Amendments IV and V to reinsurance agreement 5356-1 (Automatic Coinsurance Bulk)
between the CENTURY LIFE OF AMERICA of Waverly, lowa, and the GENERAL
REASSURANCE CORPORATION of Stamford, Connecticut.
Amendment IV.
------------------------
Schedule C is hereby voided and replaced by the attached Schedule C - Amended,
effective August 1, 1988, thereby adding the UL88 and ULEB88 plans to the
provisions of this agreement.
In conjunction with the above, Schedule F, pages 9 and 10, reinsurance premiums
for the UL88 and ULEB88, are also hereby added to the provisions of this
agreement.
Amendment V.
------------------------
When one of the Company's policies originally reinsured with GRA is converted to
one of the Universal Life plans reinsured under this agreement, GRA shall accept
automatically such conversions. After the conversion, the policy will be
reinsured under the provisions of this agreement. The company shall pay to GRA
the appropriate reinsurance premium found in Schedule F of this agreement, on a
point-in-scale basis. All converted policies will be included on the Reinsurance
Listing.
All provisions of the reinsurance agreement not in conflict with the provisions
of these amendments will continue unchanged.
These amendments are signed in duplicate at the dates and places indicated with
an effective date of August 1, 1988.
Date: October 14, 0000 XXXXXXX XXXX XX XXXXXXX
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Place: Waverly, IA By: /s/ Xxxxxx X. Xxxxxxx
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Witness:/s/ Xxx Xxxxxxxxx Title: Senior VP
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Date: August 26, 1988 GENERAL REASSURANCE CORPORATION
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Place: Stamford, CT By: /s/ Signature
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Witness:/s/ Xxxxx X. Xxxxxxx Title: Vice President
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SCHEDULE C - AMENDED
--------------------
Agreement Number 5356-1
Allowances for Commissions and Expenses for the Century Life of America
-----------------------------------------------------------------------
The percentages to be deducted from the standard annual premiums, exclusive of
policy fees, for life insurance and waiver of premium disability benefits are
listed below by policy form and number of premium payments where applicable.
Plan of Insurance Allowances*
----------------- -----------
A. LIFE
UA III (UniVers - All Life III)
Non-Smoker 1st Year 100%
2nd - 10th Years 37%
11th & Later Years 5%
Smoker 1st Year 100%
2nd - 10th Years 25%
11th & Later Years 6%
UniVers - All Life III
(UL III Unisex - Form #2212)
Non-Smoker 1st Year 100%
2nd - 10th Years 37%
11th & Later Years 5%
Smoker 1st Year 100%
2nd - 10th Years 25%
11th & Later Years 6%
Automatic Increase Rider** Point-in-scale allowances for the
plan to which it is attached.
Other Insured Rider Same allowances as the base plan to
which it is attached.
UL88
Non-Smoker 1st Year 100%
2nd - 10th Years 36%
11th & Later Years 22%
Smoker 1st Year 100%
2nd - 10th Years 36%
11th & Later Years 20%
Schedule C - Amended Continues . . .
Schedule C - Amended, Pg 2
ULEB88
Non-Smoker 1st Year 100%
2nd - 10th Years 31%
11th & Later Years 20%
Smoker 1st Year 100%
2nd - 10th Years 31%
11th & Later Years 12%
*On cessions in excess of $5,000,000 GRA reserves the right to adjust
allowances for commissions and expenses.
**The maximum increase amount is the lessor of $25,000 or 15% of the
initial specified amount. Therefore, the maximum increase for any case
would be $375,000 over the lifetime of the Contract. The number of
increases available is staggered based on the Rider issue age. The
Company's underwriting department will consider the first 5 Rider increases
in determining underwriting requirements.
B. WAIVER OF PREMIUM
The first-year allowances will be the same as those shown for the life
portion, not to Exceed 100% of the premium for waiver of premium
disability benefits. Renewal allowances will be the same as those for the
life portion.
For substandard table extras and for flat permanent extras payable for more
than five years, allowances will be the same as those shown for standard
ratings, not to exceed 100% in the first year. For flat temporary extras
payable for five years or less and for flat extras for aviation hazards, the
allowances will be 10% in all years.
