TERMINATIONS AND REDUCTIONS. Terminations or reductions will take place in accordance with the following rules in order of priority: 1. The Ceding Company must keep its initial or recaptured retention on the policy. 2. Termination or reduction of a wholly reinsured policy will not affect other reinsurance inforce. 3. A termination or reduction on a wholly retained case will cause an equal reduction in existing automatic reinsurance with the oldest policy being reduced first. 4. A termination or reduction will be made first to reinsurance of partially reinsured policies with the oldest policy being reduced first. 5. If the policies are reinsured with multiple reinsurers, the reinsurance will be reduced by the ratio of the amount of reinsurance in each company to the total outstanding reinsurance on the risk involved. 6. When a policy is reinstated, reinsurance will be reinstated as if the lapse or reduction had not occurred.
Appears in 10 contracts
Samples: Coinsurance Reinsurance Agreement (Symetra Financial CORP), Coinsurance Reinsurance Agreement (Symetra Financial CORP), Reinsurance Treaty (Life Investors Variable Life Account A)
TERMINATIONS AND REDUCTIONS. Terminations or reductions will take place in accordance with the following rules rules, in order of priority:
1. The Ceding Company CEDING COMPANY must keep its initial or recaptured retention on the policy.
2. Termination or reduction of a wholly reinsured policy will not affect other reinsurance inforcein force.
3. A termination or reduction on a wholly retained case will cause an equal reduction in existing automatic reinsurance with the oldest policy being reduced first.
4. A termination or reduction will be made first to reinsurance of partially reinsured policies with the oldest policy being reduced first.
5. If the policies are reinsured with multiple reinsurers, the reinsurance will be reduced by the ratio of the amount of reinsurance in each company to the total outstanding reinsurance on the risk involved.
6. When a policy is reinstated, reinsurance will be reinstated as if the lapse or reduction had not occurred.
Appears in 6 contracts
Samples: Automatic and Facultative Yearly Renewable Term Agreement (Pacific Select Exec Separate Acct Pacific Life Ins), Automatic and Facultative Yearly Renewable Term Agreement (Pacific Select Exec Separate Acct Pacific Life Ins), Automatic and Facultative Yearly Renewable Term Agreement (Pacific Select Exec Separate Acct Pacific Life Ins)
TERMINATIONS AND REDUCTIONS. Terminations or reductions will take place in accordance with the following rules rules, in order of priority:
1. The Ceding Company CEDING COMPANY must keep its initial or recaptured retention on the policyPolicy.
2. Termination or reduction of a wholly reinsured policy Policy will not affect other reinsurance inforcein force.
3. A termination or reduction on a wholly retained case will cause an equal reduction in existing automatic reinsurance with the oldest policy Policy being reduced first.
4. A termination or reduction will be made first to reinsurance of partially reinsured policies with the oldest policy Policy being reduced first.
5. If the policies are reinsured with multiple reinsurers, the reinsurance will be reduced by the ratio of the amount of reinsurance in each company to the total outstanding reinsurance on the risk involved.
6. When Whenever the amount of reinsurance on a policy is reinstatedPolicy under this Reinsurance Agreement reduces to $1,000 or less, the reinsurance will be reinstated as if the lapse or reduction had not occurredwholly recaptured.
Appears in 1 contract
Samples: Reinsurance Agreement (Separate Account B of Paragon Life Insurance Co)
TERMINATIONS AND REDUCTIONS. Terminations or reductions will take place in accordance with the following rules rules, in order of priority:
1. The Ceding Company CEDING COMPANY must keep its initial or recaptured retention on the policy.
2. Termination or reduction of a wholly reinsured policy will not affect other reinsurance inforcein force.
3. A termination or reduction on a wholly retained case will cause an equal reduction in existing automatic reinsurance with the oldest policy being reduced first.
4. A termination or reduction will be made first to reinsurance of partially reinsured policies with the oldest policy being reduced first.
5. If the policies are reinsured with multiple reinsurers, the reinsurance will be reduced by the ratio of the amount of reinsurance in each company to the total outstanding reinsurance on the risk involved.
6. When a policy is reinstated, reinsurance A reduction to one of the CEDING COMPANY’s policies not reinsured hereunder will be reinstated require that the CEDING COMPANY maintain its retention as if the lapse or reduction had not occurredspecified in Exhibit A of this AGREEMENT.
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