Common use of TERM AND CANCELLATION Clause in Contracts

TERM AND CANCELLATION. This Agreement will apply to all losses occurring on or after January 1, 1998, 12:01 a.m. standard time (as defined in the Company's original policies) on policies written or renewed with an effective date on or after January 1, 1998, and all policies in force at the time of the inception of this Agreement and will remain in full force and effect until canceled as hereinafter provided. This Agreement may be canceled any January 1 by either party giving at least 90 days prior notice by certified or registered mail to the other party. In the event this Agreement is canceled in accordance with the aforementioned procedure, the Reinsurer will remain liable for all losses under policies in force until their expiration or renewal dates, whichever come first, but in no event will the Reinsurer's liability extend for a run-off period longer than 12 months plus extensions and odd time not to exceed 18 months in all from the date of cancellation. The Reinsurer will return immediately, on a pro rata basis as of the date its liability ceases, the unearned reinsurance premium on those policies that remain in force beyond the run-off period less ceding commission, if any. Alternatively, the Company may elect to cancel the Reinsurer's liability on a cut-off basis as of the date of cancellation, and the Reinsurer will not be liable for any losses occurring on or after the cancellation date and will return immediately to the Company the unearned reinsurance premium less ceding commission as of that date computed on a monthly pro rata basis. The Reinsurer will also remain liable with respect to policies having aggregate limits. Notwithstanding the other provisions in this Article, in the event the Company's original policies are written in a jurisdiction where cancellation, renewal, or nonrenewal is regulated by the insurance authorities, and the Company is bound by such regulations and statutes of said jurisdiction or by a judicial decision, the Reinsurer will remain liable on any such policies in force at cancellation date of this Agreement (and will receive the premium therefor) until the date each expires or until the first renewal date when the Company can lawfully nonrenew said policies, whichever occurs first. If, however, the Company intends to hold the business net and for its own account, or has other reinsurance agreements that would apply to such business, the Reinsurer will not be liable for longer than the run-off period set forth above. The Company may terminate the Reinsurer's participation hereon at any time on a cut-off basis by giving 30 days notice in writing by certified or registered mail to said Reinsurer upon the happening of any one of the following circumstances:

TERM AND CANCELLATION. This Agreement will apply to all losses occurring and/or Claims Made on or after January December 1, 19982002, 12:01 a.m. standard time (as defined set forth in the Company's original policiesPolicies) on policies Policies written or renewed Renewed with an effective date dates on or after January December 1, 19982002, and all policies in force at the time of the inception of this Agreement 12:01 a.m. standard time, and will remain in full force and effect until canceled as hereinafter provided. This Agreement may be canceled (or any January 1 Reinsurer's participation canceled or reduced) any December 1, 12:01 a.m. standard time by either party giving at least 90 days prior written notice by certified or registered mail to the other party. During any such period of notice the parties will remain bound by the terms of this Agreement. In the event this Agreement is canceled (or any Reinsurer's participation canceled or reduced) in accordance with the aforementioned procedure, the Reinsurer Reinsurers will remain liable for all losses under policies Policies in force until their expiration or renewal dates, whichever come comes first, but in no event will the Reinsurer's liability extend for a run-off period longer than 12 months plus extensions and odd time not to exceed 18 months in all from the date of cancellation. The Reinsurer will return immediately, on a pro rata basis as of the date its liability ceasesAdditionally, the unearned reinsurance premium on those policies Reinsurers will remain liable during any Extended Reporting Period that remain in force beyond the run-off period less ceding commission, if any. Alternatively, the Company an insured may elect to cancel the Reinsurer's liability invoke on a cut-off basis as Claims Made Policy that expires or is canceled during, or at the end of, the period of the date Reinsurers' liability hereunder. Claim Made dates for claims first made during said Extended Reporting Period will be deemed to be the last in force day of cancellationthe original policy period. In conformance with state regulations, and the Reinsurer obligations of the Reinsurers under this Agreement as respects all Claims Made Policies, will not be liable for any losses occurring on or after the cancellation date and will return immediately extend to the Company the unearned reinsurance premium less ceding commission restatement of any aggregate limits as of that date computed on a monthly pro rata basismay be afforded by any Extended Reporting Period provision. The