REQUIREMENTS FOR FACULTATIVE REINSURANCE. 1. If the requirements for automatic reinsurance are met, but the Ceding Company prefers to apply for facultative reinsurance with the Reinsurer, or if the requirements for automatic reinsurance are not met and the Ceding Company applies for facultative reinsurance with the Reinsurer, then the Ceding Company must submit to the Reinsurer all the papers relating to the insurability of the individual risk for facultative reinsurance.
2. For applications for facultative reinsurance, Ceding Company will send copies of all of the papers relating to the insurability of the individual risk to the Reinsurer. After the Reinsurer has examined the request, the Reinsurer will promptly notify the Ceding Company of the underwriting offer subject to additional requirements or the final underwriting offer. The final underwriting offer on the individual risk will automatically terminate upon the earlier of the withdrawal of the application or 120 days from the date of the final offer, unless accepted earlier.
3. Notwithstanding the above, if the requirements for automatic reinsurance are met except that the face amount of insurance applied for is greater than the Automatic Issue Limit, but does not exceed the Auto Process Limit, then the Ceding Company will submit to the Lead Reinsurer, (as designated in Schedule A), all papers relating to the insurability of the individual risk. The Lead Reinsurer shall review the papers to determine if the Pool should reinsure the risk, and, if so, on what basis. The Lead Reinsurer shall provide Ceding Company with a response within 24 hours of receipt of the papers. Approval of the Lead Reinsurer shall be binding on all other Pool members. This process shall be known as Automatic Processing and subject to the limitations in Exhibit II.
REQUIREMENTS FOR FACULTATIVE REINSURANCE. 1. If the requirements for automatic reinsurance on an individual life are not met, or are met but Cedent prefers to apply for facultative reinsurance, then Cedent may apply to Reinsurer for facultative reinsurance. In order to apply for facultative reinsurance, Cedent must submit to Reinsurer complete copies of the original application, medical examiner's reports, inspection reports, attending physicians' statements plus any other papers or information that may have a bearing on the insurability of the risk.
2. After Reinsurer has examined the underwriting information submitted in accordance with Paragraph 1 above, Reinsurer shall promptly notify Cedent in writing of either a final underwriting offer for facultative reinsurance or an underwriting offer for facultative reinsurance subject to additional requirements. Either underwriting offer of facultative reinsurance on an individual life will automatically terminate on the first of the following dates:
(a) The date Reinsurer receives notice from Cedent that Cedent has withdrawn Cedent's application for facultative reinsurance;
(b) A date that is one hundred twenty (120) days after the date Reinsurer made the offer; or
(c) The date specified in Reinsurer's offer.
3. If an underwriting offer made by Reinsurer in accordance with Paragraph 2 is accepted by Cedent in writing prior to the date the offer terminates, that individual life is reinsured under the terms of this Agreement.
REQUIREMENTS FOR FACULTATIVE REINSURANCE. A. Plan of Insurance Listed in Schedule A:
1) If the Requirements for Automatic Reinsurance are met but the CEDING COMPANY prefers to apply for facultative reinsurance, or
2) If Requirements for Automatic Reinsurance are not met, then the CEDING COMPANY must submit to LINCOLN all the underwriting documentation relating to the insurability of the individual risk for facultative reinsurance.
B. Plan of Insurance Not Listed in Schedule A: On a yearly Renewable Term treaty the CEDING COMPANY may submit application for facultative reinsurance on any plan(s). On a Coinsurance treaty the CEDING COMPANY may submit an application for facultative reinsurance only on plan(s) listed in Schedule A.
C. An application for facultative reinsurance may include life insurance with or without either disability waiver of premium or accidental death or both. Supplemental benefits without life are excluded from this agreement.
D. Copies of all underwriting papers relating to the insurability of the individual risk must be sent to LINCOLN for facultative reinsurance. After LINCOLN has examined the underwriting papers, LINCOLN will promptly notify the CEDING COMPANY of the underwriting offer subject to additional requirements, the final underwriting offer or declination. Any final underwriting offer on the individual risk will automatically terminate upon the earliest of:
1) The date LINCOLN receives notice of a withdrawal/cancellation by the CEDING COMPANY, 2) 120 days after the date on which the offer was made, or
3) The date specified in LINCOLN's approval to extend the offer.
E. The minimum amount of reinsurance to be ceded shall be as stated in Schedule A.
REQUIREMENTS FOR FACULTATIVE REINSURANCE. A. If the requirements for automatic reinsurance are met, but we prefer to apply for facultative reinsurance with you, then we must submit to you all the papers relating to the insurability of the individual risk for facultative reinsurance.
B. If requirements for automatic reinsurance are not met and we apply for facultative reinsurance with you, then we must submit to you all the papers relating to the insurability of the individual risk for facultative reinsurance.
REQUIREMENTS FOR FACULTATIVE REINSURANCE. A Plan of Insurance Listed in Schedule A:
(1) If the Requirements for Automatic Reinsurance are met but you prefer to apply for facultative reinsurance, or
(2) If Requirements for Automatic Reinsurance are not met, then you must submit to us all the papers relating to the insurability of the individual risk for facultative reinsurance, except for those underwriting risks which we mutually agree upon should not be submitted to us.
REQUIREMENTS FOR FACULTATIVE REINSURANCE. The Ceding Company will send copies of all of the papers or facsimiles relating to the insurability of the individual risk to the Reinsurer. After the Reinsurer has examined the request, the Reinsurer will promptly notify the Ceding Company of the underwriting offer subject to additional requirements or the final underwriting offer. The final underwriting offer on the individual risk will automatically terminate upon the earlier of the withdrawal of the application or 120 days from the date of the final offer, unless coverage is accepted or put in place earlier. The individual risk must be underwritten according to the Ceding Company's standard issue practices and guidelines.
REQUIREMENTS FOR FACULTATIVE REINSURANCE. A. If the Requirements for Automatic Reinsurance on an individual life are not met, or are met but you prefer to apply for facultative reinsurance for the amount in excess of the risk multiplied by the quota share set forth in Schedule A, then you must submit to us all the papers relating to the insurability of that individual risk for facultative reinsurance.
B. Copies of all the papers relating to the insurability of the individual risk must be sent to us for facultative reinsurance. After we have examined the papers sent, we will promptly notify you of our final underwriting offer or our underwriting offer subject to additional requirements. Our final underwriting offer on the individual risk will automatically terminate when one of the following situations occurs:
(i) The date we receive notice from you of the withdrawal of your application, or
(ii) 120 days after we made our offer, or
(iii) The date specified in our approval to extend our offer
REQUIREMENTS FOR FACULTATIVE REINSURANCE. 1. If the requirements for automatic reinsurance on an individual life are not met, or are met but you prefer to apply for facultative reinsurance, then you may apply to us for facultative reinsurance. In order to apply for facultative reinsurance, you must submit to us complete copies of the original application, medical examiner's reports, inspection reports, attending physicians' statements plus any other papers or information that may have a bearing on the insurability of the risk.
2. After we have examined the underwriting information submitted in accordance with Paragraph 1 above, we shall promptly notify you in writing of either a final underwriting offer for facultative reinsurance or an offer for facultative reinsurance subject to additional requirements. Either offer of facultative reinsurance on an individual life will automatically terminate on the first of the following dates:
(a) The date we receives notice from you that you have withdrawn your application for facultative reinsurance;
(b) A date that is one hundred twenty (120) days after the date we made the offer; or
(c) The date specified in our offer.
3. If an underwriting offer made by us in accordance with Paragraph 2 is accepted by you prior to the date the offer terminates, that individual life is reinsured under the terms of this Agreement.
REQUIREMENTS FOR FACULTATIVE REINSURANCE. A. An application for facultative reinsurance may include life insurance with or without either disability waiver of premium, or accidental death, or both. Supplemental benefits without life are excluded from this agreement. Covered supplemental benefits are reflected in Schedule A.
B. Copies of all underwriting papers relating to the insurability of the individual risk must be sent to COMPANY B for facultative reinsurance. After COMPANY B has examined the underwriting papers, COMPANY B will promptly notify the CEDING COMPANY of the underwriting offer subject to additional requirements, the final underwriting offer or declination. Any final underwriting offer on the individual risk will automatically terminate upon the earliest of:
1) The date COMPANY B receives notice of a withdrawal/cancellation by the CEDING COMPANY, 2) 120 days after the date on which the offer was made, or
3) The date specified in COMPANY B's approval to extend the offer.
C. The minimum amount of insurance to be ceded shall be as stated in Schedule A.
REQUIREMENTS FOR FACULTATIVE REINSURANCE. 1. If the requirements for automatic reinsurance on an individual life are not met, or are met but Cedent prefers to apply for facultative reinsurance, then Cedent may apply to Reinsurer for facultative reinsurance. In order to apply for guaranteed issue facultative reinsurance, Cedent must submit to Reinsurer a census of proposed insureds that includes at least full name, age or date of birth, gender, current salary, face amount, premium and net amount at risk for each; the formula for determining benefit amounts; a description of the eligible class of employees; and a description of the plan design and how the insurance will be used. In order to apply for underwritten facultative reinsurance, Cedent must submit to Reinsurer complete copies of the original application, medical examiner's reports, inspection reports, attending physicians' statements plus any other papers or information that may have a bearing on the insurability of the risk. Cedent acknowledges that Reinsurer, during its facultative underwriting consideration, shall not evaluate or assess any proof of insurable interest by the applicant with respect to the proposed insured.