Effective August 1, 1988
SCHEDULE F
CURRENT TERM CHARGES FOR DURATIONS 1-10
UL88 and ULEB88
UNISEX
ATT
AGE ALL
==== ====
0 1.01
1 .99
2 .95
3 .93
4 .90
5 .85
6 .81
7 .77
8 .74
9 .73
10 .74
11 .79
12 .88
13 1.01
14 1.14
15 1.26
16 1.36
17 1.44
18 1.50
19 1.53
ATT ATT ATT
AGE SMOKER NS AGE SMOKER NS AGE SMOKER NS
=== ======== ====== === ======= ====== === ====== ======
20 1.55 1.55 45 6.16 3.34 70 28.45 20.89
21 1.62 1.53 46 6.69 3.60 71 30.90 22.50
22 1.68 1.51 47 7.26 3.89 72 33.62 24.27
23 1.73 1.48 48 7.87 4.20 73 36.60 26.15
24 1.78 1.46 49 8.54 4.54 74 39.81 28.07
25 1.81 1.42 75 43.23 29.90
26 1.86 1.40 50 9.29 4.92 76 47.00 33.06
27 1.92 1.39 51 9.77 5.22 77 50.79 36.38
28 1.93 1.38 52 10.31 5.57 78 54.65 39.88
29 1.97 1.39 53 10.87 5.94 79 58.71 43.68
54 11.43 6.29
30 2.02 1.40 55 11.98 6.64 80 63.11 47.87
31 2.09 1.43 56 12.74 7.25 81* 67.99 52.60
32 2.17 1.47 57 13.47 7.87 82* 73.40 57.95
33 2.29 1.53 58 14.21 8.58 83* 79.32 63.90
34 2.42 1.59 59 14.98 9.32 84* 85.52 70.33
35 2.58 1.67 85* 91.84 77.13
36 2.77 1.76 60 15.79 10.15 86* 98.11 84.20
37 3.01 1.88 61 16.90 10.97 87* 104.55 91.45
38 3.28 2.01 62 18.17 11.89 88* 111.28 98.86
39 3.58 2.14 63 19.54 12.87 89* 118.03 106.54
64 20.96 13.93
40 3.94 2.31 65 22.38 14.94
41 4.31 2.49 66 23.63 16.13
42 4.73 2.68 67 24.80 17.28 * FOR RENEWAL ONLY
43 5.17 2.88 68 25.92 18.42
44 5.65 3.10 69 27.13 19.61
Effective August 1, 1988
SCHEDULE F
CURRENT TERM CHARGES FOR DURATIONS 11+
UL88 and ULEB88
UNISEX
ATT
AGE ALL
==== ====
0
1
2
3
4
5
6
7
8
9
10 .54
11 .58
12 .62
13 .74
14 .86
15 1.01
16 1.16
17 1.29
18 1.39
19 1.45
ATT ATT ATT
AGE SMOKER NS AGE SMOKER NS AGE SMOKER NS
=== ======== ====== === ======= ====== === ====== ======
20 1.48 1.48 45 4.67 2.10 70 36.47 24.58
21 1.54 1.42 46 5.11 2.29 71 39.01 26.84
22 1.60 1.34 47 5.62 2.52 72 41.72 29.31
23 1.67 1.26 48 6.16 2.75 73 45.89 32.86
24 1.73 1.19 49 6.74 3.00 74 49.92 36.48
25 1.75 1.13 75 53.49 39.85
26 1.74 1.09 50 7.39 3.29 76 57.15 43.28
27 1.74 1.08 51 8.07 3.62 77 61.35 47.19
28 1.75 1.07 52 8.81 3.99 78 64.06 49.99
29 1.77 1.06 53 9.61 4.40 79 68.32 54.12
54 10.48 4.85
30 1.78 1.04 55 11.40 5.37 80 72.89 58.68
31 1.83 1.05 56 12.36 5.96 81 78.05 63.84
32 1.86 1.05 57 13.37 6.64 82 83.16 69.16
33 1.91 1.06 58 14.44 7.37 83 87.63 74.06
34 1.99 1.08 59 15.60 8.21 84 92.67 79.68
35 2.08 1.10 85 98.97 86.58
36 2.19 1.14 60 16.87 9.15 86 105.59 94.06
37 2.33 1.18 61 18.26 10.13 87 111.34 100.95
38 2.48 1.24 62 19.77 11.21 88 119.31 110.20
39 2.67 1.31 63 21.44 12.42 89 126.43 113.73
64 23.24 13.75
40 2.87 1.39 65 25.18 15.25 90 135.89 129.64
41 3.15 1.50 66 27.02 16.70 91 147.72 142.66
42 3.49 1.63 67 29.23 18.46 92 158.36 154.51
43 3.83 1.78 68 31.37 20.25 93 171.04 168.54
44 4.22 1.93 69 33.64 22.20 94 184.55 183.25
Effective August 1, 1988