AMENDMENT
to the Risk Premium Reinsurance Agreement between the
CENTURY LIFE OF AMERICA of Waverly, Iowa,
hereinafter referred to as the "REINSURED,"
and
THE LINCOLN NATIONAL LIFE INSURANCE COMPANY of Fort Xxxxx, Indiana,
hereinafter referred to as the "LINCOLN,"
effective September 1, 1983.
On and after the first day of April, 1986, except for coverage provided in
Schedule B, Part I, the LINCOLN shall have no liability under facultative
applications for reinsurance under the above-mentioned reinsurance agreement
unless the REINSURED has accepted the LINCOLN'S offer to reinsure.
It is expressly understood and agreed that the provisions of this amendment
shall be subject to all the terms and conditions of the reinsurance agreement of
which this amendment is a part which do not conflict with the terms hereof.
IN WITNESS WHEREOF the parties hereto have caused this amendment to be
executed in duplicate on the dates shown below.
CENTURY LIFE OF AMERICA
By /s/ Signature By /s/ Xxxxx X. Xxxxxxxx
----------------------------- -----------------------------
Sr. VP - Chief Actuary V.P. - Legal & Asst. Sec.
Date May 9, 1986 Date May 9, 1986
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THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
By /s/ Signature By /s/ Xxxxx Xxxxxxx
----------------------------- -----------------------------
Vice President Assistant Secretary
Date 5-21-86 Date 5.20.86
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Revision No. 6
SCHEDULE B, PART I
Conditional Receipt
In addition to the automatic coverage otherwise provided under this
agreement, if the REINSURED shall become liable, as a result of having issued a
conditional receipt, for a death claim of an amount which, together with the
amount retained by the REINSURED under previously-issued policies, if any,
exceeds its own limit of retention applicable to the mortality class, plan of
insurance, and age at issue for which a premium was collected, the LINCOLN shall
accept reinsurance of such excess automatically in an amount not to exceed
$250,000.
This additional automatic coverage shall apply to insurance which is covered
under this agreement (as specified in paragraph 1 of the "REINSURANCE COVERAGE"
article) but which does not meet all the conditions outlined in paragraph 2 of
the "AUTOMATIC AND FACULTATIVE REINSURANCE" article. In any case, this
additional reinsurance shall terminate when facultative reinsurance is
completed.
A copy of any conditional receipt form of the REINSURED issued in connection
with any policy form eligible for reinsurance under this agreement is attached
as Schedule B, Part II . The REINSURED shall notify the LINCOLN immediately of
any change in such form. The liability of the LINCOLN for additional coverage
under this Schedule B shall be applicable only with respect to conditional
receipt forms which have been reviewed and accepted by the LINCOLN for purposes
of such additional coverage.
[LOGO OF CENTURY
CENTURY LIFE LIFE OF
CONDITIONAL RECEIPT XX XXXXXXX] XXXXXXX
Xxxxxxxx Xxx, Xxxxxxx, Xxxx 00000 No 30796
IN NO EVENT SHALL ANY INSURANCE BE EFFECTIVE FOR ANY PERIOD UNLESS THE PROPOSED
INSURED WAS INSURABLE AND ACCEPTABLE AS PROVIDED BELOW.
Received from .................... this ....... day of .............., 19 ......
........................................ in the amount of $........ in connection
Nature of Payment (Cash, Check, etc.)
with an identically numbered application for insurance on which the Proposed
Insured is .....................................................................
NO INSURANCE UNLESS CONDITION SATISFIED
It is a condition precedent to insurance hereunder on the person proposed for
insurance that on the EFFECTIVE DATE (as hereinafter defined), such person be
insurable under the Company's rules, limits and standards for the policy or
policies applied and paid for. There will be no insurance hereunder on such
person unless that person satisfies said condition, regardless of whether said
person has been notified he is not insurable, and if said condition is not
satisfied by the person, any payment made by the Applicant for such person shall
be returned.
MINIMUM PAYMENT REQUIRED WITH APPLICATION
This receipt provides for [ ] Life [ ] Disability Income insurance subject to
all provisions herein, in accordance with the terms of the policy or policies
applied for, provided the amount paid with the application is at least equal to
the amount of the full first premium according to the mode of premium payment
selected for each policy indicated.
This receipt shall be void if any check or draft given in exchange for it is not
paid when presented for payment.
EFFECTIVE DATE OF INSURANCE
This receipt provides no insurance until the EFFECTIVE DATE which is defined as
the later of (1) date of completion of all parts of the application and
supplements thereto on the person proposed for insurance, or (2) date of
completion of all medical examinations, including a second examination,
electrocardiogram, urine specimen, and chest X-ray where required for the person
by the Company's published underwriting rules because of age and amount of
insurance applied for, or (3) the Date of Issue, if any, requested in the
application.
TERMINATION DATE OF INSURANCE
This receipt provides no insurance after the TERMINATION DATE which is
determined separately for each policy applied for and is defined as the earliest
date of the following:
1. The date notice is mailed that the application is not accepted.
2. The date the Company tenders to the Applicant or Owner a policy issued other
than as applied for.
3. The date next prior to the day the policy becomes effective in the event the
policy is issued as applied for.
4. The date 60 days subsequent to the date of the application.
CONDITIONAL INSURANCE PROVIDED
Provided there is no material misrepresentation in the application, this receipt
provides insurance, subject to all provisions herein, in accordance with the
terms of the policy or policies applied for, between the EFFECTIVE DATE and
TERMINATION DATE and subject to the following limitations for any life or
accidental death insurance:
a. If, on the EFFECTIVE DATE, the person proposed for life insurance is
insurable under the Company's rules, limits and standards for the life
insurance applied for and at the rate applied for or a lower rate, then the
insurance under this receipt for such person shall in no case exceed $250,000
including all life and accidental death insurance then in force with the
Company.
b. If, on the EFFECTIVE DATE, the person proposed for life insurance is
insurable under the Company's rules, limits and standards for the life
insurance applied for, but only at a rate higher than the rate applied for,
then the insurance under this receipt for such person shall be for the amount
which the full first premium would purchase at the higher rate subject to the
limitation of the immediate preceding paragraph.
AGENT MAY NOT MODIFY
No Agent of Century Life of America has any power or authority to change or
modify any of the provisions of this Conditional Receipt.
Dated at ..................................... on ..............................
City State Date
...............................................
Soliciting Agent
