Temporary Insurance Agreement. The Reinsurer’s liability shall not exceed the Reinsurer’s proportionate share of the amount stated in the Company’s Temporary Insurance Agreement (TIA). However, it is understood that the Reinsurer agrees to accept its proportionate share of the Company’s portion under the TIA, if the Company has no available retention. The Company’s maximum TIA liability is $1,000,000 for single life policies and $5,000,000 for survivorship policies. Locked in Insurability: Once a TIA is completed and provided all the conditions are met, changes in insurability that post-date the TIA, while it is in effect, will be ignored for the lesser of the face amount or $1,000,000 for single life policies and $5,000,000 for survivorship policies. The Reinsurer will assume a proportionate share of the amount under a policy issued pursuant to this feature.
Temporary Insurance Agreement. A. Subject to the terms, conditions, and limits of this AGREEMENT and provided the conditions set forth in Section B of this article are fulfilled, the REINSURER shall reimburse the CEDING COMPANY for Temporary Insurance Agreement (TIA) reinsurance. TIA reinsurance is defined as reinsurance on a claim pursuant to a TIA, which either:
(1) The CEDING COMPANY’s total claim liability exceed the appropriate retention set forth in the Retention Schedule due to the existence of prior risk retained by the CEDING COMPANY on the life or
(2) An unconditional offer to reinsure has been made by the REINSURER in response to a facultative request for reinsurance where the CEDING COMPANY has proposed to keep less than its full retention as set forth in the Retention Schedule. An unconditional offer to reinsure is a final offer made by the REINSURER with no conditions other than routine requirements such as time for delivery, certificate of health, etc. In no event shall the REINSURER liability pursuant to this article exceed the REINSURER excess percentage share under this AGREEMENT unless the REINSURER has made an unconditional facultative offer for a larger amount.
B. The following conditions must be satisfied in order for reinsurance of a TIA to be effective:
(1) The CEDING COMPANY must become liable for a claim pursuant to a TIA issued on a form in conformity to the appropriate form of the Temporary Insurance Agreement Exhibit G of this AGREEMENT; and
(2) The TIA must be given in return for an application for a policy form included in the Policy Plans Reinsured Exhibit which would bear a policy date in the range covered by this AGREEMENT; and
(3) As of the date of the proposed insured’s death, either the policy has not been submitted facultatively, or, if submitted facultatively then the following conditions determine the REINSURER’s liability in the event of a valid TIA claim:
i) If, as of the proposed insured’s date of death, the CEDING COMPANY has not received any unconditional offer to reinsure, then the automatic reinsurers will reimburse the CEDING COMPANY for the TIA reinsurance according to their excess percentage shares under this AGREEMENT; or
ii) If, as of the proposed insured’s date of death, the CEDING COMPANY has received an unconditional offer or offers to reinsure that at least equal the TIA reinsurance, then the reinsurer(s) having made the unconditional offer(s) will reimburse the CEDING COMPANY for the TIA reinsurance. For the purpose of the compari...
Temporary Insurance Agreement. Regardless of any provision of this Agreement to the contrary, where the Company provides insurance coverage under a temporary insurance agreement or prior to the issuance and delivery of a policy to the applicant during the insured’s or proposed insured’s lifetime, the extent of the Reinsurer’s liability on a per life basis is as stated in the Temporary Insurance Agreement provision set out in Exhibit A-I. The Company shall follow its normal procedures for such coverage.
Temporary Insurance Agreement. A separate contract between the Ceding Company and the applicant that provides insurance coverage for a specified amount for a limited period of time. It does not depend on the (000) 00000-00-00 05/9/2017 proposed insured’s insurability. It has specific conditions where the agreement will not provide coverage such as material misrepresentations in the application and death from suicide.
Temporary Insurance Agreement. The amount of coverage provided by the Reinsurer will be limited to its proportionate share of the excess, if any, over the Company's maximum Temporary Insurance Agreement of $1,000,000. The maximum issue age for TIA is age 70. SCHEDULE B
Temporary Insurance Agreement. The Reinsurer has reviewed the Ceding Company's Temporary Insurance Agreement and has given its acceptance of the terms and procedures contained in the form. The Ceding Company agrees to submit to the Reinsurer any changes to the Temporary Insurance Agreement. The Reinsurer's Temporary Insurance Agreement liability will be limited to the Ceding Company's liability, which is stated as $250,000 per application. The Reinsurer is liable for losses under the terms of a Temporary Insurance Agreement when the following qualifications are met for automatic and facultative reinsurance.
Temporary Insurance Agreement. Legal agreement between an insurer and a proposed insured that provides a guaranteed amount of temporary life insurance coverage for a specific period of time, usually the underwriting period. Ultimate Amount – The projected maximum Policy Death Benefit that a policy could achieve based on reasonable assumptions made about the operation of certain characteristics of the policy form. Yearly Renewable Term (YRT) – A form of life reinsurance under which the risks, but not the permanent plan reserves, are transferred to the Reinsurer for a premium that varies each year with the Reinsured Net Amount at Risk and the duration from issue.
Temporary Insurance Agreement. The Reinsurer shall not be liable for benefits paid under the Ceding Company’s temporary insurance agreement unless all the conditions for automatic reinsurance coverage are met. The pre-issue liability applies only once on any given life no matter how many agreements were issued or initial premiums were accepted by the Ceding Company. After the effective date of the new life insurance Policy, no reinsurance benefits are payable under this pre-issue coverage provision. The Reinsurer’s liability under the Ceding Company’s temporary insurance agreement is limited to the lesser of a., b. and c. below:
a. The Automatic Binding Limits in Exhibit B – Plans Covered and Binding Limits.
b. The amount for which the Ceding Company is liable less its retention, less any amount of reinsurance with other reinsurers.
c. The Reinsurer’s Share of Temporary Insurance Agreement (TIA) maximum amount (TIA maximum amount currently is $[_____]).
Temporary Insurance Agreement. (1) Subject to the terms, conditions, and limits of this Agreement and provided the conditions set forth in Section B of this article are fulfilled, the REINSURER shall reimburse the CEDING COMPANY for Temporary Insurance Agreement (TIA) reinsurance
Temporary Insurance Agreement. Prior to placement of the Policy with the insured, OPTIMUM RE's liability is limited to the lesser of:
A. THE COMPANY's liability under the Policy or Temporary Agreement, whichever applies, minus: The COMPANY's full normal retention less the total of all amounts currently retained by THE COMPANY on the life insured under other policies.
B. If the policy would have been automatically reinsured, the automatic reinsurance limit in this Agreement as described in SCHEDULE A.
C. [REDACTED] OPTIMUM RE's liability under the Temporary Insurance Agreement will commence at the same time as THE COMPANY's liability, provided that:
A. The risk is eligible for Automatic reinsurance under this
B. OPTIMUM RE has made a Facultative offer during the lifetime of the insured, and THE COMPANY has, or would have based on its Facultative Placement Rules, accepted that offer during the lifetime of the insured; or
C. If the proposed insured dies prior to the completion of the underwriting process, OPTIMUM RE will continue to underwrite the risk to determine if a facultative offer would have been made on the risk and THE COMPANY would have accepted the Facultative offer based on its Facultative Placement Rules. If so, OPTIMUM RE will accept liability for the risk subject to the other provisions of this Article; and
D. THE COMPANY, its agents, or representatives have followed its normal cash-with-application procedures for such coverage.
