Underwriting Documentation and Acceptance Clause Samples
The 'Underwriting Documentation and Acceptance' clause defines the requirements and procedures for submitting, reviewing, and approving all necessary documents related to the underwriting process. Typically, this clause outlines the types of documents that must be provided by the applicant, such as financial statements, risk assessments, or proof of compliance, and sets forth the standards or timelines for their review by the underwriter. Its core practical function is to ensure that all parties understand the documentation needed for underwriting and the criteria for acceptance, thereby reducing misunderstandings and facilitating a smooth approval process.
Underwriting Documentation and Acceptance. Copies of all underwriting documentation relating to the insurability of the individual risk submitted for facultative reinsurance must be sent to the Reinsurer. After the Reinsurer has examined the underwriting documentation sent, it will promptly notify the Ceding Company of its final underwriting acceptance or its underwriting offer subject to additional requirements. The Reinsurer's final underwriting acceptance on the individual risk will automatically terminate when the first of the following situations occurs:
a) The date the Reinsurer receives notice from the Ceding Company of the withdrawal of the Ceding Company's application, or
b) One hundred and twenty (120) days after the Reinsurer made its acceptance or
c) The date specified in the Reinsurer's approval to extend its acceptance.
Underwriting Documentation and Acceptance. Copies of all underwriting documentation relating to the insurability of the individual risk submitted for facultative reinsurance must be sent to the Reinsurer. After the Reinsurer has examined the underwriting documentation sent, it will promptly notify the Ceding Company of its final underwriting acceptance or its underwriting offer subject to additional requirements. The Reinsurer's final underwriting acceptance on the individual risk will automatically terminate when the first of the following situations occurs:
a) The date the Reinsurer receives notice from the Ceding Company of the withdrawal of the Ceding Company's application, or
b) Ninety (90) calendar days after the Reinsurer made its acceptance or
c) The expiration date specified in the Reinsurer's final underwriting acceptance.
Underwriting Documentation and Acceptance. Copies of all underwriting documentation relating to the insurability of the individual risk submitted for facultative reinsurance must be sent to the Reinsurer. After the Reinsurer has examined the underwriting documentation sent, it will promptly notify the Ceding Company of its final underwriting acceptance or its underwriting offer subject to additional requirements. The Reinsurer’s final underwriting acceptance on the individual risk will automatically terminate when the first of the following situations occurs: