Exhibit 99(g)
AMENDMENT
to the Risk Premium Reinsurance Agreement (the "Agreement")
between the FIRST INVESTORS LIFE INSURANCE COMPANY of New York, New York,
hereinafter referred to as the "REINSURED,"
and
THE LINCOLN NATIONAL LIFE INSURANCE COMPANY of Fort Xxxxx,
Indiana, hereinafter referred to as the "LINCOLN,"
effective December 1, 1984.
1. The REINSURED'S plans to be reinsured under the Agreement on and
after the first day of November, 1987, shall be those specified in the Appendix
1, attached hereto.
2. The term "Reinsurance Amount" shall be defined as the Face Amount
at issue less the REINSURED'S retention at issue. The term "Policy Net Amount at
Risk" shall be defined as the policy death benefit less the cash value at the
Processing Date. The term "Reinsurance Percentage" shall be defined as the
Reinsurance Amount divided by the Face Amount. The term "Reinsured Net Amount at
Risk" shall be defined as the Reinsurance Percentage multiplied by the Policy
Net Amount at Risk as of the Processing Date. The term "Processing Date" shall
be defined as the policy anniversary.
3. If the REINSURED'S approval is needed for or results in any
change in the death benefit or the Policy Net Amount at Risk, the Reinsurance
Amount and Reinsurance Percentage shall be recalculated as of the effective date
of any such approved change, subject to the provisions of the "REINSURANCE
LIMITS" article of the Agreement.
4. If either the death benefit or the Policy Net Amount at Risk
increases without being subject to the REINSURED'S approval, the LINCOLN shall
accept automatically the Reinsurance Percentage of such increase, but at no time
shall the Reinsured Net Amount at Risk exceed 150% of the Reinsurance Amount, as
defined in paragraph 2, above.
5. Any policy Net Amount at Risk in excess of 150% of the
Reinsurance Amount shall be retained entirely by the REINSURED. Any subsequent
decreases of the increased Policy Net Amount at Risk shall first be applied to
decrease the REINSURED'S retention to 150% of its initial retention and any
further decreases shall reduce the REINSURED'S retention and the Reinsured Net
Amount at Risk proportionately.
6. On and after the first day of November, 1987, the retention limit
of the REINSURED shall be that shown in the revised Schedule A, Parts A and B
attached hereto. This retention shall apply to reinsurance ceded after the
effective date hereof.
7. The REINSURED may cede and the LINCOLN shall accept automatically
amounts of reinsurance not to exceed those described in the attached Schedule B.
It is expressly understood and agreed that the provisions of this
amendment shall be subject to all the terms and conditions of the 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.
FIRST INVESTORS LIFE INSURANCE COMPANY
Signed at New York, New York
By___________________________________ By____________________________________
Title________________________________ Title_________________________________
Date_________________________________ Date__________________________________
THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
Signed at Fort Xxxxx, Indiana
By___________________________________ By____________________________________
Date_________________________________ Date__________________________________
APPENDIX I
Insurance Subject to Reinsurance under this Agreement
A. One hundred percent of the REINSURED'S entire excess of its issues of the
following plans bearing register dates in the range shown below to
insureds having surnames beginning with the letters of the alphabet shown
below.
Dates Letters
Plan from through from through
---- ---- ------- ---- -------
Universal Life 12-1-84 - - A Z
Variable Life Insurance
Policy 11-1-87 - - A Z
B. Continuations of the REINSURED'S issues to any of the plans listed above,
provided the original policy was reinsured with the LINCOLN under this or
another reinsurance agreement.
SCHEDULE A, PART A
(Effective November 1, 1987)
Retention Limits of the REINSURED
UNIVERSAL LIFE
LIFE*
Ages Standard-Table D Over Table D
---- ---------------- ------------
0-50 $100,000 $50,000
Over 50 70,000 35,000
*At ages 50 through 55 the retention on 10-year non-renewable, non-convertible
term shall be $5,000.
WAIVER OF PREMIUM DISABILITY
Same as Life
ACCIDENTAL DEATH
$50,000
SCHEDULE A, PART B
(Effective November 1, 1987)
Retention Limits of the REINSURED*
VARIABLE LIFE
LIFE
INITIAL RETENTION:
Ages Standard-Table D Over Table D
---- ---------------- ------------
0-50 $66,700 $33,350
Over 50 46,700 23,350
*In addition, the REINSURED shall retain its proportionate share of all
increases in Policy Net Amount at Risk up to 150% of its share of the Policy Net
Amount at Risk at Issue, plus all increases in excess of 150% of the Policy Net
Amount at Risk at Issue.
SCHEDULE B
(Effective November 1, 1987)
Maximum Amounts which the REINSURED may cede Automatically
LIFE
Ages Standard-Table D Tables E-P Over Table P
---- ---------------- ---------- ------------
0-50 $400,000 $200,000 None
51-70 280,000 140,000 None
Over 70 None None None
WAIVER OF PREMIUM DISABILITY
The REINSURED may cede automatically Waiver of Premium Disability reinsurance in
amount applicable to the amount of Life reinsurance ceded automatically not to
exceed the following:
Ages Standard-Table F Over Table F
---- ---------------- ------------
0-44 $2,000,000 None
45-65 1,000,000 None
Over 65 None None
ACCIDENTAL DEATH BENEFITS
Ages Standard-Table F Over Table F
---- ---------------- ------------
0-65 $190,000 None
Over 65 None None