Reinsurer Reinsurers will also remain liable with respect receive their share of any premium applicable to policies having aggregate limitssaid Extended Reporting Period, which will be considered fully earned by the Reinsurers on the last in force day of the original policy period. Notwithstanding the other provisions in this Article, in In the event the Company's original policies are that business subject to this Agreement is written in a jurisdiction where cancellation, renewal, or nonrenewal of coverage is regulated by the insurance authorities, and the Company is bound by such regulations and statutes statute or regulation of said jurisdiction or by a judicial decisiondecision to continue coverage after the cancellation date of this Agreement, then the Reinsurer Reinsurers will remain liable on any Policies continuing such policies in force at cancellation date of this Agreement coverage (and will receive the premium therefor) until the date each expires or until the first renewal date when the Company can lawfully nonrenew said policiesPolicies, whichever occurs first. If, however, the Company intends decides to hold the business net and for its own account, or has other reinsurance agreements that would apply to such business, the Reinsurer Reinsurers will not be liable for longer than the run-off period set forth above. The Company may terminate Notwithstanding the cancellation of this Agreement (or any Reinsurer's participation hereon at any time on a cut-off basis by giving 30 days notice in writing by certified or registered mail participation) as hereinabove provided, the provisions of this Agreement will continue to said Reinsurer upon the happening of any one apply to all obligations and liabilities of the following circumstances:parties incurred hereunder to the end that all such obligations and liabilities will be fully performed and discharged.

TERM AND CANCELLATION. This Agreement will Contract shall apply to all losses occurring cessions commencing on or and after 12:01 a.m., Eastern Standard Time, January 1, 1996, and shall remain in force until 12:01 a.m., Eastern Standard Time, January 1, 1998. Notwithstanding the above, the portfolio of unearned premiums and unexpired liability as of 12:01 a.m. standard time (as defined in the Company's original policies) on policies written or renewed with an effective date on or after a.m., Eastern Standard Time, January 1, 19981997, shall be assumed by the Reinsurers under this Contract and all policies in force at nothing herein contained shall alter or affect the time continuity granted, insofar as this portfolio assumption is concerned, by the said preceding Contract. In consideration of the inception of this Agreement and will remain in full force and effect until canceled as hereinafter provided. This Agreement may be canceled any January 1 by either party giving at least 90 days prior notice by certified or registered mail foregoing, the Company shall pay to the other partyReinsurers hereunder the unearned premiums calculated on the monthly pro rata basis as of January 1, 1997, less provisional commission allowed the Company by the Reinsurers and in consequence thereof, the Reinsurers hereunder shall be liable for all losses under the said preceding Contract occurring subsequent to 12:01 a.m., Eastern Standard Time, January 1, 1997. In the event of non-renewal of this Agreement is canceled in accordance with the aforementioned procedureContract, the Reinsurer will liability of the Reinsurers shall remain in force to the natural expiration or cancellation or next anniversary date whichever comes first. However, at the option of the Company this Contract may be cancelled on a cut-off basis. In the event of the Company exercising this cut-off option, the Reinsurers shall incur no liability for losses occurring subsequent to the date of termination, but shall remain liable for all losses under policies in force until their expiration or renewal dates, whichever come first, but in no event will the Reinsurer's liability extend for a run-off period longer than 12 months plus extensions and odd time not to exceed 18 months in all from the date of cancellation. The Reinsurer will return immediately, on a pro rata basis as of the date its liability ceases, the unearned reinsurance premium on those policies that remain in force beyond the run-off period less ceding commission, if any. Alternatively, the Company may elect to cancel the Reinsurer's liability on a cut-off basis outstanding as of the date of cancellationtermina- tion. In the event of the Company withdrawing the cessions as provided for herein, and it shall debit the Reinsurer will not be liable for any losses occurring on or after the cancellation date and will return immediately Reinsurers with a sum equal to the Company the unearned reinsurance premium less ceding commission as of that date computed on a monthly pro rata basis. The Reinsurer will also remain liable with respect to policies having aggregate limits. Notwithstanding unearned premiums on unexpired cessions at the other provisions in this Articlerespective date, in less the event the Company's original policies are written in a jurisdiction where cancellation, renewal, or nonrenewal is regulated rate of commission allowed by the insurance authoritiesReinsurers on such cessions, and provided such option is exercised prior to the termination of this Contract. Effective: January 1, 1997 2 of 17 3645-24 DOC: January 13, 1997 PAGE If any law or regulation of the federal, state or local government of any jurisdiction in which the Company is bound doing business should render illegal the arrangements made in this Contract, the Contract can be terminated immediately, insofar as it applies to such jurisdiction, by the Company giving notice to the Reinsurers to such regulations effect. This Contract may be altered or amended in any of its terms and statutes conditions by mutual consent of said jurisdiction the parties, either by endorsement hereof or by a judicial decision, the Reinsurer will remain liable on any such policies in force at cancellation date of this Agreement (and will receive the premium therefor) until the date each expires or until the first renewal date when the Company can lawfully nonrenew said policies, whichever occurs first. If, however, the Company intends to hold the business net and for its own account, or has other reinsurance agreements that would apply to such business, the Reinsurer will not be liable for longer than the run-off period set forth above. The Company may terminate the Reinsurer's participation hereon at any time on a cut-off basis by giving 30 days notice an instrument in writing by certified or registered mail to said Reinsurer upon the happening of any one of the following circumstances:attached hereto and formally signed.

TERM AND CANCELLATION. This Agreement will apply to all losses occurring on or after January 1, 19981997, 12:01 a.m. A.M. standard time (as defined in the Company's original policies) on inforce policies, or policies written written, or renewed with an effective date dates on or after January 1, 19981997, and all policies in force at the time of the inception of this Agreement 12:01 A.M. standard time, and will remain in full force and effect until canceled cancelled as hereinafter provided. This Agreement may be canceled terminated January 1, 1999 or any January 1 1ST thereafter or by either party giving at least 90 days prior notice by certified or registered mail to the other party. During any such period of notice the Reinsurer will remain bound by the terms of this Agreement. In the event this Agreement is canceled cancelled in accordance with the aforementioned procedure, the Reinsurer will remain liable for all losses under policies in force until their expiration or renewal dates, whichever come first, but in no event will the Reinsurer's liability extend for a run-off period longer than first not to exceed 12 months plus extensions and odd time not time, nor to exceed 18 months in all from the date of cancellationall. The Reinsurer will return immediately, on a pro rata basis as of the date its liability ceases, the unearned reinsurance premium on those policies that remain in force beyond During the run-off period less ceding commissionperiod, if anythe Company will continue to cede to the Reinsurer the appropriate earned premium. Alternatively, the Company may elect to cancel (or reduce) the Reinsurer's liability on a cut-off cutoff basis as of the date of cancellation, and the Reinsurer will not be liable for any losses occurring (or the percentage thereof equal to the amount of participation reduction) on or after the cancellation date and will return immediately date. Should cancellation take place on a cut-off basis, or the Reinsurer's participation change, any aggregate losses to the Company the unearned reinsurance premium less ceding commission Reinsurer on policies in force as of the date of cancellation or participation change will be prorated among those Reinsurers cancelling or reducing their participation and those Reinsurers initiating or increasing their participation in the same manner that date computed the premium on a monthly pro rata basis. The Reinsurer will also remain liable with respect to the policies having aggregate limitsis shared. Notwithstanding the other provisions in this Article, in the event the Company's original policies are written in a jurisdiction where cancellation, renewal, or nonrenewal is regulated by the insurance authorities, and the Company is bound by such regulations and statutes of said jurisdiction or by a judicial decision, the Reinsurer will remain liable on any such policies in force at cancellation date of this Agreement (and will receive the premium therefortherefore) until the date each expires or until the first renewal date when the Company can lawfully nonrenew said policies, whichever occurs first. IfNotwithstanding the cancellation of this Agreement as herein above provided, however, the Company intends its provisions will continue to hold the business net and for its own account, or has other reinsurance agreements that would apply to such business, all unfinished business hereunder to the Reinsurer end that all obligations and liabilities incurred by each party hereunder will not be liable for longer than the run-off period set forth above. The Company may terminate the Reinsurer's participation hereon at any time on a cut-off basis by giving 30 days notice in writing by certified or registered mail to said Reinsurer upon the happening of any one of the following circumstances:fully performed and discharged.

