for Lincoln’s portion of the accelerated benefit, SAFECO shall provide Lincoln with written evidence in a form mutually acceptable to both parties which indicates that it has paid an accelerated benefit. SAFECO shall also notify Lincoln upon the death of the insured in accordance with the terms of the Agreement. 2.5. In consideration of Lincoln’s reimbursement of the accelerated benefit, the reinsured face amount of the Base Policy shall be reduced proportionately to the reduction in the Base Policy upon payment of the accelerated benefit.
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Reinsurance Terms. 2.1. Farm Bureau's Retention for Last Survivor Policies is set forth in the Life Benefits Schedule. Farm Bureau agrees to retain the greatest amount which it could retain of its Retention taking into account the sum of amounts previously issued and retained on all insureds under the Last Survivor Policy. 2.2. To qualify for Automatic Reinsurance, each insured under the Last Survivor Policy, before making age adjustments to calculate a joint equal age for premium purposes, must satisfy the conditions for Automatic Reinsurance as set forth in the Agreement. 2.3. Farm Bureau agrees to place reinsurance of Last Survivor Policies into effect by following the procedures set forth in the Administrative Schedule of the Agreement, except that the administrative information provided on each insured shall cross reference the administrative information relating to other insureds under the Last Survivor Policy. 2.4. Reinsurance premiums shall be based on the Joint Equal Age of the insureds under the Last Survivor Policy. The Joint Equal Age shall be calculated by using the formula described in the Premium Schedule. Reinsurance premiums shall equal the appropriate rate from the Premium Schedule for the Joint Equal Age times the Reinsured Net Amount at Risk. Such rates shall apply regardless of the Reinsurance Amount under the Last Survivor Policy.
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Reinsurance Terms. 2.1. USAA agrees to cede, and Lincoln agrees to accept, the ADB Reinsurance Amount as Automatic Reinsurance if 2.1.1. USAA retains the following amounts of ADB on a life: $0 2.1.2. the sum of ADB issued by USAA then in force on the insured life and the amount of ADB then being applied for from USAA does not exceed the sum of USAA's ADB Retention and the following amounts: Ages Standard-Table F Over Table F ---- ---------------- ------------ 0-70 $100,000 None Over 70 None None 2.1.3. the sum of the amount of ADB then in force on the insured life in all companies and the amount of ADB then being applied for on the insured life from all companies does not exceed the following amounts: Ages Standard-Table F ---- ---------------- 0-70 $150,000 2.2. Notwithstanding paragraph 2.1, ADB shall not be ceded if the ADB Reinsurance Amount at issue is less than five hundred dollars ($500). 2.3. USAA agrees to place ADB reinsurance into effect by following the procedures for placing life reinsurance into effect as set forth in the Administrative Schedule of the Agreement. 2.4. Reinsurance of ADB shall be yearly renewal term reinsurance. ADB reinsurance premiums shall equal the ADB Reinsurance Amount times the appropriate rate shown below. Based on the classification of the occupational manual of USAA: Classification First Year Renewal -------------- ---------- ------- Standard $ .25 $ .90 1 1/2 x Standard .40 1.25 2 x Standard .50 1.60 3 x Standard .75 2.35 5 x Standard 1.25 3.80 Reinsurance premiums are payable with the same frequency as, and due with, the associated life reinsurance premium. ADB reinsurance premiums shall be due even if a Policy is subject to a waiver of premium claim. 2.5. Lincoln shall pay the ADB Reinsurance Amount of all ADB claims incurred during the term of this Addendum. Claims shall be reported and paid as incurred. 2.6. USAA may increase its ADB Retention, and elect to recapture reinsurance of in force ADB, in accordance with the procedures set forth in the Agreement. 2.7. Either USAA or Lincoln may terminate this Addendum for new ADB reinsurance by giving ninety (90) days' advance written notice to the other party. INCREASING POLICY ADDENDUM (Effective as of June 1, 1998) to Agreement Number 24 The provisions of the Agreement shall apply in all respects to reinsurance of an Increasing Policy except as otherwise set forth in this Addendum. This Addendum is referred to as "IP" in the "Applicable Addendum" column of the POLICIES REINSURED secti...
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Reinsurance Terms. 2.1. USAA agrees to cede, and Lincoln agrees to accept, Lincoln's Proportionate Share of the Waiver of Premium Benefit if the following conditions are met: 2.1.1. USAA retains the following amounts of Waiver of Premium Benefit on a life: Ages Standard-Substandard ---- -------------------- 15-55 $600,000 Face Amount 2.1.2. The sum of Waiver of Premium Benefit issued by USAA then in force on the insured life and the amount of Waiver of Premium Benefit then being applied for from USAA does not exceed the sum of USAA's Waiver of Premium Retention and the following amounts: Ages Standard-Table F ---- ---------------- 0-44 $3,000,000 45-65 1,500,000 Over 65 None 2.1.3. The sum of the amount of Waiver of Premium Benefit then in force on the insured life in all companies and the amount of Waiver of Premium Benefit then being applied for on the insured life from all companies does not exceed the following amounts: Ages Standard-Table F ---- ---------------- 0-65 $5,000,000 Over 65 None 2.2. USAA agrees to place Waiver of Premium reinsurance into effect by following the procedures for placing life reinsurance into effect as set forth in the Administrative Schedule of the Agreement.
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Reinsurance Terms. 2.1. Principal Life may submit to XYZ RE for facultative consideration, XYZ RE's Proportionate Share of the Waiver of Monthly Deductions Benefit. 2.2. Following XYZ RE's facultative offer to reinsure and Principal Life accepting such offer, Principal Life agrees to place Waiver of Monthly Deductions Benefit reinsurance into effect by following the procedures for placing life reinsurance into effect as set forth in the Administrative Schedule of the Agreement.
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Related to Reinsurance Terms

  • Insurance Term The Consultant shall procure and maintain for the duration of this Agreement, insurance against claims for injuries to persons or damage to property which may arise from or in connection with the performance of the work hereunder by the Consultant, its agents, representatives, or employees.

  • Reinsurance The Contractor shall purchase reinsurance from a commercial reinsurer and shall establish reinsurance agreements meeting the requirements listed below. The Contractor shall submit new policies, renewals or amendments to OMPP for review and approval at least one hundred and twenty (120) calendar days before becoming effective.  Agreements and Coverage  The attachment point shall be equal to or less than $200,000 and shall apply to all services, unless otherwise approved by OMPP. The Contractor electing to establish commercial reinsurance agreements with an attachment point greater than $200,000 must provide a justification in its proposal or submit justification to OMPP in writing at least one hundred and twenty (120) calendar days prior to the policy renewal date or date of the proposed change. The Contractor must receive approval from OMPP before changing the attachment point.  The Contractor’s co-insurance responsibilities above the attachment point shall be no greater than twenty percent (20%).  Reinsurance agreements shall transfer risk from the Contractor to the reinsurer.  The reinsurer's payment to the Contractor shall depend on and vary directly with the amount and timing of claims settled under the reinsured contract. Contractual features that delay timely reimbursement are not acceptable.  The Contractor shall maintain a plan acceptable to the IDOI commissioner for continuation of benefits in the event of receivership. The Contractor must finance the greater of $1,000,000 or total projected costs as calculated by the form set forth in 760 IAC 1-70-8.  The Contractor shall obtain continuation of coverage insurance (insolvency insurance) to continue plan benefits for members until the end of the period for which premiums have been paid. This coverage shall extend to members in acute care hospitals or nursing facility settings when the Contractor’s insolvency occurs during the member’s inpatient stay. The Contractor shall continue to reimburse for its member’s care under those circumstances (i.e., inpatient stays) until the member is discharged from the acute care setting or nursing facility.  Requirements for Reinsurance Companies  The Contractor shall submit documentation that the reinsurer follows the National Association of Insurance Commissioners' (NAIC) Reinsurance Accounting Standards.  The Contractor shall be required to obtain reinsurance from insurance organizations that have Standard and Poor's claims-paying ability ratings of "AA" or higher and a Xxxxx’x bond rating of “A1” or higher, unless otherwise approved by OMPP.  Subcontractors  Subcontractors’ reinsurance coverage requirements must be clearly defined in the reinsurance agreement.  Subcontractors should be encouraged to obtain their own stop-loss coverage with the above-mentioned terms.  If subcontractors do not obtain reinsurance on their own, the Contractor is required to forward appropriate recoveries from stop-loss coverage to applicable subcontractors.

  • Insurance Terms and Conditions Company must maintain the following limits and coverages uninterrupted or amended through the term of this Agreement. In the event Company becomes in default of the following requirements, Authority reserves the right to take whatever actions it deems necessary to protect its interests. Required liability policies other than Workers’ Compensation / Employer’s Liability will provide that Authority, members of Authority’s governing body, and Authority’s officers, volunteers and employees are included as additional insureds.

  • Reinsurance Agreements (a) Section 3.15(a) of the Parent Disclosure Schedule sets forth a true, complete and correct list of all of the reinsurance, coinsurance or retrocession treaties, agreements, slips, binders, cover notes or other arrangements of any kind to which any of the Insurance Subsidiaries is a party and under which any of the Transferred Subsidiaries cede or assume any insurance business or under which any business otherwise remains reinsured as of the date of this Agreement and any related letters of credit, reinsurance trusts or other collateral arrangements (collectively, the “Reinsurance Agreements”). True, complete and correct copies of all of the Reinsurance Agreements have been made available to the Acquiror. (b) Neither the Company nor any of the Insurance Subsidiaries is in default in any material respect under any Reinsurance Agreement, and there has not occurred any event that, with the lapse of time or the giving of notice or both, would constitute such a default in any material respect. Each Reinsurance Agreement is legal, valid, binding, enforceable against the applicable Insurance Subsidiary which is party and the counterparty thereto and in full force and effect in accordance with its terms, will continue to be legal, valid, binding and enforceable by the applicable Insurance Subsidiary that is a party thereto and in full force and effect on substantially comparable terms following the Closing (except for the Quota Share Agreement, which will be amended in accordance with Section 5.08(c)), except to the extent that enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws affecting creditors’ rights generally and by principles of equity regarding the availability of remedies. Since December 31, 2013, with respect to any Reinsurance Agreement, (i) no Insurance Subsidiary has received any written notice from any applicable reinsurer that any amount of reinsurance ceded by any of the Insurance Subsidiaries will be uncollectible or otherwise defaulted upon; (ii) there is no pending or to the Knowledge of the Parent, threatened dispute between any of the Insurance Subsidiaries and any reinsurer under any Reinsurance Agreement; (iii) each Insurance Subsidiary, as applicable, is entitled under the laws of its domiciliary jurisdiction or any other applicable Law to take credit in accordance with SAP on its Statutory Statements for all reinsurance and retrocessions ceded by it pursuant to any Reinsurance Agreement for which such Insurance Subsidiary is taking credit on its Statutory Statements, and all such amounts have been properly recorded in its books and records of account and are properly reflected in its Statutory Statements; (iv) to the Knowledge of the Parent there has been no separate written or oral agreement between such Insurance Subsidiary and the assuming reinsurer that is intended to, and would, in fact, reduce, limit or mitigate any loss to the parties under any such Reinsurance Agreement; and (v) each such Reinsurance Agreement satisfies the requisite risk transfer criteria necessary to obtain reinsurance accounting treatment under SAP.

  • FACULTATIVE REINSURANCE 3.1 The Ceding Company may submit any application on a plan or rider identified in Exhibit B − Plans Covered and Binding Limits, to the Reinsurer (or any other reinsurer) for its consideration on a facultative basis. The Ceding Company will apply for reinsurance on a facultative basis by sending to the Reinsurer an Application for Facultative Reinsurance, providing information similar to the example outlined in Exhibit F – Application for Facultative Reinsurance. Accompanying this application will be copies of all underwriting evidence that is available for risk assessment including, but not limited to, copies of the application for insurance, medical examiners' reports, attending physicians' statements, inspection reports, and any other information bearing on the insurability of the risk. The Ceding Company also will notify the Reinsurer of any outstanding underwriting requirements at the time of the facultative submission. Any subsequent information received by the Ceding Company that is pertinent to the risk assessment will be immediately transmitted to the Reinsurer. After consideration of the application for facultative reinsurance and related information, the Reinsurer will promptly inform the Ceding Company of its underwriting decision. The Reinsurer's offer will expire at the end of one hundred twenty (120) days, unless otherwise specified by the Reinsurer in its offer. If the Ceding Company accepts the Reinsurer's offer, then the Ceding Company will note its acceptance in its underwriting file and include the policy on the next billing statement issued to the Reinsurer following policy activation. Reinsurer agrees the reinsurance offer will be deemed accepted by Ceding Company at the point in time Ceding Company makes such notation in its underwriting file in accordance with the Ceding Company's standard facultative placement procedures. Changes in plan, contract number, policyowner, or amount of coverage may be made subsequently by the Ceding Company without obtaining another offer from the Reinsurer provided such changes are within the amount approved by the Reinsurer and do not change the underlying risk. Coverage for any Automatic Increasing Benefit Rider shall be provided in accordance with this Agreement notwithstanding any notations on the offer that say "no benefits", "benefits excluded", or words of similar import. The relevant terms and conditions of the Agreement will apply to those facultative offers made by the Reinsurer which are accepted by the Ceding Company. Nothing herein prevents the Ceding Company from retaining the risk on a policy that was facultatively shopped or placing the policy with a different facultative reinsurer.

  • Employment Insurance Rebate The short-term sick leave plan shall be registered with the Employment Insurance Commission (EIC). The nurses' share of the employer's Employment Insurance premium reduction will be retained by the Hospital towards offsetting the cost of the benefit improvements contained in this agreement.

  • Insurance Plans The Executive is eligible to participate in the life, health, dental, short and long-term disability plans made available to the employees of the Company pursuant to the terms and conditions of such plans.

  • Automatic Reinsurance For automatic reinsurance, the Reinsurer's liability will commence at the same time as the Ceding Company's liability, including liability under any conditional receipt or temporary insurance provision.

  • Plan of Reinsurance A. Reinsurance of Life risks shall be on the risk premium basis. The risk amount on the policy reinsured shall be calculated monthly and shall be equal to the death benefit less the cash value. At the time of issue, the Ceding Company shall cede to North American Re a portion of the initial risk amount in excess of its retention. Thereafter, the Ceding Company and North American Re shall keep the same proportionate shares of the risk amount developed each month.

  • Insurance Contracts To the extent that any Welfare Plan is funded through the purchase of an insurance contract or is subject to any stop loss contract, the Parties shall cooperate and use their commercially reasonable efforts to replicate such insurance contracts for SpinCo or Parent as applicable (except to the extent that changes are required under applicable Law or filings by the respective insurers) and to maintain any pricing discounts or other preferential terms for both Parent and SpinCo for a reasonable term. Neither Party shall be liable for failure to obtain such insurance contracts, pricing discounts, or other preferential terms for the other Party. Each Party shall be responsible for any additional premiums, charges, or administrative fees that such Party may incur pursuant to this Section 7.06.

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