TERM AND CANCELLATION. This Agreement will apply to all losses occurring on or after January 1, 19981997, 12:01 a.m. A.M. standard time (as defined in the Company's original policies) on policies written written, or renewed with an effective date dates on or after January 1, 19981997, and all policies in force at the time of the inception of this Agreement 12:01 A.M. standard time, and will remain in full force and effect until canceled cancelled as hereinafter provided. This Agreement may be canceled terminated January 1, 2001 or any January 1 1st thereafter or by either party giving at least 90 days prior notice by certified or registered mail to the other party. During any such period of notice the Reinsurer will remain bound by the terms of this Agreement. In the event this Agreement is canceled cancelled in accordance with the aforementioned procedure, the Reinsurer will remain liable for all losses under policies in force until their expiration or renewal dates, whichever come first, but in no event will the Reinsurer's liability extend for a run-off period longer than first not to exceed 12 months plus extensions and odd time not time, nor to exceed 18 months in all from all. During the date of cancellation. The Reinsurer will return immediately, on a pro rata basis as of the date its liability ceasesnun-off period, the unearned reinsurance premium on those policies that remain in force beyond Company will continue to cede to the run-off period less ceding commission, if anyReinsurer the appropriate earned premium. Alternatively, the Company may elect to cancel (or reduce) the Reinsurer's liability on a cut-off basis as of the date of cancellation, and the Reinsurer will not be liable for any losses occurring (or the percentage thereof equal to the amount of participation reduction) on or after the cancellation date and will return immediately date. Should cancellation take place on a cut-off basis, or the Reinsurer's participation change, any aggregate losses to the Company the unearned reinsurance premium less ceding commission Reinsurer on policies in force as of the date of cancellation or participation change will be prorated among those Reinsurers cancelling or reducing their participation and those Reinsurers initiating or increasing their participation in the same manner that date computed the premium on a monthly pro rata basis. The Reinsurer will also remain liable with respect to the policies having aggregate limitsis shared. Notwithstanding the other provisions in this Article, in the event the Company's original policies are written in a jurisdiction where cancellation, renewal, or nonrenewal is regulated by the insurance authorities, and the Company is bound by such regulations and statutes of said jurisdiction or by a judicial decision, the Reinsurer will remain liable on any such policies in force at cancellation date of this Agreement (and will receive the premium therefortherefore) until the date each expires or until the first renewal date when the Company can lawfully nonrenew said policies, whichever occurs first. IfNotwithstanding the cancellation of this Agreement as herein above provided, however, the Company intends its provisions will continue to hold the business net and for its own account, or has other reinsurance agreements that would apply to such business, all unfinished business hereunder to the Reinsurer end that all obligations and liabilities incurred by each party hereunder will not be liable for longer than the run-off period set forth above. The Company may terminate the Reinsurer's participation hereon at any time on a cut-off basis by giving 30 days notice in writing by certified or registered mail to said Reinsurer upon the happening of any one of the following circumstances:fully performed and discharged.