AMENDMENT 6
EFFECTIVE OCTOBER 1, 2008
TO THE
AUTOMATIC AND FACULTATIVE MONTHLY RENEWABLE TERM
REINSURANCE AGREEMENT
EFFECTIVE OCTOBER 1, 2008
BETWEEN
HARTFORD LIFE INSURANCE COMPANY ("CEDING COMPANY")
AND
TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY ("REINSURER")
("AGREEMENT")
WHEREAS, the Reinsurer currently reinsures the Ceding Company's plans or
policies under the Agreement; and
WHEREAS, the Ceding Company and the Reinsurer wish to clarify Section III. A.1
to indicate that the insured must satisfy only one of the requirements listed;
and
WHEREAS, the Ceding Company and the Reinsurer wish to amend the Agreement to
correct Section III. A.6 to state that the Automatic Binding Limit only applies
to Excess Risks; and
WHEREAS, the Ceding Company and the Reinsurer wish to clarify the administrative
implications of the Reinsurer's liability for riders or policy features that
accelerate the death benefit; and
WHEREAS, the Ceding Company and the Reinsurer wish to outline how Reinsurance
Premiums will be calculated in the event of a specific option's election under
the Conversion Option Rider; and
WHEREAS, the Ceding Company and the Reinsurer wish to confirm the Reinsurer's
liability for policy increases not subject to new underwriting; and
WHEREAS, the Ceding Company and the Reinsurer wish to reaffirm the basis for the
minimum amount for a facultative reinsurance application; and
WHEREAS, the Ceding Company and the Reinsurer wish to correct drafting errors in
Schedule F; and
WHEREAS, the Ceding Company and the Reinsurer wish to replace Exhibit VII to
reflect updated definitions and references.
NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby
acknowledged, the Ceding Company and the Reinsurer agree as follows:
1. The above recitals are true and accurate and are incorporated herein.
2. Article III is hereby deleted in its entirety and replaced with the
attached, revised Article III.
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3. Section IV.F is hereby deleted in its entirety and replaced with the
following Section IV.F:
F. The Reinsurer's liability for reinsurance on each risk will
terminate when the Ceding Company's liability terminates, unless it
terminates earlier as specified otherwise in this Agreement or later
as a result of the full acceleration of the death benefit.
4. Article X is hereby deleted in its entirety and replaced with the attached,
revised Article X.
5. Schedule B is hereby deleted in its entirety and replaced with the
attached, revised Schedule B.
6. Schedule F is hereby deleted in its entirety and replaced with the
attached, revised Schedule F.
7. Exhibit VII is hereby deleted in its entirety and replaced with the
attached, revised Exhibit VII.
8. Except as herein amended, all other terms and conditions of the Agreement
shall remain in full force and effect and unchanged.
In witness of the foregoing, the Ceding Company and the Reinsurer have, by their
respective officers, executed this Amendment in duplicate on the dates indicated
below.
TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY
by its Administrator and Attorney-in-Fact
SCOR Global Life Re Insurance Company of TX
on September 12, 2011
Signature /s/ Xxxxx Xxxxxxxxxx Signature /s/ Xxxxx X. Xxxxxxxxx
------------------------------------------- -------------------------------------------
Name in Text Xxxxx Xxxxxxxxxx Name in Text Xxxxx X.Xxxxxxxxx
Title: Executive Vice President Title: Assistant Vice President
SCOR Global Life Re Insurance Company of TX SCOR Global Life Re Insurance Company of TX
HARTFORD LIFE INSURANCE COMPANY
By: /s/ Xxxx Xxxxxxx Attest: /s/ Xxxxxxx Xxxxxx
------------------------------------------- -------------------------------------------
Name: Xxxx Xxxxxxx, FSA, MAAA Name: Xxxxxxx Xxxxxx, FSA, MAAA
Title: Assistant Vice President and Actuary Title: Senior Vice President
Individual Life Product Management Individual Life Product Management
Date: May 23, 2012 Date: 5/31/12
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ARTICLE III
REINSURANCE COVERAGE
Reinsurance under this Agreement will apply to those Plans of Insurance and
Riders set forth in Schedule A that also fall within a category of policies
eligible for reinsurance under this Agreement as described in Schedule F. Such
reinsurance shall be either on an automatic basis, subject to the requirements
set forth in Section A below, on an automatic processing basis, subject to the
requirements set forth in Section B below, or on a facultative basis, subject to
the requirements set forth in Section C below. Notwithstanding the foregoing,
reinsurance coverage on a facultative basis may also apply on plans of insurance
not listed in Schedule A, with the agreement of the Reinsurer. The
specifications for all reinsurance under this Agreement are provided in Schedule
B.
The term "Excess Risk," as used in this Agreement, shall mean a risk for which
the amount to be written on a life by the Ceding Company, when added to any
other amounts of risk for that life already in the Automatic Pool and any
amounts not in the Automatic Pool that are retained by the Ceding Company or its
affiliated companies, exceeds, either in whole or in part, the Total Allocation
Limit for that life shown in Exhibit II.
A. Automatic Reinsurance
For each risk that meets the requirements for Automatic Reinsurance as set forth
below, the Reinsurer will participate in a reinsurance pool whereby the
Reinsurer will automatically reinsure a portion of the risk as indicated in
Schedule B ("Automatic Pool"). The requirements for Automatic Reinsurance are as
follows:
1. Each life, at the time of application, must satisfy one of the following
requirements:
a. have been a legal resident of the United States or Canada for at
least six months; or
b. be a citizen of the United States or Canada; or
c. qualify for the Foreign National Underwriting Program as specified
in Schedule C.
2. Each risk must be underwritten according to the Ceding Company's Standard
Underwriting Practices and Guidelines or one of the special underwriting
programs. The Ceding Company's Standard Underwriting Practices and
Guidelines as of the Effective Date are described in Schedule E, and the
Ceding Company's special underwriting programs as of the Effective Date are
described in Schedule C and Schedule D. Changes to such documents will be
handled in accordance with Section XXII.M.
If the Ceding Company would like to offer coverage at a risk class more
favorable than the True Assessed Risk Class, the Ceding Company may:
a. Reinsure the risk automatically under this Agreement with
Reinsurance Premiums based on the True Assessed Risk Class; or
b. Seek to reinsure the risk facultatively under this Agreement at rates
more favorable than the True Assessed Risk Class; or
c. Decide not to reinsure the risk under this Agreement.
For purposes of this Agreement, "True Assessed Risk Class" shall mean the risk
class assessed by the Ceding Company prior to any adjustments made as a result
of the
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Ceding Company's Enhanced Standard or similar special underwriting program.
3. For any Excess Risk, if a risk on the life of a proposed insured was
previously submitted by the Ceding Company on a facultative basis to the
Reinsurer or to any other reinsurer, at least three (3) years must have
elapsed since that previous risk was submitted facultatively, unless the
original reason for submitting facultatively no longer applies.
4. The maximum issue age for each life is 85. For Last Survivor policies, the
minimum issue age is 18, for all other policies, the minimum age is 0.
5. The mortality rating on each life does not exceed Table P. However, for
Last Survivor policies, one life may be uninsurable if the other life does
not exceed Table F.
6. For any Excess Risk, the total amount of risk on that life to be reinsured
in the Automatic Pool and under any other individual life reinsurance
agreement with any reinsurer does not exceed the Automatic Binding Limit
for that life shown in Exhibit II.
7. For any Excess Risk, the total amount of risk on that life in force and
applied for in all companies must not exceed the Jumbo Limit for that life
shown in Exhibit II. (For Last Survivor risks, see the Last Survivor Limits
and Retention Worksheet in Exhibit II.) Any amounts of risk being replaced
by the Ceding Company may be deducted from this total amount of risk only
under the following conditions:
a. Existing permanent insurance is being replaced by the Ceding
Company, with or without a Section 1035 exchange, and the Ceding
Company has obtained a duly executed absolute assignment of the
insurance being replaced; or
b. Existing term insurance is being replaced by the Ceding Company, and
the Ceding Company has obtained a duly executed absolute assignment
of the insurance being replaced; or
c. An internal replacement is being made, where the Ceding Company is
replacing an in-force policy with a new policy of equal or greater
death benefit.
When the total amount in force and applied for, that is to be compared with the
applicable Jumbo Limit, is reduced due to the above conditions, the Ceding
Company assumes full responsibility to effect the cancellation of life insurance
coverage under the replaced insurance concurrently with the commencement of
coverage under the new policy. If the cancellation does not occur in a timely
manner and the failure to cancel results in the new policy causing reinsurance
coverage to exceed the applicable Jumbo Limit, then the Reinsurer may (when the
Reinsurer becomes aware of the Jumbo Limit violation) decline reinsurance
coverage on the new policy during the period of time while both policy coverages
are in effect, by written notice to the Ceding Company. Once this notice has
been given, the Reinsurer will have no liability for reinsurance coverage on the
new policy while both policy coverages are in effect and shall refund to the
Ceding Company all related Reinsurance Premiums for the new policy. However, if
reinsurance coverage on the new policy is declined for this reason and the
cancellation of life insurance coverage under the replaced insurance is later
effected, then, upon receipt of the Ceding Company's written notice to this
effect, the Reinsurer will again become liable for reinsurance coverage on the
new policy as of the effective date of cancellation of coverage under the
replaced policy, and Reinsurance Premiums for the new policy will again be
payable.
8. If all the other requirements for Automatic Reinsurance are met and the
life is a player or
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coach on a team in the National Hockey League, the National Football
League, the National Basketball Association or Major League Baseball, and:
a. The risk is not an Excess Risk, then the Ceding Company shall notify
the Reinsurer of this fact at the time of issue of the risk; or
b. The risk is an Excess Risk, then, prior to ceding the risk
automatically under this Agreement, the Ceding Company must confirm
the Reinsurer's available capacity for that risk. The Ceding Company,
by telephone call or electronic mail, shall: (1) notify the
Reinsurer's Chief Underwriter, or designee, of the life's name, date
of birth, sport and team affiliation, the total life insurance in
force and to be placed on the life, and the amount of new reinsurance
coverage required from the Reinsurer; and (2) confirm that an
application for insurance on the life has been completed. The
Reinsurer shall endeavor to inform the Ceding Company of its
available capacity for the risk within two business days after such
notification and confirmation. After the Reinsurer has advised the
Ceding Company of the amount of its available capacity, the Ceding
Company may then cede to the Reinsurer no more than that amount on an
automatic basis under this Agreement.
9. The Ceding Company, or one of its affiliates, shall retain its share of
each risk on a life, as described in this Agreement and in any other life
reinsurance agreement applicable to risk on that life. However, the Ceding
Company reserves the right to separately reinsure any amount of the
retained risk on a life reinsured under this Agreement with these
conditions:
a. This right, as it pertains to such lives, applies only to groups of
risks defined as cohorts of risks reinsured for at least five (5)
years and issued either during a continuous period (such as one or
more years) or under one or more Plans of Insurance shown in
Schedule A, and does not apply to individual lives or to small,
non-homogeneous groups of risks:
b. The remaining amount of risk retained on that life by the Ceding
Company,
c. Any amounts of retention separately reinsured in this manner shall
not reduce the amount of the Ceding Company's retention on that life
for the purpose of any other terms of this Agreement.
B. Automatic Processing
If the requirements for Automatic Reinsurance are met for a life except for the
requirement stated above in Section A.6, but the total amount of risk on that
life to be reinsured in the Automatic Pool and under any other individual life
reinsurance agreement with any reinsurer does not exceed the Automatic
Processing Limit for that life shown in Exhibit II, then the Ceding Company may
submit to the Lead Reinsurer (designated in Schedule B) all information relating
to the insurability of that life. For Last Survivor policies where one life is
deemed uninsurable, only the information for the other life needs to be
submitted.
The Lead Reinsurer shall review the submitted information to determine if the
life should be reinsured by the Automatic Pool and, if so, on what basis. The
Lead Reinsurer shall endeavor to provide the Ceding Company with a response
within 72 hours of receipt of such information. Approval by the Lead Reinsurer
shall be binding on all other current Automatic Pool reinsurers.
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This process shall be known as Automatic Processing and shall be subject to
Exhibit II.
Hereinafter, all references to Automatic Reinsurance, coverage automatically
reinsured, and the Automatic Pool will include coverage reinsured through
Automatic Processing.
C. Facultative Reinsurance
If the requirements for Automatic Reinsurance are not met and the Ceding Company
applies for Facultative Reinsurance with the Reinsurer, or if the requirements
for Automatic Reinsurance are met but the Ceding Company prefers to apply for
Facultative Reinsurance with the Reinsurer, then the Ceding Company shall submit
to the Reinsurer sufficient evidence agreed upon between the Ceding Company and
the Reinsurer, relating to the insurability of each life submitted for
Facultative Reinsurance. For Last Survivor policies where one life is deemed
uninsurable, only the information for the other life needs to be submitted.
The Reinsurer shall promptly notify the Ceding Company in writing of its
declination to offer, its underwriting offer subject to additional requirements,
or its final underwriting offer. The final underwriting offer wiII automatically
expire upon the earliest of: (1) the date the policy application is withdrawn;
(2) the expiration date specified in the final offer; (3) the date one hundred
twenty (120) days after the date of the final offer; and (4) the date the final
offer is accepted, provided such offer is accepted within the Iifetime of the
proposed insured(s).
Once the Ceding Company has accepted the Reinsurer's final underwriting offer,
then Facultative Reinsurance for the risk under this Agreement will become
effective under this Agreement as described below in Article IV.C or Article
IV.E, as applicable.
ARTICLE X
POLICY CONVERSIONS, OTHER CHANGES, AND TERMINATIONS
A. Conversions
A conversion is a policyholder's exercise of a contractual right to replace
in-force coverage with a new permanent policy without evidence of insurability.
Conversions from a policy reinsured under this Agreement will continue to be
reinsured under this Agreement as follows:
1. The converted coverage under the new policy will be reinsured with the
Reinsurer in the same proportion as was determined for the in-force
coverage converted; and
2. Reinsurance Premiums for such converted coverage shall be calculated on a
point-in-scale basis.
If the new policy was converted under the Conversion Option Rider from either
(a) two single life policies reinsured under this Agreement; or (b) one single
life policy reinsured under this Agreement and one newly underwritten life, to a
last survivor policy, Reinsurance Premiums for both lives shall be calculated on
a point-in-scale basis. The Reinsurance Premiums for both lives shall be
calculated using the tables of Annual Rates per $1,000 of Reinsured Net Amount
at Risk and table of YRT Reinsurance Rate Factors applicable to the earliest
original coverage in accordance with the procedures set out in Exhibit I.
Conversions from a policy not reinsured under this Agreement shall not be
reinsured under this Agreement.
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B. Increases and Decreases in Policy Face Amount
1. If the face amount of a policy reinsured under this Agreement increases
and:
a. The increase is subject to full underwriting, then the provisions of
Article III shall apply to the increase in reinsurance and
Reinsurance Premiums for the increase shall be based on new-business
rates; or
b. The increase is not subject to full underwriting, the Reinsurer will
accept the increase, provided that:
(1) If the policy was ceded automatically, the Ceding Company
underwrote the full face amount (including all scheduled
increases) in accordance with the terms of this Agreement (whether
through Automatic Reinsurance or Automatic Processing); or
(2) If the policy was ceded facultatively, the Ceding Company received
approval from the Reinsurer for the full face amount (including
all scheduled increases) at the time of facultative application.
Reinsurance Premiums for increases not subject to full underwriting shall be
calculated on a point-in-scale basis.
c. For increases in accordance with B.1.b, the Ceding Company's
retention and the amount of risk ceded to the Reinsurer shall be
determined for the increase at the time the increase goes into
effect, as follows:
(1) For increases in accordance with B.1.b (1), in accordance with
Schedule B; or
(2) For increases in accordance with B.1.b (2), the Ceding Company's
retention and the amount of risk ceded to the Reinsurer shall be
determined by mutual agreement of the Parties.
2. If the face amount of a policy reinsured under this Agreement decreases
and:
a. If the face amount of a policy that was previously increased is
subsequently decreased, the decrease will be applied first to the
increase with the latest effective date, and then to the increase
with the next earlier effective date, and so forth as necessary,
until applying any remaining decrease to the initial face amount of
the policy.
b. The Ceding Company's retention and the amount of risk ceded to the
Reinsurer shall be determined at the time the decrease goes into
effect, as follows:
(1) For decreases under policies ceded automatically, in accordance
with Schedule B; or
(2) For decreases under policies ceded facultatively, the amount of
the risk reinsured to the Reinsurer shall be reduced
proportionately.
C. Policy Exchanges and Other Changes
A policy exchange is a new policy replacing an existing policy where the new
policy is not fully
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underwritten. Exchanges from one single life policy reinsured under this
Agreement to a different single life policy will be reinsured on a
point-in-scale basis. Likewise, exchanges from one last survivor policy
reinsured under this Agreement to a different last survivor policy will be
reinsured on a point-in-scale basis.
Exchanges from a last survivor policy reinsured under this Agreement with the
Last Survivor Exchange Option Rider or Twenty-Four (24) Month Exchange Rider to
two single life policies will be reinsured, if both risks under the Last
Survivor policy were fully underwritten (and neither was deemed to be
uninsurable) and the total face amount of the two new Single Life policies does
not exceed the face amount of the Last Survivor policy. In this event, the new
Single Life policies shall be reinsured on a point-in-scale basis at the
applicable single life rates. For each new policy after the exchange, the
insurance will continue to be reinsured by the Reinsurer in the same proportions
as set at issue of the original coverage.
If there is a contractual change in a policy reinsured under this Agreement that
is not subject to full underwriting, other than the changes described above in
Sections A and B, the insurance shall continue to be reinsured with the
Reinsurer in the same proportions as the original coverage and Reinsurance
Premiums for contractual changes shall be calculated on a point-in scale basis.
The Ceding Company shall notify the Reinsurer of any such changes in policies
reinsured under this Agreement in its monthly reinsurance reports.
Exchanges made from a policy not reinsured under this Agreement shall not be
reinsured under this Agreement.
D. Policy Terminations and Lapses
If a policy reinsured under this Agreement terminates, the reinsurance for the
risk will terminate as of the effective date of policy termination. For a policy
terminated due to the expiry of any grace period for an unpaid amount, the
effective date of termination for such policy will be the date such unpaid
amount was first due.
Notwithstanding the foregoing, if a policy is deemed to have terminated as a
result of full acceleration of the death benefit, the corresponding reinsurance
on the policy will continue as specified in Section IV.F.
If a policy reinsured under this Agreement lapses to extended term insurance
under the terms of that policy, the corresponding reinsurance on the reinsured
policy will continue on the same basis as the original reinsurance until the
expiry of the extended term period.
If a policy reinsured under this Agreement lapses to reduced paid-up insurance
under the terms of that policy, the amount of the corresponding reinsurance on
the reinsured policy will be reduced according to the terms of Section B.2.
If the Ceding Company allows a policy reinsured under this Agreement to remain
in force under its automatic premium loan provisions, the corresponding
reinsurance on the reinsured policy will continue unchanged and in force as long
as such provisions remain in effect, except as otherwise provided in this
Agreement.
E. Reduction in Retained Coverage on a Life
If any portion of the aggregate amount of insurance retained by the Ceding
Company or its affiliates on an individual life reduces or terminates, the
Ceding Company or its affiliates will
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recalculate its retention on any remaining risk(s) in force on that life. The
Ceding Company or its affiliates will not be required to retain an amount in
excess of its retention limit for the age, mortality rating, and risk
classification based on the applicable retention limit that was in effect at the
time of issue for any risk. Unless provided for otherwise in the applicable
reinsurance agreements, the Ceding Company or its affiliates will first
recalculate the retention on the risk(s) having the same mortality rating as the
terminated risk(s). Order of recalculation will secondarily be determined by
effective date of the risk, oldest first.
F. Multiple Reinsurers
If reinsurance of a risk is shared by more than one reinsurer, the Reinsurer's
percentage of any increased or reduced reinsurance will be the same as its
initial percentage of the reinsurance for that risk unless specified otherwise
in Schedule B or agreed upon by the Reinsurer.
G. Mortality Rating Changes
On Facultative Reinsurance, if the Ceding Company wishes to reduce the mortality
rating or otherwise improve the risk class, such change shall be subject to the
Reinsurer's approval. On Automatic Reinsurance, the Reinsurer shall accept this
change if the change qualifies under the underwriting practices and guidelines
described in Schedules C, D, or E, as applicable.
H. Rescission of Policy Coverage Prior to Death Claim
If a misrepresentation, misstatement, or omission on an application results in
the Ceding Company's rescission of coverage, the Reinsurer shall refund to the
Ceding Company any Reinsurance Premiums it received on that coverage. This
refund shall be in lieu of any and all other reinsurance benefits payable on
that coverage under this Agreement. The Reinsurer shall also reimburse the
Ceding Company for its proportionate share of any non-routine expenses incurred
by the Ceding Company in connection with the rescission. Such non-routine
expenses shall include the costs of investigations and of obtaining financial
and medical reports; they would not include the compensation of salaried
officers and employees of the Ceding Company.
The Ceding Company shall promptly notify the Reinsurer in the event a rescission
is challenged by legal action. The Ceding Company shall also furnish to the
Reinsurer copies of all information related to such action.
Recognizing the urgent nature of these communications, within eight (8) business
days of receipt of such information, the Reinsurer shall notify the Ceding
Company in writing of the Reinsurer's decision whether or not it shall
participate in the defense of the rescission. If the Reinsurer does not respond
to the Ceding Company within such eight (8) business day period, the Reinsurer
will be deemed to have elected to participate in the defense of the rescission.
If the Reinsurer elects or is deemed to have elected to participate in the
defense of the rescission, the Reinsurer shall also reimburse the Ceding Company
for its proportionate share of court costs and legal expenses incurred by the
Ceding Company in connection with the defense of the rescission of coverage.
If a rescission of policy coverage is reversed and the policy coverage is
restored to in-force status, any related reinsurance coverage under this
Agreement shall also be restored upon the Ceding Company's payment to the
Reinsurer of all applicable Reinsurance Premiums.
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SCHEDULE B
REINSURANCE SPECIFICATIONS
EFFECTIVE OCTOBER 1, 2008
AUTOMATIC REINSURANCE: The Ceding Company shall retain its available retention
on each risk, defined below as the Retained Net Amount at Risk, subject to the
applicable Ceding Company's Treaty Retention Limit shown in Exhibit II.
The Reinsurer will automatically reinsure a portion of the remainder of the
risk, called the Reinsured Net Amount at Risk, as defined below in this Schedule
B.
FACULTATIVE REINSURANCE: The Reinsurer will reinsure X% (as determined at issue)
of the Total Net Amount at Risk for the risk.
TOTAL ALLOCATION LIMIT (TAL): As shown in Exhibit II.
CEDING COMPANY'S TREATY RETENTION LIMIT (CCTRL): As shown in Exhibit II.
CEDING COMPANY'S ALLOCATED RETENTION (CCAR): As shown in Exhibit II.
CURRENT RETENTION (CURRRET) = Current amount of life insurance retained by the
Ceding Company and its affiliated companies on the life for in-force life
insurance coverage. (For Last Survivor risks, see the Last Survivor Limits and
Retention Worksheet in Exhibit II.)
REINSURER'S ALLOCATED RETENTION (REINSARET): As shown in Exhibit II.
REINSURER'S ATTACHMENT POINT (REINSAPT): As shown in Exhibit II.
NAR TYPE for the Plan of Insurance to be reinsured under this Agreement, as
shown in Schedule A.
STEP 1 -- DETERMINE TOTAL NET AMOUNT AT RISK FOR THE COVERAGE*
TOTAL NET AMOUNT AT RISK (TOTNAR) =
For NAR TYPE A, Death Benefit minus the Account Value.
For NAR TYPE B, Death Benefit minus the Working Reserve, where
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STEP 1 -- DETERMINE TOTAL NET AMOUNT AT RISK FOR THE COVERAGE* (CONTINUED)
STEP 2 -- DETERMINE NET AMOUNT AT RISK FOR EACH "LAYER" OF COVERAGE
STEP 3 -- DETERMINE THE NAR FOR THE CEDING COMPANY AND THEN FOR THE REINSURER
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MINIMUM AUTOMATIC REINSURANCE CESSION:
MINIMUM FACULTATIVE REINSURANCE APPLICATION:
LEAD REINSURER:
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SCHEDULE F
POLICIES ELIGIBLE FOR REINSURANCE UNDER THIS AGREEMENT
EFFECTIVE OCTOBER 1, 2008
The following categories of policies are eligible for reinsurance under this
Agreement:
CATEGORY # CATEGORY DESCRIPTION
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1 Policies issued on or after March 1, 2009
2 Policies issued from the Effective Date of this Agreement through February 28, 2009 that
were eligible for automatic reinsurance under one of the following Ceding Company
reinsurance pools:
i. Single Life Excess Pool effective November 1, 2002
ii. Advanced UL Pool effective September 1, 2004;
iii. Last Survivor Excess Pool effective January 1, 2002; and
iv. Advanced Last Survivor UL Pool effective January 1, 2005,
but that were fully retained by the Ceding Company at the time of processing (see Note
below).
Notwithstanding the foregoing, fully retained policies issued during this period in which
the insured has a subsequent policy that is partially or fully ceded to another pool
(including the Hartford Term Pool effective April 10, 2006) will not be eligible for
reinsurance under this Agreement.
NOTE:
The Ceding Company completed the processing of Category 2 business in July 2009.
At the time of processing, the Ceding Company paid the Reinsurer Reinsurance
Premiums for all policies in Category 2 back to each policy's effective date.
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EXHIBIT VII
REINSURANCE REPORTS
EFFECTIVE OCTOBER 1, 2008
REPORT ACCOUNTING PERIOD DUE DATE
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1. New Business* (New issues only -- first time policy Monthly 30th day after month end
reported to the Reinsurer)
2. Renewal Business* (Policies with renewal dates Monthly 30th day after month end
within the Accounting Period)
3. Changes & Terminations* (includes conversions, Monthly 30th day after month end
replacements reinstatements, increases, decreases,
recaptures, lapses, claims, etc.)
4. Inforce List (Listing of each policy in force) Monthly 30th day after month end
5. Statutory Reserves Quarterly 30th day after quarter end
6. Policy Exhibit Monthly 30th day after month end
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* Policy record details for new business, renewal business, and changes and
terminations (Reports 1, 2, and 3 above) may be reported as separate reports
or combined into one report, provided the required data elements continue to
be satisfied.
REPORTING SYSTEM:
The system used by the Ceding Company to administer its reinsurance is: TAI.
NOTE:
Certain policy transactions, such as increases, are coded in the policy
administration system as riders, although they do not correspond to filed rider
forms.
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MINIMUM DATA REQUIREMENTS
INFORCE AND TRANSACTION FILE
COMPANY IDENTIFIES THE CEDING COMPANY
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Policy Policy number which is part of the policy key
Coverage/rider Coverage number which is part of the policy key. This number is used to identify
specific policy coverage.
Cession ID This field contains the number assigned to this cession by the Reinsurer
Transaction Sequence This field indicates the transaction record(s) created during the month.
Line of Business This field indicates the line of business the policy falls under.
Reinsurance Company Two character reinsurance company ID code that identifies the Reinsurer.
Reporting Company Identifies the company used for reporting purposes. Will be the same as the
Reinsurance Company.
Transaction Type Identifies the type of transaction being reported on the Transaction extract.
Transaction Count This field is used on the Transaction extract to identify the addition or
termination of a cession.
Reinsurance From Date This field contains the beginning date of the period covered by this record. The
premiums on the Transaction record cover the period beginning with the From Date
through the To Date.
Reinsurance To Date This field contains the end date of the period covered by a record.
Date Reported On the Transaction extract, this is the month the transaction was reported.
Mode Identifies the mode of reinsurance premium payment.
Policy Duration The duration at issue is 01.
Reinsurance Duration Contains the reinsurance duration. It may differ from the policy duration if the
cession is a continuation.
Cession Number Hartford does not currently use. Defaults to spaces.
Policy Date This field contains the effective date of the policy.
Reinsurance Date This field contains the effective date of the reinsurance. For most cessions it
is the same as the Policy Date. For continuations, it contains the effective
date of the original coverage.
Issue State This field contains a two-letter abbreviation of the state or province of issue.
Used to determine unisex rates.
Resident State This field contains a two-letter abbreviation of the state or province of issue.
Used to compute premium tax reimbursement if applicable.
Joint Type Identifies Joint business type
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 6 -- Effective 10/01/2008
15
COMPANY IDENTIFIES THE CEDING COMPANY
----------------------------------------------------------------------------------------------------------------
Joint Age Used for joint coverages using a joint equivalent age for rate searches.
Auto/Fac Indicator Indicates whether the policy is ceded on an Automatic or Facultative basis.
Death Benefit Option This field contains the option chosen by the insured for death proceeds payment.
Participation code This field indicates whether the business is Non Participating (N) or
Participating (P).
Issue Type Identifies how a cession was issued. (New business or Continuation)
Underwriting Method Identifies the type of underwriting used to issue the coverage.
Treaty Number This field contains the TAI system treaty number
Reinsurance Type This field is a one-character code that identifies the type of reinsurance.
(Y=YRT, C=Coinsurance & M=Modco.)
Plan This field contains the coverage plan code.
Product code This field contains the product type code.
Product code 1 For Joint Life policies, this field contains the product type code for Insured
1.
Product code 2 For Joint Life policies, this field contains the product type code for Insured
2. (If this is not a Joint Life policy, this field will be blank.)
Currency Code This field identifies the currency. (USD or CND if applicable)
Last Name -- 1 This field contains the insured's last name. For Joint Life policies, this field
contains the last name for Insured 1. (Maximum of 20 characters)
First Name -- 1 This field contains the insured's first name. For Joint Life policies, this
field contains the first name for Insured 1. (Maximum of 15 characters)
Middle Initial -- 1 This field contains the insured's middle initial. For Joint Life policies, this
field contains the middle initial for Insured 1. (1 character)
Client ID -- 1 This field contains the unique client ID for an insured used to connect lives
when calculating retention on a life. For Joint Life policies, this field
indicates the client ID for Insured 1. (Maximum of 20 characters)
Insured Status -- 1 This field indicates the insured's coverage status. For Joint Life policies,
this field indicates the insured's coverage status for Insured 1.
DOB -- 1 This field contains the insured's date of birth. For Joint Life policies, this
field contains the date of birth for Insured 1.
Sex -- 1 This field is used to identify the sex of the insured. For Joint Life policies,
this field contains the sex of Insured 1.
Pricing Sex -- 1 This field contains the sex used to compute premiums and allowances. For Joint
life policies, this field contains the pricing sex of Insured 1.
Age -- 1 This field contains the insured's issue age. For Joint Life policies, this field
contains the issue age for Insured 1.
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 6 -- Effective 10/01/2008
16
COMPANY IDENTIFIES THE CEDING COMPANY
----------------------------------------------------------------------------------------------------------------
Class -- 1 This field contains the company's rating of standard or preferred and the smoker
class. For Joint Life policies, this field contains the class for Insured 1.
Mortality -- 1 This field contains the insured's mortality rating. For Joint Life policies,
this field contains the mortality rating for Insured 1.
Mortality Duration -- 1 This field contains the duration of the insured's mortality rating. For Joint
Life policies, this field contains the duration of the mortality rating for
Insured 1.
Temp Flat -- 1 This field contains the temporary flat extra per 1000. For Joint Life policies,
this field contains the temporary flat extra per 1000 for Insured 1.
Temp Duration -- 1 This field contains the number of years that the temporary flat extra rating is
being charged. For Joint Life policies, this field contains the number of years
that the flat extra rating is being charged for Insured 1.
Perm Flat -- 1 This field contains the permanent flat extra per 1000. For Joint Life policies,
this field contains the permanent flat extra per 1000 for Insured 1.
Perm Duration -- 1 This field contains the number of years that the permanent flat extra rating is
being charged. For Joint Life policies, this field contains the number of years
that the flat extra rating is being charged for Insured 1.
Last Name -- 2 This field contains the insured's last name. For Joint Life policies, this field
contains the last name for Insured 2. (If this is not a Joint Life policy, this
field will be blank.) (Maximum of 20 characters)
First Name -- 2 This field contains the insured's first name. For Joint Life policies, this
field contains the first name for Insured 2. (If this is not a Joint Life
policy, this field will be blank.) (Maximum of 15 characters)
Middle Initial -- 2 This field contains the insured's middle initial. For Joint Life policies, this
field contains the middle initial for Insured 2. (If this is not a Joint Life
policy, this field will be blank.) (1 character)
Client ID -- 2 This field contains the unique client ID for an insured used to connect lives
when calculating retention on a life. For Joint Life policies, this field
indicates the client ID for Insured 2. (If this is not a Joint Life policy, this
field will be blank.) (Maximum of 20 characters)
Insured Status -- 2 This field indicates the insured's coverage status. For Joint Life policies,
this field indicates the insured's coverage status for Insured 2. (If this is
not a Joint Life policy, this field will be blank.)
DOB -- 2 This field contains the insured's date of birth. For Joint Life policies, this
field contains the date of birth for Insured 2. (If this is not a Joint Life
policy, this field will be blank.)
Sex -- 2 This field is used to identify the sex of the insured. For Joint Life policies,
this field contains the sex of Insured 2. (If this is not a Joint Life policy,
this field will be blank.)
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 6 -- Effective 10/01/2008
17
COMPANY IDENTIFIES THE CEDING COMPANY
----------------------------------------------------------------------------------------------------------------
Pricing Sex -- 2 This field contains the sex used to compute premiums and allowances. For Joint
Life policies, this field contains the pricing sex of Insured 2. (If this is not
a Joint Life policy, this field will be blank.)
Age -- 2 This field contains the insured's issue age. For Joint Life policies, this field
contains the issue age for Insured 2. (If this is not a Joint Life policy, this
field will be blank.)
Class -- 2 This field contains the company's rating of standard or preferred and the smoker
class. For Joint Life policies, this field contains the class for Insured 2. (If
this is not a Joint Life policy, this field will be blank.)
Mortality -- 2 This field contains the insured's mortality rating. For Joint Life policies,
this field contains the mortality rating for Insured 2. (If this is not a Joint
Life policy, this field will be blank.)
Mortality Duration -- 2 This field contains the duration of the insured's mortality rating. For Joint
Life policies, this field contains the duration of the mortality rating for
Insured 2. (If this is not a Joint Life policy, this field will be blank.)
Temp Flat -- 2 This field contains the temporary flat extra per 1000. For Joint Life policies,
this field contains the temporary flat extra per 1000 for Insured 2. (If this is
not a Joint Life policy, this field will be blank.)
Temp Duration -- 2 This field contains the number of years that the temporary flat extra rating is
being charged. For Joint Life policies, this field contains the number of years
that the flat extra rating is being charged for Insured 2. (If this is not a
Joint Life policy, this field will be blank.)
Perm Flat -- 2 This field contains the permanent flat extra per 1000. For Joint Life policies,
this field contains the permanent flat extra per 1000 for Insured 2. (If this is
not a Joint Life policy, this field will be blank.)
Perm Duration -- 2 This field contains the number of years that the permanent flat extra rating is
being charged. For Joint Life policies, this field contains the number of years
that the flat extra rating is being charged for Insured 2. (If this is not a
Joint Life policy, this field will be blank.)
Policy Face Amount Indicates the face amount of the total policy.
Retained Amount This field contains the amount retained on this policy coverage, not on the
life.
Ceded Amount This field contains the policy amount ceded to a specific reinsurer.
Net Amount at Risk This field contains the reinsured net amount at risk (NAR) for a specific
reinsurer.
Benefit Mortality ADB or Waiver mortality.
Premium This field contains the reinsurance premium.
Allowance This field contains the reinsurance allowance.
Flat extra type This field indicates whether there is a temporary flat extra (T) or a permanent
flat extra (P) being charged.
Premium Tax If premium tax is reimbursed, this field contains the tax amount.
Cash Value If applicable, this field is used to recover coinsured cash values from the
Reinsurer.
Benefit If applicable, this field is used to recover benefits from the Reinsurer.
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 6 -- Effective 10/01/2008
18
COMPANY IDENTIFIES THE CEDING COMPANY
----------------------------------------------------------------------------------------------------------------
Dividend If applicable, this field contains the reinsurer's share of the direct dividend.
Policy Fee This field contains the reinsurance policy fee.
Continuation Original Company This field indicates the ceding company on the original policy. (Used for
conversions only.)
Continuation Original Policy This field indicates the policy number for the original policy. (Used for
conversions only.)
Continuation Original This field indicates the coverage/rider for the original policy. (Used for
Coverage/Rider conversions only.)
Message An informational message may be manually added to a policy by the Ceding
Company.
Image switch Hartford does not currently use. Defaults to spaces.
Policy Fee Allowance This field contains the reinsurance policy fee allowance.
Location Code Hartford does not currently use. Defaults to spaces.
Treaty Reference Number Upon request, this field contains the Reinsurer's treaty number.
Claim Hartford does not currently use. Defaults to spaces.
Policy Status This field identifies the status of the cession.
Policy Master Smoker -- 1 Policy smoker class on direct policy. For Joint Life policies, this field
contains the policy master smoker class for Insured 1.
Policy Master Smoker -- 2 Policy smoker class on direct policy. For Joint Life policies, this field
contains the policy master smoker class for Insured 2. (If this is not a Joint
Life policy, this field will be blank.)
Policy Effective Date This field contains the issue date of the policy.
Policy Application Date This field indicates the date the insured signed the application.
NAR Type This field indicates the method used in determining the Total Net Amount at Risk
(as defined in Schedule B).
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 6 -- Effective 10/01/2008
19
POLICY EXHIBIT FILE*
COMPANY IDENTIFIES THE CEDING COMPANY.
----------------------------------------------------------------------------------------------------------------
Policy Policy number which is part of the policy key.
Coverage/rider Coverage number which is part of the policy key. This number is used to identify
a specific policy coverage.
Cession ID This field contains the number assigned to this cession by the Reinsurer.
Line of Business This field indicates the line of business the policy falls under.
Report Date This is the month the transaction was reported.
Reinsurance Company Two character reinsurance company ID code that identifies the Reinsurer.
Reporting Company Identifies the company used for reporting purposes. Will be the same as the
Reinsurance Company.
Treaty Number This field contains the TAI system treaty number.
Transaction Type Identifies the type of transaction being reported on the Transaction extract.
Policy Count Each New Business, Continuation & Reinstatement will be assigned a count of 1,
Terminations will be assigned -1 and Renewals/NAR changes will be assigned 0.
Base Ceded Amount This field contains the policy base amount ceded.
ADB ceded Amount This field contains the policy ADB amount ceded.
Waiver Ceded Amount This field contains the policy waiver amount ceded.
Net Amount at Risk The reinsured net amount at risk (NAR).
Plan This field contains the coverage plan code.
Auto/Fac Indicator Indicates whether the policy is ceded on an Automatic or Facultative basis.
Reinsurance Type This field is a one-character code that identifies the type of reinsurance.
(Y=YRT, C=Coinsurance & M=Modco.)
Currency Code This field identifies the currency. (USD or CND if applicable)
------------
* The Policy Exhibit will include a summary of reinsurance movement for a
given period categorized by transactions type. This summary provides the
Cession Count, Ceded Amount and Net Amount at Risk at the beginning of the
reporting period, a summary of the transactions occurring during the report
period as well as what is in force as of the ending of the report period.
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 6 -- Effective 10/01/2008
20
RESERVE FILE
COMPANY IDENTIFIES THE CEDING COMPANY
----------------------------------------------------------------------------------------------------------------
Policy Policy number which is part of the policy key
Coverage/rider Coverage number which is part of the policy key. This number is used to identify
a specific policy coverage.
Cession ID This field contains the number assigned to this cession by the Reinsurer
Benefit Type This field is the reserve type. 1 = Life, 2=ADB, 3=Waiver, 4=Flat Extras,
5=Substandard
Calc Method Hartford's TAI Valuation Method 1=Xxxxxxx Reserve+1/2 cx, E=Coinsurance Reserve,
H=Half Premium, L=Factor FLX1, X=1/2 cx
Reinsurance Company Two character reinsurance company ID code that identifies the Reinsurer.
Reporting Company Identifies the company used for reporting purposes. Will be the same as the
Reinsurance Company.
Line of Business This field indicates the line of business the policy falls under. (L=Life)
Treaty Number This field contains the TAI system treaty number
Plan This field contains the coverage plan code.
Auto/Fac Indicator Indicates whether the policy is ceded on an Automatic or Facultative basis.
Product code This field contains the product type code.
Joint Type Identifies Joint business Type
Joint Method Switch Identifies XXX Xxxxxxx method calculation
Mode Identifies the mode of reinsurance premium payment.
Cession Status This field identifies the status of the cession.
Reinsurance Type This field is a one-character code that identifies the type of reinsurance.
Duration Contains the reinsurance duration. It may differ from the policy duration if the
cession is a continuation.
Participation code This field indicates whether the business is Non participating (N) or
Participating (P).
Issue Date This field contains the effective date of the policy.
Reinsurance To Date This field contains the end date of the period covered by a record.
Policy Face Amount Indicates the face amount of the total policy.
Ceded Amount This field contains the policy amount ceded to a specific reinsurer
Net Amount at Risk This field contains the reinsured net amount at risk (NAR) for a specific
reinsurer.
Premium This field contains the reinsurance premium.
Reserve Percent Value appears on Coinsurance business only
Cession Count Cession count only appears under Life (Base), not benefits.
Age Basis Nearest/Closest (C), Last (L), Next (N)
Insured Status -- 1 This field indicates the insured's coverage status. For Joint Life policies,
this field indicates the insured's coverage status for Insured 1.
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 6 -- Effective 10/01/2008
21
COMPANY IDENTIFIES THE CEDING COMPANY
----------------------------------------------------------------------------------------------------------------
AGE -- 1 This field contains the insured's issue age. For Joint Life policies, this field
contains the issue age for Insured 1.
Class -- 1 This field contains the company's rating of standard or preferred and the smoker
class. For Joint Life policies, this field contains the class for Insured 1.
Sex -- 1 This field is used to identify the sex of the insured. For Joint Life policies,
this field contains the sex of Insured 1.
Mortality -- 1 This field contains the insured's mortality rating. For Joint Life policies,
this field contains the mortality rating for Insured 1.
Insured Status -- 2 This field indicates the insured's coverage status. For Joint Life policies,
this field indicates the insured's coverage status for Insured 2. (If this is
not a Joint Life policy, this field will be blank.)
Age -- 2 This field contains the insured's issue age. For Joint Life policies, this field
contains the issue age for Insured 2. (If this is not a Joint Life policy, this
field will be blank.)
Class -- 2 This field contains the company's rating of standard or preferred and the smoker
class. For Joint Life policies, this field contains the class for Insured 2. (If
this is not a Joint Life policy, this field will be blank.)
Sex -- 2 This field is used to identify the sex of the insured. For Joint Life policies,
this field contains the sex of Insured 2. (If this is not a Joint Life policy,
this field will be blank.)
Mortality -- 2 This field contains the insured's mortality rating. For Joint Life policies,
this field contains the mortality rating for Insured 2. (If this is not a Joint
Life policy, this field will be blank.)
Reserve Statutory or Tax Reserve for each coverage.
Reserve Interest Rate This field identifies the Interest Rate used when calculating reserves.
Reserve Factor Applicable Mortality Basis YRT Factor
Factor Pointer TAI specific field to identify applicable mortality table used when calculating
reserves.
Attained Age TAI specific field. Default is 1
Setback TAI specific field. Default is zero
Class Switch TAI specific field. Valuation Class (D=Distinct)
Curtate Switch This field indicates whether reserves are on a curtate or continuous basis.
Caption Hartford's TAI Valuation Method
Error Code Informational field used by Hartford -- Usually Blank
Reserve Class 1 This field contains insured's smoker class. For Joint Life policies, this field
contains the class for Insured 1.
Reserve Class 2 This field contains insured's smoker class. For Joint Life policies, this field
contains the class for Insured 2. (If this is not a Joint Life policy, this
field will be blank.)
Currency Code This field identifies the currency. (USD or CND if applicable)
Valuation Interest Pointer TAI assigned field that is used to read applicable interest rates when
calculating 1/2 cx reserves.
NAR Type This field indicates the method used in determining the Total Net Amount at Risk
(as defined in Schedule B).
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 6 -- Effective 10/01/2008
22
AMENDMENT 7
EFFECTIVE SEPTEMBER 1, 2010
TO THE
AUTOMATIC AND FACULTATIVE MONTHLY RENEWABLE TERM
REINSURANCE AGREEMENT
EFFECTIVE OCTOBER 1, 2008
BETWEEN
HARTFORD LIFE INSURANCE COMPANY ("CEDING COMPANY")
AND
TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY ("REINSURER")
("AGREEMENT")
WHEREAS, the Reinsurer currently reinsures the Ceding Company's plans or
policies under the Agreement; and
WHEREAS, the Ceding Company and the Reinsurer wish to confirm the Reinsurer's
coverage for policies issued under the Issue First policy issuance program.
NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby
acknowledged, the Ceding Company and the Reinsurer hereby agree as follows:
1. The above recitals are true and accurate and are incorporated herein.
2. Article III is hereby amended to include the following paragraph following
Section III.A.:
Notwithstanding the above, all policies issued under the Issue First
program shall be deemed automatically reinsured. Issue First is a policy
issuance program administered by the Ceding Company, under which a policy
can be issued before the underwriting process has been completed. The
Ceding Company shall provide notice to the Reinsurer of any material
changes to the program.
3. Except as herein amended, all other terms and conditions of the Agreement
shall remain in full force and effect and unchanged.
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 7 -- Effective 09/01/2010
1
In witness of the foregoing, the Ceding Company and the Reinsurer have, by their
respective officers, executed this Amendment in duplicate on the dates indicated
below.
TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY
(As Successor to Transamerica Occidental Life Insurance Company)
by its Administrator and Attorney-in-Fact
SCOR Global Life U.S. Re Insurance Company of Texas
on January 25, 2012
Signature /s/ Xxxxx Xxxxxxxxxx Signature /s/ Xxxxx X. Xxxxxxxxx
-------------------------------- --------------------------
Name in Text Xxxxx Xxxxxxxxxx Name in Text Xxxxx X. Xxxxxxxxx
Title: Executive Vice President Title: Assistant Vice President
SCOR Global Life U.S. Re SCOR Global Life U.S. Re
Insurance Company of Texas Insurance Company of Texas
HARTFORD LIFE INSURANCE COMPANY
By: /s/ Xxxx Xxxxxxx Attest: /s/ Xxxxxxx X. Xxxxxx
-------------------------------------- ------------------------------------
Name: Xxxx Xxxxxxx Name: Xxxxxxx X. Xxxxxx
Title: Assistant Vice President and Actuary Title: Senior Vice President and Actuary
Date: May 23, 2012 Date: 6/5/2012
Allocated Retention Poor -- Effective 10/01/2008
Between HLIC and TFIC
Amendment 7 -- Effective 09/01/2010
2
AMENDMENT 8
EFFECTIVE OCTOBER 3, 2011
TO THE
AUTOMATIC AND FACULTATIVE MONTHLY RENEWABLE TERM REINSURANCE AGREEMENT
EFFECTIVE OCTOBER 1, 2008
BETWEEN
HARTFORD LIFE INSURANCE COMPANY ("CEDING COMPANY")
AND
TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY ("REINSURER")
("AGREEMENT")
WHEREAS, the Reinsurer currently reinsures the Ceding Company's plans or
policies under the Agreement; and
WHEREAS, the Ceding Company and the Reinsurer wish to amend the Agreement to
reflect that the following Products and Riders were added to the Agreement as of
the Effective Date shown for each on Schedule A:
- Hartford Founders Plus UL
- Hartford Founders Plus UL Extended Value Option
- DisabilityAccess Rider
- LongevityAccess Rider
- LifeAccess Care Rider
- Joint LifeAccess Rider, and
WHEREAS, the Ceding Company and the Reinsurer wish to revise Schedule A to
include the effective date on which each Base Policy and Rider was added to the
Agreement and to amend the description of certain Riders with such descriptions
being effective from the Effective Date shown for each on Schedule A.
NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby
acknowledged, the Ceding Company and the Reinsurer hereby agree as follows:
1. The above recitals are true and accurate and are incorporated herein.
2. Schedule A is deleted in its entirety and replaced with the attached
revised Schedule A.
3. Except as herein amended, all other terms and conditions of the Agreement
shall remain in full force and effect and unchanged.
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 8 -- Effective 10/03/2011
1
In witness of the foregoing, the Ceding Company and the Reinsurer have, by their
respective officers, executed this Amendment in duplicate on the dates indicated
below.
TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY
by its Administrator and Attorney-in-Fact
SCOR Global Life Re Insurance Company of Texas
on September 12, 2011
Signature /s/ Xxxxx Xxxxxxxxxx Signature /s/ Xxxxx X. Xxxxxxxxx
-------------------------------------- --------------------------------------
Name in Text Xxxxx Xxxxxxxxxx Name in Text Xxxxx X. Xxxxxxxxx
Title: Executive Vice President Title: Assistant Vice President
SCOR Global Life Re Insurance Company SCOR Global Life Re Insurance Company
of Texas of Texas
HARTFORD LIFE INSURANCE COMPANY
By: /s/ Xxxx Xxxxxxx Attest: /s/ Xxxxxxx Xxxxxx
-------------------------------------- --------------------------------------
Name: Xxxx Xxxxxxx, FSA, MAAA Name: Xxxxxxx Xxxxxx, FSA, MAAA
Title: Assistant Vice President and Actuary Title: Senior Vice President
Individual Life Product Management Individual Life Product Management
Date: May 23, 2012 Date: 5/31/12
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 8 -- Effective 10/03/2011
2
SCHEDULE A
PLANS OF INSURANCE COVERED UNDER THIS AGREEMENT
EFFECTIVE OCTOBER 3, 2011
SINGLE LIFE PLANS OF INSURANCE
NAR EFFECTIVE
BASE POLICY VALUATION MORTALITY TABLE(S) TYPE* DATE**
---------------------------------------------------------------------------------------------------------------------------------
Stag UL 1980 CSO M/F S/NS Ultimate ALB A 10/01/2008
Hartford Bicentennial UL Founders 2001 CSO M/F S/NS Ultimate ANB A 10/01/2008
Hartford UL CV 1980 CSO M/F S/NS Ultimate ALB A 10/01/2008
Stag Wall Street VUL 1980 CSO M/F S/NS Ultimate ALB A 10/01/2008
Stag Protector II VUL 1980 CSO M/F S/NS Ultimate ALB A 10/01/2008
Hartford Leaders VUL Legacy 2001 CSO M/F Composite Ultimate ANB A 10/01/2008
Stag Accumulator II VUL 1980 CSO M/F Unismoke Ultimate ALB A 10/01/2008
Hartford Leaders VUL Liberty (a) 1980 CSO M/F Unismoke Ultimate ANB A 10/01/2008
Hartford Leaders VUL Liberty (b) 2001 CSO M/F Composite Ultimate ANB A 10/01/2008
Life Solutions II UL (a) 1980 CSO M/F S/NS Ultimate ALB A 10/01/2008
Life Solutions II UL (b) 2001 CSO M/F S/NS Ultimate ALB A 10/01/2008
Hartford Advanced Universal Life 2001 CSO M/F S/NS Ultimate ALB B 10/01/2008
Hartford Bicentennial UL Freedom (a) 2001 CSO M/F S/NS Ultimate ANB B 10/01/2008
Hartford Bicentennial UL Freedom (b) 2001 CSO M/F S/NS Ultimate ANB A 07/01/2010
Hartford Quantum II VUL (a) 2001 CSO M/F S/NS Ultimate ALB A 10/01/2008
Hartford Quantum II VUL (b) 2001 CSO M/F S/NS Ultimate ANB A 10/01/2008
Hartford ExtraOrdinary Whole Life (a) 2001 CSO M/F S/NS Ultimate ALB A 10/01/2008
Hartford ExtraOrdinary Whole Life (b) 2001 CSO M/F S/NS Ultimate ANB A 10/01/2008
Hartford Bicentennial XX Xxxxxxxx XX 0000 XXX X/X X/XX Xxxxxxxx ANB A 03/05/2010
Hartford Bicentennial UL Founders II Extended Value Option 2001 CSO M/F S/NS Ultimate ANB A 03/05/2010
Hartford Frontier Indexed Universal Life 2001 CSO M/F S/NS Ultimate ANB A 09/07/2010
Hartford Frontier Indexed Universal Life Extended Value 2001 CSO M/F S/NS Ultimate ANB A 09/07/2010
Option
Hartford Founders Plus UL 2001 CSO M/F S/NS Ultimate ANB A 10/03/2011
Hartford Founders Plus UL Extended Value Option 2001 CSO M/F S/NS Ultimate ANB A 10/03/2011
------------
* NAR Type is described in Schedule B.
** Eligibility for new business is based on issue date on or after the
Effective Date shown.
RIDERS PROVIDING DEATH BENEFITS EFFECTIVE
THAT ARE ELIGIBLE FOR REINSURANCE DATE**
--------------------------------------------------------------------------------
Primary Term Insured Rider 10/01/2008
Other Covered Insured Term Life Rider 10/01/2008
Cost of Living Adjustment (COLA) Rider 10/01/2008
NOTE: NAR Type for term riders above is C. For COLA Rider, NAR Type follows Base
Policy to which it is attached.
RIDERS THAT PROVIDE ADDITIONAL BENEFITS EFFECTIVE
BUT THAT ARE NOT ELIGIBLE FOR REINSURANCE DATE**
--------------------------------------------------------------------------------
Accidental Death Benefit (ADB) Rider 10/01/2008
Accelerated Benefit Rider (ABR) 10/01/2008
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 8 -- Effective 10/03/2011
3
RIDERS THAT PROVIDE ADDITIONAL BENEFITS EFFECTIVE
BUT THAT ARE NOT ELIGIBLE FOR REINSURANCE (CONTINUED) DATE**
--------------------------------------------------------------------------------
LifeAccess Accelerated Benefit Rider (LAABR) 10/01/2008
Policy Continuation Rider 10/01/2008
Policy Protection Rider (PPR) 10/01/2008
Enhanced No Lapse Guarantee Rider 10/01/2008
Lifetime No Lapse Guarantee Rider 10/01/2008
Guaranteed Minimum Accumulation Benefit (GMAB) Rider 10/01/2008
Paid-Up Life Insurance Rider 10/01/2008
Conversion Option Rider 10/01/2008
Overloan Protection Rider 10/01/2008
Waiver of Specified Amount (WSA) Rider 10/01/2008
Waiver of Monthly Deductions (WMD) Rider 10/01/2008
Children's Life Insurance Rider 10/01/2008
Foreign Travel Exclusion Rider 10/01/2008
Estate Tax Repeal Benefit Rider 10/01/2008
Modified Surrender Value Rider 10/01/2008
Cash Surrender Value Endorsement 10/01/2008
Automatic Premium Payment Rider 10/01/2008
Additional Premium Rider 10/01/2008
Qualified Plan Rider 10/01/2008
Owner Designated Settlement Option Rider 03/05/2010
DisabilityAccess Rider (DAR) 08/11/2009
LongevityAccess Rider 03/14/2011
LifeAccess Care Rider 04/11/2011
------------
** Eligibility for new business is based on issue date on or after the
Effective Date shown.
RIDER DESCRIPTIONS (Rider descriptions are added for convenience. To the extent
the description conflicts with the terms of the rider, the rider will govern.)
RIDERS PROVIDING ADDITIONAL DEATH BENEFITS THAT ARE ELIGIBLE FOR REINSURANCE:
Primary Insured Term Rider: Provides additional level term life coverage on the
base policy insured.
Other Covered Insured Term Life Rider: Provides level term life coverage on an
insured other than the base policy insured.
Cost of Living Adjustment (COLA) Rider: Provides for biennial face amount
increases, without underwriting, based on increases in the Consumer Price Index.
The maximum amount of any single increase is $50,000. Any increase can be
declined by the policyholder, which stops future increases. Available only at
issue and only for non-substandard issue ages 0 through 60.
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 8 -- Effective 10/03/2011
4
RIDERS THAT PROVIDE ADDITIONAL BENEFITS THAT ARE NOT ELIGIBLE FOR REINSURANCE:
Accidental Death Benefit Rider: Pays an additional death benefit if the death on
the insured is caused by a qualifying accident.
Accelerated Benefit Rider: Provides the policyholder up to 100% of the death
benefit, discounted with interest, if the insured's life expectancy is 12 months
or less. After acceleration, the Ceding Company shall continue to pay the
Reinsurer Reinsurance Premiums on the Reinsured Net Amount at Risk as described
in Schedule B, and the Reinsurer shall be liable for such Reinsured Net Amount
at Risk upon the death of the insured.
LifeAccess Accelerated Benefit Rider (LAABR): Provides for monthly benefits (up
to 2% of death benefit) if insured meets certain ADL and home-care requirements.
In accordance with Schedule B, during and after acceleration, the Ceding Company
shall continue to pay the Reinsurer Reinsurance Premiums on the Reinsured Net
Amount at Risk based on the Death Benefit prior to acceleration, and the
Reinsurer shall be liable for such Reinsured Net Amount at Risk upon the death
of the insured.
Policy Continuation Rider: Intended to prevent the lapse of highly loaned
policies.
Policy Protection Rider: Protects the death benefit of the base policy and any
primary insured term rider from lapse as long as the Policy Protection Account
Value ("shadow account") is not negative.
Enhanced No Lapse Guarantee Rider: Provides that the policy will not lapse as
long as cumulative premiums paid less indebtedness less withdrawals are greater
than or equal to the cumulative no lapse guarantee premiums. Length of guarantee
varies by issue age.
Lifetime No Lapse Guarantee Rider: Same as Enhanced No Lapse Guarantee Rider but
with lifetime guarantee.
Guaranteed Minimum Accumulation Benefit (GMAB) Rider: Provides, at the end of
the GMAB Guarantee Period (usually 20 years), that the policy Account Value will
be increased, if necessary, to equal the sum of gross premiums paid to that
date. There is a small monthly charge and a minimum cumulative premium
requirement to keep the rider in force.
Paid-Up Life Insurance Rider: Similar to the GMAB rider, with the same Guarantee
Period, a monthly charge, and a cumulative premium requirement. At end of the
Guarantee Period, the owner may elect to change coverage to paid-up life using
the Account Value as a 5% NSP to determine the amount of coverage; however, the
amount of coverage will never be lower than the sum of gross premiums paid to
that date. Once elected, premiums are no longer payable.
Conversion Option Rider: During certain policy years and prior to the insured's
attained age 70, the policy may be converted, without evidence of insurability,
to any permanent plan of life insurance the Ceding Company then makes available
for conversions of this policy.
Overloan Protection Rider: Protects a policy from terminating due to overloan.
Waiver of Specified Amount (WSA) Rider: Waives a specified amount monthly while
the insured is disabled.
Waiver of Monthly Deductions (WMD) Rider: Waives monthly deduction amounts while
the insured is disabled.
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 8 -- Effective 10/03/2011
5
Children's Life Insurance Rider: Provides level term life coverage for each
child of the insured.
Foreign Travel Exclusion Rider: Provides a limited death benefit (Account Value
less indebtedness) if the insured dies due to travel to, from, or within certain
foreign countries, or due directly or indirectly to illness or injury sustained
during such travel.
Estate Tax Repeal Benefit Rider: Pays the policy Account Value less indebtedness
if the Federal Estate Tax Law is fully repealed by December 31, 2010, and the
Ceding Company receives a request for this benefit amount from the policy owner.
Modified Surrender Value Rider: Changes the Cash Surrender Value definition (to
equal the Account Value) if the policy is surrendered within 3 years after the
policy issue date.
Cash Surrender Value Endorsement: Provides for enhanced Cash Surrender Value
(equal to the current Account Value) in the event of policy surrender in the
first 4 policy years, unless the policy is exchanged under Section 1035 to
another company's policy.
Automatic Premium Payment Rider: Provides for any Scheduled Premium due and
unpaid by the end of any Policy Grace Period to be paid by an automatic
deduction from the Account Value, if the Account Value exceeds the Guaranteed
Cash Value.
Additional Premium Rider: Allows additional premium amounts to be paid at the
same payment intervals as scheduled premiums.
Qualified Plan Rider: Indicates that the policy is owned by a qualified plan,
details the policy owner's reporting responsibilities to the Ceding Company, and
describes features and activities that are unavailable when the policy is owned
by a Qualified Plan.
Owner Designated Settlement Option Rider. Allows the policy owner to designate a
Settlement Option to be used for the payment of Death Proceeds.
DisabilityAccess Rider (DAR): Pays a monthly benefit upon disability of the
primary insured on the life insurance policy to which it is attached. The amount
of monthly benefit is permanently set at rider issue and is limited to a
24-month benefit period. The maximum monthly benefit amount is $5,000; it is
further limited to 2% of the initial face amount or 30% of monthly income at
policy issue. The minimum monthly benefit is $1,000.
LongevityAccess Rider: Provides for monthly benefits (up to 1% of death benefit)
when the insured reaches age 90 and meets the rider's eligibility requirements.
Includes a residual death benefit of 10% of the death benefit prior to
withdrawals. In accordance with Schedule B, during and after withdrawals, the
Ceding Company shall continue to pay the Reinsurer Reinsurance Premiums on the
Reinsured Net Amount at Risk based on the Death Benefit prior to withdrawals,
and the Reinsurer shall be liable for such Reinsured Net Amount at Risk upon the
death of the insured.
LifeAccess Care Rider: Similar to the LifeAccess Accelerated Benefit Rider, but
filed as a health product in some states. Provides for monthly benefits (up to
2% of death benefit) if insured meets certain ADL and home-care requirements.
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 8 -- Effective 10/03/2011
6
LAST SURVIVOR PLANS OF INSURANCE
NAR EFFECTIVE
BASE POLICY VALUATION MORTALITY TABLE(S) TYPE* DATE**
-------------------------------------------------------------------------------------------------
Hartford Leaders VUL Joint Legacy 2001 CSO M/F S/NS Ultimate ALB A 10/01/2008
Hartford Leaders VUL Joint Legacy 2001 CSO M/F S/NS Ultimate ANB A 10/01/2008
II
Hartford Advanced Last Survivor UL 2001 CSO M/F S/NS Ultimate ALB B 10/01/2008
Hartford Bicentennial XX Xxxxx 0000 XXX X/X X/XX Xxxxxxxx XXX X 10/01/2008
Freedom
Hartford Bicentennial UL Joint 2001 CSO M/F S/NS Ultimate ANB B 10/01/2008
Freedom II (a)
Hartford Bicentennial UL Joint 2001 CSO M/F S/NS Ultimate ANB A 07/01/2010
Freedom II (b)
------------
* NAR Type is described in Schedule B.
** Eligibility for new business is based on issue date on or after the
Effective Date shown.
RIDERS PROVIDING DEATH BENEFITS EFFECTIVE
THAT ARE ELIGIBLE FOR REINSURANCE DATE**
--------------------------------------------------------------------------------
Estate Protection Rider (NAR Type is C) 10/01/2008
RIDERS THAT PROVIDE ADDITIONAL BENEFITS EFFECTIVE
BUT THAT ARE NOT ELIGIBLE FOR REINSURANCE DATE**
--------------------------------------------------------------------------------
LS Exchange Option Rider 10/01/2008
Policy Protection Rider 10/01/2008
Estate Tax Repeal Rider 10/01/2008
Foreign Travel Exclusion Rider 10/01/2008
Guaranteed Minimum Accumulation Benefit (GMAB) Rider 10/01/2008
Paid-Up Life Insurance Rider 10/01/2008
Owner Designated Settlement Option Rider 03/05/2010
Joint LifeAccess Rider 01/31/2011
RIDER DESCRIPTIONS (Rider descriptions are added for convenience. To the extent
the description conflicts with the terms of the rider, the rider will govern.)
RIDERS PROVIDING DEATH BENEFITS THAT ARE ELIGIBLE FOR REINSURANCE:
Estate Protection Rider: This rider provides last survivor level term life
insurance on the base policy insureds for three years.
RIDERS THAT PROVIDE ADDITIONAL BENEFITS BUT THAT ARE NOT ELIGIBLE FOR
REINSURANCE:
LS Exchange Option Rider: Allows a Last Survivor policy to be split into two
Single Life policies, without new evidence of insurability, if divorce, business
dissolution, or estate-tax repeal or reduction occurs. The face amount of each
new Single Life policy will equal one half of the Last Survivor policy face
amount. Upon a split, reinsurance will continue at point-in-scale rates for each
single life, as documented in Section X.C. (This rider is not available when one
of the insureds is uninsurable or above Table H.)
Policy Protection Rider: Protects the death benefit of the base policy and any
Estate Protection Rider from lapse as long as the Policy Protection Account
Value ("shadow account") is not negative.
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 8 -- Effective 10/03/2011
7
Estate Tax Repeal Rider: Will pay the Account Value less indebtedness if the
Federal Estate Tax Law is fully repealed by December 31, 2010, and the Ceding
Company receives a request for this benefit amount from the policy owner.
Foreign Travel Exclusion: Provides a limited death benefit (Account Value less
indebtedness) if either insured dies due to travel to, from, or within certain
foreign countries, or due directly or indirectly to illness or injury sustained
during such travel.
Guaranteed Minimum Accumulation Benefit Rider and Paid-Up Life Insurance Rider:
Same as Single Life riders.
Owner Designated Settlement Option Rider. Allows the policy owner to designate a
Settlement Option to be used for the payment of Death Proceeds.
Joint LifeAccess Rider: Similar to the LifeAccess Accelerated Benefit Rider.
Available only on Last Survivor products where the benefit will be payable for
the last surviving insured if chronically ill or if both insureds are
concurrently chronically ill.
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 8 -- Effective 10/03/2011
8
AMENDMENT 9
EFFECTIVE OCTOBER 1, 2008
TO THE
AUTOMATIC AND FACULTATIVE MONTHLY RENEWABLE TERM REINSURANCE AGREEMENT
EFFECTIVE OCTOBER 1, 2008
BETWEEN
HARTFORD LIFE INSURANCE COMPANY ("CEDING COMPANY")
AND
TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY ("REINSURER")
("AGREEMENT")
WHEREAS, the Reinsurer currently reinsures the Ceding Company's plans or
policies under the Agreement; and
WHEREAS, the Ceding Company and the Reinsurer (collectively, the "Parties")
agree that the Agreement was implemented using YRT Reinsurance Rate Factors
("Factors") which proved to be incorrect; and
WHEREAS, the Parties have agreed to incorporate revised Factors as shown in the
attached Exhibit IV as of October 1, 2008; and
WHEREAS, the Parties now wish to recalculate all billing transactions from
October 1, 2008 using the revised Factors; and
WHEREAS, the Ceding Company shall alter its administrative systems to enable the
recalculation of premium.
NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby
acknowledged, the Ceding Company and the Reinsurer hereby agree as follows:
1. The above recitals are true and accurate and are incorporated herein.
2. Exhibit IV is deleted in its entirety and replaced with the attached
revised Exhibit IV.
3. The Ceding Company shall recalculate all billing transactions from October
1, 2008 and pay the Reinsurer accordingly.
4. Except as herein amended, all other terms and conditions of the Agreement
shall remain in full force and effect and unchanged.
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 9 -- Effective 10/01/2008
1
In witness of the foregoing, the Ceding Company and the Reinsurer have, by their
respective officers, executed this Amendment in duplicate on the dates indicated
below.
TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY
by its Administrator and Attorney-in-Fact
SCOR Global Life Re Insurance Company of Texas
By: /s/ Xxxxx Xxxxxxxxxx Attest: /s/ Xxxxx X. Xxxxxxxxx
----------------------------------- --------------------------------
Name: Xxxxx Xxxxxxxxxx Name: Xxxxx X. Xxxxxxxxx
Title: Executive Vice President Title: Assistant Vice President
SCOR Global Life Re Insurance SCOR Global Life Re Insurance
Company of Texas Company of Texas
Date: April 4, 2012 Date: April 6, 2012
HARTFORD LIFE INSURANCE COMPANY
By: /s/ Xxxx Xxxxxxx Attest: /s/ Xxxxxxx Xxxxxx
-------------------------------------- ---------------------------------------
Name: Xxxx Xxxxxxx, FSA, MAAA Name: Xxxxxxx Xxxxxx, FSA, MAAA
Title: Assistant Vice President and Actuary Title: Senior Vice President
Individual Life Product Management Individual Life Product Management
Date: May 21, 2012 Date: 5/22/2012
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 9 -- Effective 10/01/2008
2
EXHIBIT IV
YRT REINSURANCE RATE FACTORS
EFFECTIVE OCTOBER 1, 2008
FOR SINGLE LIFE AND LAST SURVIVOR PLANS OF INSURANCE
AND
FOR AUTOMATIC AND FACULTATIVE REINSURANCE
YRT REINSURANCE RATE FACTORS (SEE EXHIBIT I FOR USAGE)
FOR YEARS OF COVERAGE 1-10
FOR YEARS OF COVERAGE 11-20
FOR YEARS OF COVERAGE 21 AND LATER
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 9 -- Effective 10/01/2008
3
AMENDMENT 10
EFFECTIVE MARCH 1, 2012
TO THE
AUTOMATIC AND FACULTATIVE MONTHLY RENEWABLE TERM
REINSURANCE AGREEMENT
EFFECTIVE OCTOBER 1, 2008
BETWEEN
HARTFORD LIFE INSURANCE COMPANY ("CEDING COMPANY")
AND
TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY ("REINSURER")
("AGREEMENT")
WHEREAS, the Reinsurer currently reinsures the Ceding Company's plans or
policies under the Agreement; and
WHEREAS, the Ceding Company and the Reinsurer wish to restate the definition of
Working Reserve for the Reinsured Net Amount at Risk to reflect that it is the
approximate value of the reserve net of other reinsurance arrangements held by
the Ceding Company; and
WHEREAS, the Ceding Company and the Reinsurer wish to acknowledge that Hartford
Bicentennial UL Freedom and Hartford Bicentennial UL Joint Freedom II will now
use NAR Type B only.
NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby
acknowledged, the Ceding Company and the Reinsurer hereby agree as follows:
1. The above recitals are true and accurate and are incorporated herein.
2. Schedule A is hereby deleted in its entirety and replaced with the
attached, revised Schedule A.
3. Schedule B is hereby deleted in its entirety and replaced with the
attached, revised Schedule B.
4. Except as herein amended, all other terms and conditions of the Agreement
shall remain in full force and effect and unchanged.
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 10 -- Effective 03/01/2012
1
In witness of the foregoing, the Ceding Company and the Reinsurer have, by their
respective officers, executed this Amendment in duplicate on the dates indicated
below.
TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY
by its Administrator and Attorney-in-Fact
SCOR Global Life Re Insurance Company of Texas
By: /s/ Xxxxx Xxxxxxxxxx Attest: /s/ Xxxxx X. Xxxxxxxxx
---------------------------------------------- ----------------------------------------------
Name: Xxxxx Xxxxxxxxxx Name: Xxxxx X. Xxxxxxxxx
Title: Executive Vice President Title: Assistant Vice President
SCOR Global Life Re Insurance Company of Texas SCOR Global Life Re Insurance Company of Texas
Date: September 20, 2012 Date: September 25, 2012
HARTFORD LIFE INSURANCE COMPANY
By: /s/ Xxxx Xxxxxxx Attest: /s/ Xxxxxxx Xxxxxx
---------------------------------------------- ----------------------------------------------
Name: Xxxx Xxxxxxx, FSA, MAAA Name: Xxxxxxx Xxxxxx, FSA, MAAA
Title: Assistant Vice President and Actuary Title: Senior Vice President
Individual Life Product Management Individual Life Product Management
Date: October 8, 2012 Date: 10/11/12
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 10 -- Effective 03/01/2012
2
SCHEDULE A
PLANS OF INSURANCE COVERED UNDER THIS AGREEMENT
EFFECTIVE MARCH 1, 2012
SINGLE LIFE PLANS OF INSURANCE
NAR EFFECTIVE
BASE POLICY VALUATION MORTALITY TABLE(S) TYPE* DATE**
---------------------------------------------------------------------------------------------------------------------------------
Stag UL 1980 CSO M/F S/NS Ultimate ALB A 10/01/2008
Hartford Bicentennial UL Founders 2001 CSO M/F S/NS Ultimate ANB A 10/01/2008
Hartford UL CV 1980 CSO M/F S/NS Ultimate ALB A 10/01/2008
Stag Wall Street VUL 1980 CSO M/F S/NS Ultimate ALB A 10/01/2008
Stag Protector II VUL 1980 CSO M/F S/NS Ultimate ALB A 10/01/2008
Hartford Leaders VUL Legacy 2001 CSO M/F Composite Ultimate ANB A 10/01/2008
Stag Accumulator II VUL 1980 CSO M/F Unismoke Ultimate ALB A 10/01/2008
Hartford Leaders VUL Liberty (a) 1980 CSO M/F Unismoke Ultimate ANB A 10/01/2008
Hartford Leaders VUL Liberty (b) 2001 CSO M/F Composite Ultimate ANB A 10/01/2008
Life Solutions II UL (a) 1980 CSO M/F S/NS Ultimate ALB A 10/01/2008
Life Solutions II UL (b) 2001 CSO M/F S/NS Ultimate ALB A 10/01/2008
Hartford Advanced Universal Life 2001 CSO M/F S/NS Ultimate ALB B 10/01/2008
Hartford Bicentennial UL Freedom 2001 CSO M/F S/NS Ultimate ANB B 10/01/2008
Hartford Quantum II VUL (a) 2001 CSO M/F S/NS Ultimate ALB A 10/01/2008
Hartford Quantum II VUL (b) 2001 CSO M/F S/NS Ultimate ANB A 10/01/2008
Hartford ExtraOrdinary Whole Life (a) 2001 CSO M/F S/NS Ultimate ALB A 10/01/2008
Hartford ExtraOrdinary Whole Life (b) 2001 CSO M/F S/NS Ultimate ANB A 10/01/2008
Hartford Bicentennial XX Xxxxxxxx XX 0000 XXX X/X X/XX Xxxxxxxx ANB A 03/05/2010
Hartford Bicentennial UL Founders II Extended Value Option 2001 CSO M/F S/NS Ultimate ANB A 03/05/2010
Hartford Frontier Indexed Universal Life 2001 CSO M/F S/NS Ultimate ANB A 09/07/2010
Hartford Frontier Indexed Universal Life Extended Value 2001 CSO M/F S/NS Ultimate ANB A 09/07/2010
Option
Hartford Founders Plus UL 2001 CSO M/F S/NS Ultimate ANB A 10/03/2011
Hartford Founders Plus UL Extended Value Option 2001 CSO M/F S/NS Ultimate ANB A 10/03/2011
------------
* NAR Type is described in Schedule B.
** Eligibility for new business is based on issue date on or after the
Effective Date shown.
RIDERS PROVIDING DEATH BENEFITS EFFECTIVE
THAT ARE ELIGIBLE FOR REINSURANCE DATE**
--------------------------------------------------------------------------------
Primary Term Insured Rider 10/01/2008
Other Covered Insured Term Life Rider 10/01/2008
Cost of Living Adjustment (COLA) Rider 10/01/2008
NOTE: NAR Type for term riders above is C. For COLA Rider, NAR Type follows Base
Policy to which it is attached.
RIDERS THAT PROVIDE ADDITIONAL BENEFITS EFFECTIVE
BUT THAT ARE NOT ELIGIBLE FOR REINSURANCE DATE**
--------------------------------------------------------------------------------
Accidental Death Benefit (ADB) Rider 10/01/2008
Accelerated Benefit Rider (ABR) 10/01/2008
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 10 -- Effective 03/01/2012
3
RIDERS THAT PROVIDE ADDITIONAL BENEFITS EFFECTIVE
BUT THAT ARE NOT ELIGIBLE FOR REINSURANCE (CONTINUED) DATE**
--------------------------------------------------------------------------------
LifeAccess Accelerated Benefit Rider (LAABR) 10/01/2008
Policy Continuation Rider 10/01/2008
Policy Protection Rider (PPR) 10/01/2008
Enhanced No Lapse Guarantee Rider 10/01/2008
Lifetime No Lapse Guarantee Rider 10/01/2008
Guaranteed Minimum Accumulation Benefit (GMAB) Rider 10/01/2008
Paid-Up Life Insurance Rider 10/01/2008
Conversion Option Rider 10/01/2008
Overloan Protection Rider 10/01/2008
Waiver of Specified Amount (WSA) Rider 10/01/2008
Waiver of Monthly Deductions (WMD) Rider 10/01/2008
Children's Life Insurance Rider 10/01/2008
Foreign Travel Exclusion Rider 10/01/2008
Estate Tax Repeal Benefit Rider 10/01/2008
Modified Surrender Value Rider 10/01/2008
Cash Surrender Value Endorsement 10/01/2008
Automatic Premium Payment Rider 10/01/2008
Additional Premium Rider 10/01/2008
Qualified Plan Rider 10/01/2008
Owner Designated Settlement Option Rider 03/05/2010
DisabilityAccess Rider (DAR) 08/11/2009
LongevityAccess Rider 03/14/2011
LifeAccess Care Rider 04/11/2011
------------
** Eligibility for new business is based on issue date on or after the
Effective Date shown.
RIDER DESCRIPTIONS (Rider descriptions are added for convenience. To the extent
the description conflicts with the terms of the rider, the rider will govern.)
RIDERS PROVIDING ADDITIONAL DEATH BENEFITS THAT ARE ELIGIBLE FOR REINSURANCE:
Primary Insured Term Rider: Provides additional level term life coverage on the
base policy insured.
Other Covered Insured Term Life Rider: Provides level term life coverage on an
insured other than the base policy insured.
Cost of Living Adjustment (COLA) Rider: Provides for biennial face amount
increases, without underwriting, based on increases in the Consumer Price Index.
The maximum amount of any single increase is $50,000. Any increase can be
declined by the policyholder, which stops future increases. Available only at
issue and only for non-substandard issue ages 0 through 60.
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 10 -- Effective 03/01/2012
4
RIDERS THAT PROVIDE ADDITIONAL BENEFITS THAT ARE NOT ELIGIBLE FOR REINSURANCE:
Accidental Death Benefit Rider: Pays an additional death benefit if the death on
the insured is caused by a qualifying accident.
Accelerated Benefit Rider: Provides the policyholder up to 100% of the death
benefit, discounted with interest, if the insured's life expectancy is 12 months
or less. After acceleration, the Ceding Company shall continue to pay the
Reinsurer Reinsurance Premiums on the Reinsured Net Amount at Risk as described
in Schedule B, and the Reinsurer shall be liable for such Reinsured Net Amount
at Risk upon the death of the insured.
LifeAccess Accelerated Benefit Rider (LAABR): Provides for monthly benefits (up
to 2% of death benefit) if insured meets certain ADL and home-care requirements.
In accordance with Schedule B, during and after acceleration, the Ceding Company
shall continue to pay the Reinsurer Reinsurance Premiums on the Reinsured Net
Amount at Risk based on the Death Benefit prior to acceleration, and the
Reinsurer shall be liable for such Reinsured Net Amount at Risk upon the death
of the insured.
Policy Continuation Rider: Intended to prevent the lapse of highly loaned
policies.
Policy Protection Rider: Protects the death benefit of the base policy and any
primary insured term rider from lapse as long as the Policy Protection Account
Value ("shadow account") is not negative.
Enhanced No Lapse Guarantee Rider: Provides that the policy will not lapse as
long as cumulative premiums paid less indebtedness less withdrawals are greater
than or equal to the cumulative no lapse guarantee premiums. Length of guarantee
varies by issue age.
Lifetime No Lapse Guarantee Rider: Same as Enhanced No Lapse Guarantee Rider but
with lifetime guarantee.
Guaranteed Minimum Accumulation Benefit (GMAB) Rider: Provides, at the end of
the GMAB Guarantee Period (usually 20 years), that the policy Account Value will
be increased, if necessary, to equal the sum of gross premiums paid to that
date. There is a small monthly charge and a minimum cumulative premium
requirement to keep the rider in force.
Paid-Up Life Insurance Rider: Similar to the GMAB rider, with the same Guarantee
Period, a monthly charge, and a cumulative premium requirement. At end of the
Guarantee Period, the owner may elect to change coverage to paid-up life using
the Account Value as a 5% NSP to determine the amount of coverage; however, the
amount of coverage will never be lower than the sum of gross premiums paid to
that date. Once elected, premiums are no longer payable.
Conversion Option Rider: During certain policy years and prior to the insured's
attained age 70, the policy may be converted, without evidence of insurability,
to any permanent plan of life insurance the Ceding Company then makes available
for conversions of this policy.
Overloan Protection Rider: Protects a policy from terminating due to overloan.
Waiver of Specified Amount (WSA) Rider: Waives a specified amount monthly while
the insured is disabled.
Waiver of Monthly Deductions (WMD) Rider: Waives monthly deduction amounts while
the insured is disabled.
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 10 -- Effective 03/01/2012
5
Children's Life Insurance Rider: Provides level term life coverage for each
child of the insured.
Foreign Travel Exclusion Rider: Provides a limited death benefit (Account Value
less indebtedness) if the insured dies due to travel to, from, or within certain
foreign countries, or due directly or indirectly to illness or injury sustained
during such travel.
Estate Tax Repeal Benefit Rider: Pays the policy Account Value less indebtedness
if the Federal Estate Tax Law is fully repealed by December 31, 2010, and the
Ceding Company receives a request for this benefit amount from the policy owner.
Modified Surrender Value Rider: Changes the Cash Surrender Value definition (to
equal the Account Value) if the policy is surrendered within 3 years after the
policy issue date.
Cash Surrender Value Endorsement: Provides for enhanced Cash Surrender Value
(equal to the current Account Value) in the event of policy surrender in the
first 4 policy years, unless the policy is exchanged under Section 1035 to
another company's policy.
Automatic Premium Payment Rider: Provides for any Scheduled Premium due and
unpaid by the end of any Policy Grace Period to be paid by an automatic
deduction from the Account Value, if the Account Value exceeds the Guaranteed
Cash Value.
Additional Premium Rider: Allows additional premium amounts to be paid at the
same payment intervals as scheduled premiums.
Qualified Plan Rider: Indicates that the policy is owned by a qualified plan,
details the policy owner's reporting responsibilities to the Ceding Company, and
describes features and activities that are unavailable when the policy is owned
by a Qualified Plan.
Owner Designated Settlement Option Rider. Allows the policy owner to designate a
Settlement Option to be used for the payment of Death Proceeds.
DisabilityAccess Rider (DAR): Pays a monthly benefit upon disability of the
primary insured on the life insurance policy to which it is attached. The amount
of monthly benefit is permanently set at rider issue and is limited to a
24-month benefit period. The maximum monthly benefit amount is $5,000; it is
further limited to 2% of the initial face amount or 30% of monthly income at
policy issue. The minimum monthly benefit is $1,000.
LongevityAccess Rider: Provides for monthly benefits (up to 1% of death benefit)
when the insured reaches age 90 and meets the rider's eligibility requirements.
Includes a residual death benefit of 10% of the death benefit prior to
withdrawals. In accordance with Schedule B, during and after withdrawals, the
Ceding Company shall continue to pay the Reinsurer Reinsurance Premiums on the
Reinsured Net Amount at Risk based on the Death Benefit prior to withdrawals,
and the Reinsurer shall be liable for such Reinsured Net Amount at Risk upon the
death of the insured.
LifeAccess Care Rider: Similar to the LifeAccess Accelerated Benefit Rider, but
filed as a health product in some states. Provides for monthly benefits (up to
2% of death benefit) if insured meets certain ADL and home-care requirements.
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 10 -- Effective 03/01/2012
6
LAST SURVIVOR PLANS OF INSURANCE
NAR EFFECTIVE
BASE POLICY VALUATION MORTALITY TABLE(S) TYPE* DATE**
---------------------------------------------------------------------------------------------------------------------------------
Hartford Leaders VUL Joint Legacy 2001 CSO M/F S/NS Ultimate ALB A 10/01/2008
Hartford Leaders VUL Joint Legacy II 2001 CSO M/F S/NS Ultimate ANB A 10/01/2008
Hartford Advanced Last Survivor UL 2001 CSO M/F S/NS Ultimate ALB B 10/01/2008
Hartford Bicentennial XX Xxxxx Xxxxxxx 0000 XXX X/X X/XX Xxxxxxxx XXX X 10/01/2008
Hartford Bicentennial UL Joint Freedom II 2001 CSO M/F S/NS Ultimate ANB B 10/01/2008
------------
* NAR Type is described in Schedule B.
** Eligibility for new business is based on issue date on or after the
Effective Date shown.
RIDERS PROVIDING DEATH BENEFITS EFFECTIVE
THAT ARE ELIGIBLE FOR REINSURANCE DATE**
--------------------------------------------------------------------------------
Estate Protection Rider (NAR Type is C) 10/01/2008
RIDERS THAT PROVIDE ADDITIONAL BENEFITS EFFECTIVE
BUT THAT ARE NOT ELIGIBLE FOR REINSURANCE DATE**
--------------------------------------------------------------------------------
LS Exchange Option Rider 10/01/2008
Policy Protection Rider 10/01/2008
Estate Tax Repeal Rider 10/01/2008
Foreign Travel Exclusion Rider 10/01/2008
Guaranteed Minimum Accumulation Benefit (GMAB) Rider 10/01/2008
Paid-Up Life Insurance Rider 10/01/2008
Owner Designated Settlement Option Rider 03/05/2010
Joint LifeAccess Rider 01/31/2011
------------
** Eligibility for new business is based on issue date on or after the
Effective Date shown.
RIDER DESCRIPTIONS (Rider descriptions are added for convenience. To the extent
the description conflicts with the terms of the rider, the rider will govern.)
RIDERS PROVIDING DEATH BENEFITS THAT ARE ELIGIBLE FOR REINSURANCE:
Estate Protection Rider: This rider provides last survivor level term life
insurance on the base policy insureds for three years.
RIDERS THAT PROVIDE ADDITIONAL BENEFITS BUT THAT ARE NOT ELIGIBLE FOR
REINSURANCE:
LS Exchange Option Rider: Allows a Last Survivor policy to be split into two
Single Life policies, without new evidence of insurability, if divorce, business
dissolution, or estate-tax repeal or reduction occurs. The face amount of each
new Single Life policy will equal one half of the Last Survivor policy face
amount. Upon a split, reinsurance will continue at point-in-scale rates for each
single life, as documented in Section X.C. (This rider is not available when one
of the insureds is uninsurable or above Table H.)
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 10 -- Effective 03/01/2012
7
Policy Protection Rider: Protects the death benefit of the base policy and any
Estate Protection Rider from lapse as long as the Policy Protection Account
Value ("shadow account") is not negative.
Estate Tax Repeal Rider: Will pay the Account Value less indebtedness if the
Federal Estate Tax Law is fully repealed by December 31, 2010, and the Ceding
Company receives a request for this benefit amount from the policy owner.
Foreign Travel Exclusion: Provides a limited death benefit (Account Value less
indebtedness) if either insured dies due to travel to, from, or within certain
foreign countries, or due directly or indirectly to illness or injury sustained
during such travel.
Guaranteed Minimum Accumulation Benefit Rider and Paid-Up Life Insurance Rider:
Same as Single Life riders.
Owner Designated Settlement Option Rider. Allows the policy owner to designate a
Settlement Option to be used for the payment of Death Proceeds.
Joint LifeAccess Rider: Similar to the LifeAccess Accelerated Benefit Rider.
Available only on Last Survivor products where the benefit will be payable for
the last surviving insured if chronically ill or if both insureds are
concurrently chronically ill.
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 10 -- Effective 03/01/2012
8
SCHEDULE B
REINSURANCE SPECIFICATIONS
EFFECTIVE MARCH 1, 2012
AUTOMATIC REINSURANCE: The Ceding Company shall retain its available retention
on each risk, defined below as the Retained Net Amount at Risk, subject to the
applicable Ceding Company's Treaty Retention Limit shown in Exhibit II.
The Reinsurer will automatically reinsure a portion of the remainder of the
risk, called the Reinsured Net Amount at Risk, as defined below in this Schedule
B.
FACULTATIVE REINSURANCE: The Reinsurer will reinsure X% (as determined at issue)
of the Total Net Amount at Risk for the risk.
TOTAL ALLOCATION LIMIT (TAL): As shown in Exhibit II.
CEDING COMPANY'S TREATY RETENTION LIMIT (CCTRL): As shown in Exhibit II.
CEDING COMPANY'S ALLOCATED RETENTION (CCAR): As shown in Exhibit II.
CURRENT RETENTION (CURRRET) = Current amount of life insurance retained by the
Ceding Company and its affiliated companies on the life for in-force life
insurance coverage. (For Last Survivor risks, see the Last Survivor Limits and
Retention Worksheet in Exhibit II.)
REINSURER'S ALLOCATED RETENTION (REINSARET): As shown in Exhibit II.
REINSURER'S ATTACHMENT POINT (REINSAPT): As shown in Exhibit II.
NAR TYPE for the Plan of Insurance to be reinsured under this Agreement, as
shown in Schedule A.
STEP 1 -- DETERMINE TOTAL NET AMOUNT AT RISK FOR THE COVERAGE*
TOTAL NET AMOUNT AT RISK (TOTNAR) =
For NAR TYPE A, Death Benefit minus the Account Value.
For NAR TYPE B, Death Benefit minus the Working Reserve, where
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 10 -- Effective 03/01/2012
9
STEP 2 -- DETERMINE NET AMOUNT AT RISK FOR EACH "LAYER" OF COVERAGE
STEP 3 -- DETERMINE THE NAR FOR THE CEDING COMPANY AND THEN FOR THE REINSURER
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 10 -- Effective 03/01/2012
10
MINIMUM AUTOMATIC REINSURANCE CESSION: [ILLEGIBLE]
MINIMUM FACULTATIVE REINSURANCE APPLICATION:
LEAD REINSURER: [ILLEGIBLE]
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 10 -- Effective 03/01/2012
11
AMENDMENT 11
EFFECTIVE OCTOBER 15, 2012
TO THE
AUTOMATIC AND FACULTATIVE MONTHLY RENEWABLE TERM REINSURANCE AGREEMENT
EFFECTIVE OCTOBER 1, 2008
BETWEEN
HARTFORD LIFE INSURANCE COMPANY ("CEDING COMPANY")
AND
TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY ("REINSURER")
("AGREEMENT")
WHEREAS, the Reinsurer currently reinsures the Ceding Company's plans or
policies under the Agreement; and
WHEREAS, the Ceding Company and the Reinsurer wish to amend the Agreement to
include Hartford Joint Founders Plus UL as Base Policy under the Agreement, for
policies issued on or after the Effective Date shown in Schedule A.
NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby
acknowledged, the Ceding Company and the Reinsurer hereby agree as follows:
1. The above recitals are true and accurate and are incorporated herein.
2. Schedule A is deleted in its entirety and replaced with the attached
revised Schedule A.
3. Except as herein amended, all other terms and conditions of the Agreement
shall remain in full force and effect and unchanged.
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 11 -- Effective 10/15/2012
1
In witness of the foregoing, the Ceding Company and the Reinsurer have, by their
respective officers, executed this Amendment in duplicate on the dates indicated
below.
TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY
BY ITS ADMINISTRATOR AND ATTORNEY-IN-FACT
SCOR GLOBAL LIFE RE INSURANCE COMPANY OF TEXAS
By: /s/ Xxxxx Xxxxxxxxxx Attest: /s/ Xxxxx Xxxxxxxxx
---------------------------------------------- ----------------------------------------------
Name: Xxxxx Xxxxxxxxxx Name: Xxxxx Xxxxxxxxx
Title: Executive Vice President Title: Assistant Vice President
Date: November 5, 2012 Date: November 8, 2012
HARTFORD LIFE INSURANCE COMPANY
By: /s/ Xxxx Xxxxxxx Attest: /s/ Xxxxxxx Xxxxxx
---------------------------------------------- ----------------------------------------------
Name: Xxxx Xxxxxxx, FSA, MAAA Name: Xxxxxxx Xxxxxx, FSA, MAAA
Title: Assistant Vice President and Actuary Title: Senior Vice President
Individual Life Product Management Individual Life Product Management
Date: November 27, 2012 Date: 11/25/2012
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 11 -- Effective 10/15/2012
2
SCHEDULE A
PLANS OF INSURANCE COVERED UNDER THIS AGREEMENT
EFFECTIVE OCTOBER 15, 2012
SINGLE LIFE PLANS OF INSURANCE
NAR EFFECTIVE
BASE POLICY VALUATION MORTALITY TABLE(S) TYPE* DATE**
------------------------------------------------------------------------------------------------------------
Stag UL 1980 CSO M/F S/NS Ultimate ALB A 10/01/2008
Hartford Bicentennial UL Founders 2001 CSO M/F S/NS Ultimate ANB A 10/01/2008
Hartford UL CV 1980 CSO M/F S/NS Ultimate ALB A 10/01/2008
Stag Wall Street VUL 1980 CSO M/F S/NS Ultimate ALB A 10/01/2008
Stag Protector II VUL 1980 CSO M/F S/NS Ultimate ALB A 10/01/2008
Hartford Leaders VUL Legacy 2001 CSO M/F Composite Ultimate ANB A 10/01/2008
Stag Accumulator II VUL 1980 CSO M/F Unismoke Ultimate ALB A 10/01/2008
Hartford Leaders VUL Liberty (a) 1980 CSO M/F Unismoke Ultimate ANB A 10/01/2008
Hartford Leaders VUL Liberty (b) 2001 CSO M/F Composite Ultimate ANB A 10/01/2008
Life Solutions II UL (a) 1980 CSO M/F S/NS Ultimate ALB A 10/01/2008
Life Solutions II UL (b) 2001 CSO M/F S/NS Ultimate ALB A 10/01/2008
Hartford Advanced Universal Life 2001 CSO M/F S/NS Ultimate ALB B 10/01/2008
Hartford Bicentennial UL Freedom 2001 CSO M/F S/NS Ultimate ANB B*** 10/01/2008
Hartford Quantum II VUL (a) 2001 CSO M/F S/NS Ultimate ALB A 10/01/2008
Hartford Quantum II VUL (b) 2001 CSO M/F S/NS Ultimate ANB A 10/01/2008
Hartford ExtraOrdinary Whole Life (a) 2001 CSO M/F S/NS Ultimate ALB A 10/01/2008
Hartford ExtraOrdinary Whole Life (b) 2001 CSO M/F S/NS Ultimate ANB A 10/01/2008
Hartford Bicentennial XX Xxxxxxxx XX 0000 XXX X/X X/XX Xxxxxxxx ANB A 03/05/2010
Hartford Bicentennial UL Founders II
Extended Value Option 2001 CSO M/F S/NS Ultimate ANB A 03/05/2010
Hartford Frontier Indexed Universal Life 2001 CSO M/F S/NS Ultimate ANB A 09/07/2010
Hartford Frontier Indexed Universal Life
Extended Value Option 2001 CSO M/F S/NS Ultimate ANB A 09/07/2010
Hartford Founders Plus UL 2001 CSO M/F S/NS Ultimate ANB A 10/03/2011
Hartford Founders Plus UL
Extended Value Option 2001 CSO M/F S/NS Ultimate ANB A 10/03/2011
Hartford Frontier 2012 Indexed UL 2001 CSO M/F S/NS Ultimate ANB A 07/16/2012
Hartford Frontier 2012 Indexed UL
Extended Value Option 2001 CSO M/F S/NS Ultimate ANB A 07/16/2012
Hartford Leaders VUL Liberty 2012 2001 CSO M/F Composite Ultimate ANB A 08/06/2012
Hartford Leaders VUL Liberty 2012
Extended Value Option 2001 CSO M/F Composite Ultimate ANB A 08/06/2012
------------
* NAR Type is described in Schedule B.
** Eligibility for new business is based on issue date on or after the
Effective Date shown.
*** The version of this product launched on 7/1/2010 used NAR Type A prior to
3/1/2012. As of 3/1/2012, NAR Type B is used prospectively for all in force
and new policies.
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 11 -- Effective 10/15/2012
3
RIDERS PROVIDING DEATH BENEFITS EFFECTIVE
THAT ARE ELIGIBLE FOR REINSURANCE DATE**
--------------------------------------------------------------------------------
Primary Term Insured Rider 10/01/2008
Other Covered Insured Term Life Rider 10/01/2008
Cost of Living Adjustment (COLA) Rider 10/01/2008
NOTE: NAR Type for term riders above is C. For COLA Rider, NAR Type follows Base
Policy to which it is attached.
RIDERS THAT PROVIDE ADDITIONAL BENEFITS EFFECTIVE
BUT THAT ARE NOT ELIGIBLE FOR REINSURANCE DATE**
--------------------------------------------------------------------------------
Accidental Death Benefit (ADS) Rider 10/01/2008
Accelerated Benefit Rider (ABR) 10/01/2008
LifeAccess Accelerated Benefit Rider (LAABR) 10/01/2008
Policy Continuation Rider 10/01/2008
Policy Protection Rider (PPR) 10/01/2008
Enhanced No Lapse Guarantee Rider 10/01/2008
Lifetime No Lapse Guarantee Rider 10/01/2008
Guaranteed Minimum Accumulation Benefit (GMAB) Rider 10/01/2008
Paid-Up Life Insurance Rider 10/01/2008
Conversion Option Rider 10/01/2008
Overloan Protection Rider 10/01/2008
Waiver of Specified Amount (WSA) Rider 10/01/2008
Waiver of Monthly Deductions (WMD) Rider 10/01/2008
Children's Life Insurance Rider 10/01/2008
Foreign Travel Exclusion Rider 10/01/2008
Estate Tax Repeal Benefit Rider 10/01/2008
Modified Surrender Value Rider 10/01/2008
Cash Surrender Value Endorsement 10/01/2008
Automatic Premium Payment Rider 10/01/2008
Additional Premium Rider 10/01/2008
Qualified Plan Rider 10/01/2008
Owner Designated Settlement Option Rider 03/05/2010
DisabilityAccess Rider (DAR) 08/11/2009
LongevityAccess Rider 03/14/2011
LifeAccess Care Rider 04/11/2011
------------
** Eligibility for new business is based on issue date on or after the
Effective Date shown.
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 11 -- Effective 10/15/2012
4
RIDER DESCRIPTIONS (Rider descriptions are added for convenience. To the extent
the description conflicts with the terms of the rider, the rider will govern.)
RIDERS PROVIDING ADDITIONAL DEATH BENEFITS THAT ARE ELIGIBLE FOR REINSURANCE:
Primary Insured Term Rider: Provides additional level term life coverage on the
base policy insured.
Other Covered Insured Term Life Rider: Provides level term life coverage on an
insured other than the base policy insured.
Cost of Living Adjustment (COLA) Rider: Provides for biennial face amount
increases, without underwriting, based on increases in the Consumer Price Index.
The maximum amount of any single increase is $50,000. Any increase can be
declined by the policyholder, which stops future increases. Available only at
issue and only for non-substandard issue ages 0 through 60.
RIDERS THAT PROVIDE ADDITIONAL BENEFITS THAT ARE NOT ELIGIBLE FOR REINSURANCE:
Accidental Death Benefit Rider: Pays an additional death benefit if the death on
the insured is caused by a qualifying accident.
Accelerated Benefit Rider: Provides the policyholder up to 100% of the death
benefit, discounted with interest, if the insured's life expectancy is 12 months
or less. After acceleration, the Ceding Company shall continue to pay the
Reinsurer Reinsurance Premiums on the Reinsured Net Amount at Risk as described
in Schedule B, and the Reinsurer shall be liable for such Reinsured Net Amount
at Risk upon the death of the insured.
LifeAccess Accelerated Benefit Rider (LAABR): Provides for monthly benefits (up
to 2% of death benefit) if insured meets certain ADL and home-care requirements.
In accordance with Schedule B, during and after acceleration, the Ceding Company
shall continue to pay the Reinsurer Reinsurance Premiums on the Reinsured Net
Amount at Risk based on the Death Benefit prior to acceleration, and the
Reinsurer shall be liable for such Reinsured Net Amount at Risk upon the death
of the insured.
Policy Continuation Rider: Intended to prevent the lapse of highly loaned
policies.
Policy Protection Rider: Protects the death benefit of the base policy and any
primary insured term rider from lapse as long as the Policy Protection Account
Value ("shadow account") is not negative.
Enhanced No Lapse Guarantee Rider: Provides that the policy will not lapse as
long as cumulative premiums paid less indebtedness less withdrawals are greater
than or equal to the cumulative no lapse guarantee premiums. Length of guarantee
varies by issue age.
Lifetime No Lapse Guarantee Rider: Same as Enhanced No Lapse Guarantee Rider but
with lifetime guarantee.
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 11 -- Effective 10/15/2012
5
PAGE 4 OF 7 RIDERS THAT PROVIDE ADDITIONAL BENEFITS THAT ARE NOT ELIGIBLE FOR
REINSURANCE:
Guaranteed Minimum Accumulation Benefit (GMAB) Rider: Provides, at the end of
the GMAB Guarantee Period (usually 20 years), that the policy Account Value will
be increased, if necessary, to equal the sum of gross premiums paid to that
date. There is a small monthly charge and a minimum cumulative premium
requirement to keep the rider in force.
Paid-Up Life Insurance Rider: Similar to the GMAB rider, with the same Guarantee
Period, a monthly charge, and a cumulative premium requirement. At end of the
Guarantee Period, the owner may elect to change coverage to paid-up life using
the Account Value as a 5% NSP to determine the amount of coverage; however, the
amount of coverage will never be lower than the sum of gross premiums paid to
that date. Once elected, premiums are no longer payable.
Conversion Option Rider: During certain policy years and prior to the insured's
attained age 70, the policy may be converted, without evidence of insurability,
to any permanent plan of life insurance the Ceding Company then makes available
for conversions of this policy.
Overloan Protection Rider: Protects a policy from terminating due to overloan.
Waiver of Specified Amount (WSA) Rider: Waives a specified amount monthly while
the insured is disabled.
Waiver of Monthly Deductions (WMD) Rider: Waives monthly deduction amounts while
the insured is disabled.
Children's Life Insurance Rider: Provides level term life coverage for each
child of the insured.
Foreign Travel Exclusion Rider: Provides a limited death benefit (Account Value
less indebtedness) if the insured dies due to travel to, from, or within certain
foreign countries, or due directly or indirectly to illness or injury sustained
during such travel.
Estate Tax Repeal Benefit Rider: Pays the policy Account Value less indebtedness
if the Federal Estate Tax Law is fully repealed by December 31, 2010, and the
Ceding Company receives a request for this benefit amount from the policy owner.
Modified Surrender Value Rider: Changes the Cash Surrender Value definition (to
equal the Account Value) if the policy is surrendered within 3 years after the
policy issue date.
Cash Surrender Value Endorsement: Provides for enhanced Cash Surrender Value
(equal to the current Account Value) in the event of policy surrender in the
first 4 policy years, unless the policy is exchanged under Section 1035 to
another company's policy.
Automatic Premium Payment Rider: Provides for any Scheduled Premium due and
unpaid by the end of any Policy Grace Period to be paid by an automatic
deduction from the Account Value, if the Account Value exceeds the Guaranteed
Cash Value.
Additional Premium Rider: Allows additional premium amounts to be paid at the
same payment intervals as scheduled premiums.
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 11 -- Effective 10/15/2012
6
RIDERS THAT PROVIDE ADDITIONAL BENEFITS THAT ARE NOT ELIGIBLE FOR REINSURANCE
(CONTINUED):
Qualified Plan Rider: Indicates that the policy is owned by a qualified plan,
details the policy owner's reporting responsibilities to the Ceding Company, and
describes features and activities that are unavailable when the policy is owned
by a Qualified Plan.
Owner Designated Settlement Option Rider. Allows the policy owner to designate a
Settlement Option to be used for the payment of Death Proceeds.
DisabilityAccess Rider (DAR): Pays a monthly benefit upon disability of the
primary insured on the life insurance policy to which it is attached. The amount
of monthly benefit is permanently set at rider issue and is limited to a
24-month benefit period. The maximum monthly benefit amount is $5,000; it is
further limited to 2% of the initial face amount or 30% of monthly income at
policy issue. The minimum monthly benefit is $1,000.
LongevityAccess Rider: Provides for monthly benefits (up to 1% of death benefit)
when the insured reaches age 90 and meets the rider's eligibility requirements.
Includes a residual death benefit of 10% of the death benefit prior to
withdrawals. In accordance with Schedule B, during and after withdrawals, the
Ceding Company shall continue to pay the Reinsurer Reinsurance Premiums on the
Reinsured Net Amount at Risk based on the Death Benefit prior to withdrawals,
and the Reinsurer shall be liable for such Reinsured Net Amount at Risk upon the
death of the insured.
LifeAccess Care Rider: Similar to the LifeAccess Accelerated Benefit Rider, but
filed as a health product in some states. Provides for monthly benefits (up to
2% of death benefit) if insured meets certain ADL and home-care requirements.
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 11 -- Effective 10/15/2012
7
LAST SURVIVOR PLANS OF INSURANCE
NAR EFFECTIVE
BASE POLICY VALUATION MORTALITY TABLE(S) TYPE* DATE**
------------------------------------------------------------------------------------------------------
Hartford Leaders VUL Joint Legacy 2001 CSO M/F S/NS Ultimate ALB A 10/01/2008
Hartford Leaders VUL Joint Legacy II 2001 CSO M/F S/NS Ultimate ANB A 10/01/2008
Hartford Advanced Last Survivor UL 2001 CSO M/F S/NS Ultimate ALB B 10/01/2008
Hartford Bicentennial XX Xxxxx Xxxxxxx 0000 XXX X/X X/XX Xxxxxxxx XXX X 10/01/2008
Hartford Bicentennial UL Joint Freedom II 2001 CSO M/F S/NS Ultimate ANB B*** 10/01/2008
Hartford Joint Founders Plus UL 2001 CSO M/F S/NS Ultimate ANB A 10/15/2012
------------
* NAR Type is described in Schedule B.
** Eligibility for new business is based on issue date on or after the
Effective Date shown.
*** The version of this product launched on 7/1/2010 used NAR Type A prior to
3/1/2012. As of 3/1/2012, NAR Type B is used prospectively for all in force
and new policies.
RIDERS PROVIDING DEATH BENEFITS EFFECTIVE
THAT ARE ELIGIBLE FOR REINSURANCE DATE**
--------------------------------------------------------------------------------
Estate Protection Rider (NAR Type is C) 10/01/2008
RIDERS THAT PROVIDE ADDITIONAL BENEFITS EFFECTIVE
BUT THAT ARE NOT ELIGIBLE FOR REINSURANCE DATE**
--------------------------------------------------------------------------------
LS Exchange Option Rider 10/01/2008
Policy Protection Rider 10/01/2008
Estate Tax Repeal Rider 10/01/2008
Foreign Travel Exclusion Rider 10/01/2008
Guaranteed Minimum Accumulation Benefit (GMAB) Rider 10/01/2008
Paid-Up Life Insurance Rider 10/01/2008
Owner Designated Settlement Option Rider 03/05/2010
Joint LifeAccess Rider 01/31/2011
RIDER DESCRIPTIONS (Rider descriptions are added for convenience. To the extent
the description conflicts with the terms of the rider, the rider will govern.)
RIDERS PROVIDING DEATH BENEFITS THAT ARE ELIGIBLE FOR REINSURANCE:
Estate Protection Rider: This rider provides last survivor level term life
insurance on the base policy insureds for three years.
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 11 -- Effective 10/15/2012
8
RIDERS THAT PROVIDE ADDITIONAL BENEFITS BUT THAT ARE NOT ELIGIBLE FOR
REINSURANCE:
LS Exchange Option Rider: Allows a Last Survivor policy to be split into two
Single Life policies, without new evidence of insurability, if divorce, business
dissolution, or estate-tax repeal or reduction occurs. The face amount of each
new Single Life policy will equal one half of the Last Survivor policy face
amount. Upon a split, reinsurance will continue at point-in-scale rates for each
single life, as documented in Section X.C. (This rider is not available when one
of the insureds is uninsurable or above Table H.)
Policy Protection Rider: Protects the death benefit of the base policy and any
Estate Protection Rider from lapse as long as the Policy Protection Account
Value ("shadow account") is not negative.
Estate Tax Repeal Rider: Will pay the Account Value less indebtedness if the
Federal Estate Tax Law is fully repealed by December 31, 2010, and the Ceding
Company receives a request for this benefit amount from the policy owner.
Foreign Travel Exclusion: Provides a limited death benefit (Account Value less
indebtedness) if either insured dies due to travel to, from, or within certain
foreign countries, or due directly or indirectly to illness or injury sustained
during such travel.
Guaranteed Minimum Accumulation Benefit Rider and Paid-Up Life Insurance Rider:
Same as Single Life riders.
Owner Designated Settlement Option Rider. Allows the policy owner to designate a
Settlement Option to be used for the payment of Death Proceeds.
Joint LifeAccess Rider: Similar to the LifeAccess Accelerated Benefit Rider.
Available only on Last Survivor products where the benefit will be payable for
the last surviving insured if chronically ill or if both insureds are
concurrently chronically ill.
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 11 -- Effective 10/15/2012
9
AMENDMENT 12
EFFECTIVE JULY 16, 2012
TO THE
AUTOMATIC AND FACULTATIVE MONTHLY RENEWABLE TERM REINSURANCE AGREEMENT
EFFECTIVE OCTOBER 1, 2008
BETWEEN
HARTFORD LIFE INSURANCE COMPANY ("CEDING COMPANY")
AND
TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY ("REINSURER")
("AGREEMENT")
WHEREAS, the Reinsurer currently reinsures the Ceding Company's plans or
policies under the Agreement; and
WHEREAS, the Ceding Company and the Reinsurer wish to amend the Agreement to
reflect that the following Products will be added to the Agreement and the
Effective Dates shown in Schedule A are the dates the products will become
reinsured:
- Hartford Frontier 2012 Indexed UL,
- Hartford Frontier 2012 Indexed UL Extended Value Option,
- Hartford Leaders VUL Liberty 2012, and
- Hartford Leaders VUL Liberty 2012 Extended Value Option.
NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby
acknowledged, the Ceding Company and the Reinsurer hereby agree as follows:
1. The above recitals are true and accurate and are incorporated herein.
2. Schedule A is deleted in its entirety and replaced with the attached
revised Schedule A.
3. Except as herein amended, all other terms and conditions of the Agreement
shall remain in full force and effect and unchanged.
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 12 -- Effective 07/16/2012
1
In witness of the foregoing, the Ceding Company and the Reinsurer have, by their
respective officers, executed this Amendment in duplicate on the dates indicated
below.
TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY
by its Administrator and Attorney-in-Fact
SCOR Global Life Re Insurance Company of Texas
By: /s/ Xxxxx Xxxxxxxxxx Attest: /s/ Xxxxx X. Xxxxxxxxx
-------------------------------------- --------------------------------
Name: Xxxxx Xxxxxxxxxx Name: Xxxxx X. Xxxxxxxxx
Title: Executive Vice President Title: Assistant Vice President
SCOR Global Life Re Insurance Company SCOR Global Life Re Insurance
of Texas Company of Texas
Date: August 13, 2012 Date: August 27, 2012
HARTFORD LIFE INSURANCE COMPANY
By: /s/ Xxxx Xxxxxxx Attest: /s/ Xxxxx X. Xxxxxx
-------------------------------------- --------------------------------
Name: Xxxx Xxxxxxx, FSA, MAAA Name: Xxxxx X. Xxxxxx
Title: Assistant Vice President and Actuary Title: Vice President and Actuary
Individual Life Product Management
Date: 9-24-12 Date: 9-24-12
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 12 -- Effective 07/16/2012
2
SCHEDULE A
PLANS OF INSURANCE COVERED UNDER THIS AGREEMENT
EFFECTIVE JULY 16, 2012
SINGLE LIFE PLANS OF INSURANCE
NAR EFFECTIVE
BASE POLICY VALUATION MORTALITY TABLE(S) TYPE* DATE**
--------------------------------------------------------------------------------------------------------------------
Stag UL 1980 CSO M/F S/NS Ultimate ALB A 10/01/2008
Hartford Bicentennial UL Founders 2001 CSO M/F S/NS Ultimate ANB A 10/01/2008
Hartford UL CV 1980 CSO M/F S/NS Ultimate ALB A 10/01/2008
Stag Wall Street VUL 1980 CSO M/F S/NS Ultimate ALB A 10/01/2008
Stag Protector II VUL 1980 CSO M/F S/NS Ultimate ALB A 10/01/2008
Hartford Leaders VUL Legacy 2001 CSO M/F Composite Ultimate ANB A 10/01/2008
Stag Accumulator II VUL 1980 CSO M/F Unismoke Ultimate ALB A 10/01/2008
Hartford Leaders VUL Liberty (a) 1980 CSO M/F Unismoke Ultimate ANB A 10/01/2008
Hartford Leaders VUL Liberty (b) 2001 CSO M/F Composite Ultimate ANB A 10/01/2008
Life Solutions II UL (a) 1980 CSO M/F S/NS Ultimate ALB A 10/01/2008
Life Solutions II UL (b) 2001 CSO M/F S/NS Ultimate ALB A 10/01/2008
Hartford Advanced Universal Life 2001 CSO M/F S/NS Ultimate ALB B 10/01/2008
Hartford Bicentennial UL Freedom 2001 CSO M/F S/NS Ultimate ANB B*** 10/01/2008
Hartford Quantum II VUL (a) 2001 CSO M/F S/NS Ultimate ALB A 10/01/2008
Hartford Quantum II VUL (b) 2001 CSO M/F S/NS Ultimate ANB A 10/01/2008
Hartford ExtraOrdinary Whole Life (a) 2001 CSO M/F S/NS Ultimate ALB A 10/01/2008
Hartford ExtraOrdinary Whole Life (b) 2001 CSO M/F S/NS Ultimate ANB A 10/01/2008
Hartford Bicentennial XX Xxxxxxxx XX 0000 XXX X/X X/XX Xxxxxxxx ANB A 03/05/2010
Hartford Bicentennial UL Founders II
Extended Value Option 2001 CSO M/F S/NS Ultimate ANB A 03/05/2010
Hartford Frontier Indexed Universal Life 2001 CSO M/F S/NS Ultimate ANB A 09/07/2010
Hartford Frontier Indexed Universal Life
Extended Value Option 2001 CSO M/F S/NS Ultimate ANB A 09/07/2010
Hartford Founders Plus UL 2001 CSO M/F S/NS Ultimate ANB A 10/03/2011
Hartford Founders Plus UL
Extended Value Option 2001 CSO M/F S/NS Ultimate ANB A 10/03/2011
Hartford Frontier 2012 Indexed UL 2001 CSO M/F S/NS Ultimate ANB A 07/16/2012
Hartford Frontier 2012 Indexed UL
Extended Value Option 2001 CSO M/F S/NS Ultimate ANB A 07/16/2012
Hartford Leaders VUL Liberty 2012 2001 CSO M/F Composite Ultimate ANB A 08/06/2012
Hartford Leaders VUL Liberty 2012
Extended Value Option 2001 CSO M/F Composite Ultimate ANB A 08/06/2012
------------
* NAR Type is described in Schedule B.
** Eligibility for new business is based on issue date on or after the
Effective Date shown.
*** The version of this product launched on 7/1/2010 used NAR Type A prior to
3/1/2012. As of 3/1/2012, NAR Type B is used prospectively for all in force
and new policies.
RIDERS PROVIDING DEATH BENEFITS EFFECTIVE
THAT ARE ELIGIBLE FOR REINSURANCE DATE**
--------------------------------------------------------------------------------
Primary Term Insured Rider 10/01/2008
Other Covered Insured Term Life Rider 10/01/2008
Cost of Living Adjustment (COLA) Rider 10/01/2008
NOTE: NAR Type for term riders above is C. For COLA Rider, NAR Type follows Base
Policy to which it is attached.
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 12 -- Effective 07/16/2012
3
SINGLE LIFE PLANS OF INSURANCE
RIDERS THAT PROVIDE ADDITIONAL BENEFITS EFFECTIVE
BUT THAT ARE NOT ELIGIBLE FOR REINSURANCE DATE**
--------------------------------------------------------------------------------
Accidental Death Benefit (ADB) Rider 10/01/2008
Accelerated Benefit Rider (ABR) 10/01/2008
LifeAccess Accelerated Benefit Rider (LAABR) 10/01/2008
Policy Continuation Rider 10/01/2008
Policy Protection Rider (PPR) 10/01/2008
Enhanced No Lapse Guarantee Rider 10/01/2008
Lifetime No Lapse Guarantee Rider 10/01/2008
Guaranteed Minimum Accumulation Benefit (GMAB) Rider 10/01/2008
Paid-Up Life Insurance Rider 10/01/2008
Conversion Option Rider 10/01/2008
Overloan Protection Rider 10/01/2008
Waiver of Specified Amount (WSA) Rider 10/01/2008
Waiver of Monthly Deductions (WMD) Rider 10/01/2008
Children's Life Insurance Rider 10/01/2008
Foreign Travel Exclusion Rider 10/01/2008
Estate Tax Repeal Benefit Rider 10/01/2008
Modified Surrender Value Rider 10/01/2008
Cash Surrender Value Endorsement 10/01/2008
Automatic Premium Payment Rider 10/01/2008
Additional Premium Rider 10/01/2008
Qualified Plan Rider 10/01/2008
Owner Designated Settlement Option Rider 03/05/2010
DisabilityAccess Rider (DAR) 08/11/2009
LongevityAccess Rider 03/14/2011
LifeAccess Care Rider 04/11/2011
------------
** Eligibility for new business is based on issue date on or after the
Effective Date shown.
RIDER DESCRIPTIONS (Rider descriptions are added for convenience. To the extent
the description conflicts with the terms of the rider, the rider will govern.)
RIDERS PROVIDING ADDITIONAL DEATH BENEFITS THAT ARE ELIGIBLE FOR REINSURANCE:
Primary Insured Term Rider: Provides additional level term life coverage on the
base policy insured.
Other Covered Insured Term Life Rider: Provides level term life coverage on an
insured other than the base policy insured.
Cost of Living Adjustment (COLA) Rider: Provides for biennial face amount
increases, without underwriting, based on increases in the Consumer Price Index.
The maximum amount of any single increase is $50,000. Any increase can be
declined by the policyholder, which stops future increases. Available only at
issue and only for non-substandard issue ages 0 through 60.
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 12 -- Effective 07/16/2012
4
RIDERS THAT PROVIDE ADDITIONAL BENEFITS THAT ARE NOT ELIGIBLE FOR REINSURANCE:
Accidental Death Benefit Rider: Pays an additional death benefit if the death on
the insured is caused by a qualifying accident.
Accelerated Benefit Rider: Provides the policyholder up to 100% of the death
benefit, discounted with interest, if the insured's life expectancy is 12 months
or less. After acceleration, the Ceding Company shall continue to pay the
Reinsurer Reinsurance Premiums on the Reinsured Net Amount at Risk as described
in Schedule B, and the Reinsurer shall be liable for such Reinsured Net Amount
at Risk upon the death of the insured.
LifeAccess Accelerated Benefit Rider (LAABR): Provides for monthly benefits (up
to 2% of death benefit) if insured meets certain ADL and home-care requirements.
In accordance with Schedule B, during and after acceleration, the Ceding Company
shall continue to pay the Reinsurer Reinsurance Premiums on the Reinsured Net
Amount at Risk based on the Death Benefit prior to acceleration, and the
Reinsurer shall be liable for such Reinsured Net Amount at Risk upon the death
of the insured.
Policy Continuation Rider: Intended to prevent the lapse of highly loaned
policies.
Policy Protection Rider: Protects the death benefit of the base policy and any
primary insured term rider from lapse as long as the Policy Protection Account
Value ("shadow account") is not negative.
Enhanced No Lapse Guarantee Rider: Provides that the policy will not lapse as
long as cumulative premiums paid less indebtedness less withdrawals are greater
than or equal to the cumulative no lapse guarantee premiums. Length of guarantee
varies by issue age.
Lifetime No Lapse Guarantee Rider: Same as Enhanced No Lapse Guarantee Rider but
with lifetime guarantee.
Guaranteed Minimum Accumulation Benefit (GMAB) Rider: Provides, at the end of
the GMAB Guarantee Period (usually 20 years), that the policy Account Value will
be increased, if necessary, to equal the sum of gross premiums paid to that
date. There is a small monthly charge and a minimum cumulative premium
requirement to keep the rider in force.
Paid-Up Life Insurance Rider: Similar to the GMAB rider, with the same Guarantee
Period, a monthly charge, and a cumulative premium requirement. At end of the
Guarantee Period, the owner may elect to change coverage to paid-up life using
the Account Value as a 5% NSP to determine the amount of coverage; however, the
amount of coverage will never be lower than the sum of gross premiums paid to
that date. Once elected, premiums are no longer payable.
Conversion Option Rider: During certain policy years and prior to the insured's
attained age 70, the policy may be converted, without evidence of insurability,
to any permanent plan of life insurance the Ceding Company then makes available
for conversions of this policy.
Overloan Protection Rider: Protects a policy from terminating due to overloan.
Waiver of Specified Amount (WSA) Rider: Waives a specified amount monthly while
the insured is disabled.
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 12 -- Effective 07/16/2012
5
RIDERS THAT PROVIDE ADDITIONAL BENEFITS THAT ARE NOT ELIGIBLE FOR REINSURANCE
(CONTINUED):
Waiver of Monthly Deductions (WMD) Rider: Waives monthly deduction amounts while
the insured is disabled.
Children's Life Insurance Rider: Provides level term life coverage for each
child of the insured.
Foreign Travel Exclusion Rider: Provides a limited death benefit (Account Value
less indebtedness) if the insured dies due to travel to, from, or within certain
foreign countries, or due directly or indirectly to illness or injury sustained
during such travel.
Estate Tax Repeal Benefit Rider: Pays the policy Account Value less indebtedness
if the Federal Estate Tax Law is fully repealed by December 31, 2010, and the
Ceding Company receives a request for this benefit amount from the policy owner.
Modified Surrender Value Rider: Changes the Cash Surrender Value definition (to
equal the Account Value) if the policy is surrendered within 3 years after the
policy issue date.
Cash Surrender Value Endorsement: Provides for enhanced Cash Surrender Value
(equal to the current Account Value) in the event of policy surrender in the
first 4 policy years, unless the policy is exchanged under Section 1035 to
another company's policy.
Automatic Premium Payment Rider: Provides for any Scheduled Premium due and
unpaid by the end of any Policy Grace Period to be paid by an automatic
deduction from the Account Value, if the Account Value exceeds the Guaranteed
Cash Value.
Additional Premium Rider: Allows additional premium amounts to be paid at the
same payment intervals as scheduled premiums.
Qualified Plan Rider: Indicates that the policy is owned by a qualified plan,
details the policy owner's reporting responsibilities to the Ceding Company, and
describes features and activities that are unavailable when the policy is owned
by a Qualified Plan.
Owner Designated Settlement Option Rider. Allows the policy owner to designate a
Settlement Option to be used for the payment of Death Proceeds.
DisabilityAccess Rider (DAR): Pays a monthly benefit upon disability of the
primary insured on the life insurance policy to which it is attached. The amount
of monthly benefit is permanently set at rider issue and is limited to a
24-month benefit period. The maximum monthly benefit amount is $5,000; it is
further limited to 2% of the initial face amount or 30% of monthly income at
policy issue. The minimum monthly benefit is $1,000.
LongevityAccess Rider: Provides for monthly benefits (up to 1% of death benefit)
when the insured reaches age 90 and meets the rider's eligibility requirements.
Includes a residual death benefit of 10% of the death benefit prior to
withdrawals. In accordance with Schedule B, during and after withdrawals, the
Ceding Company shall continue to pay the Reinsurer Reinsurance Premiums on the
Reinsured Net Amount at Risk based on the Death Benefit prior to withdrawals,
and the Reinsurer shall be liable for such Reinsured Net Amount at Risk upon the
death of the insured.
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 12 -- Effective 07/16/2012
6
RIDERS THAT PROVIDE ADDITIONAL BENEFITS THAT ARE NOT ELIGIBLE FOR REINSURANCE
(CONTINUED):
LifeAccess Care Rider: Similar to the LifeAccess Accelerated Benefit Rider, but
filed as a health product in some states. Provides for monthly benefits (up to
2% of death benefit) if insured meets certain ADL and home-care requirements.
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 12 -- Effective 07/16/2012
7
LAST SURVIVOR PLANS OF INSURANCE
NAR EFFECTIVE
BASE POLICY VALUATION MORTALITY TABLE(S) TYPE* DATE**
----------------------------------------------------------------------------------------------------------
Hartford Leaders VUL Joint Legacy 2001 CSO M/F S/NS Ultimate ALB A 10/01/2008
Hartford Leaders VUL Joint Legacy II 2001 CSO M/F S/NS Ultimate ANB A 10/01/2008
Hartford Advanced Last Survivor UL 2001 CSO M/F S/NS Ultimate ALB B 10/01/2008
Hartford Bicentennial XX Xxxxx Xxxxxxx 0000 XXX X/X X/XX Xxxxxxxx XXX X 10/01/2008
Hartford Bicentennial UL Joint Freedom II 2001 CSO M/F S/NS Ultimate ANB B*** 10/01/2008
------------
* NAR Type is described in Schedule B.
** Eligibility for new business is based on issue date on or after the
Effective Date shown.
*** The version of this product launched on 7/1/2010 used NAR Type A prior to
3/1/2012. As of 3/1/2012, NAR Type B is used prospectively for all in force
and new policies.
RIDERS PROVIDING DEATH BENEFITS EFFECTIVE
THAT ARE ELIGIBLE FOR REINSURANCE DATE**
--------------------------------------------------------------------------------
Estate Protection Rider (NAR Type is C) 10/01/2008
RIDERS THAT PROVIDE ADDITIONAL BENEFITS EFFECTIVE
BUT THAT ARE NOT ELIGIBLE FOR REINSURANCE DATE**
--------------------------------------------------------------------------------
LS Exchange Option Rider 10/01/2008
Policy Protection Rider 10/01/2008
Estate Tax Repeal Rider 10/01/2008
Foreign Travel Exclusion Rider 10/01/2008
Guaranteed Minimum Accumulation Benefit (GMAB) Rider 10/01/2008
Paid-Up Life Insurance Rider 10/01/2008
Owner Designated Settlement Option Rider 03/05/2010
Joint LifeAccess Rider 01/31/2011
RIDER DESCRIPTIONS (Rider descriptions are added for convenience. To the extent
the description conflicts with the terms of the rider, the rider will govern.)
RIDERS PROVIDING DEATH BENEFITS THAT ARE ELIGIBLE FOR REINSURANCE:
Estate Protection Rider: This rider provides last survivor level term life
insurance on the base policy insureds for three years.
RIDERS THAT PROVIDE ADDITIONAL BENEFITS BUT THAT ARE NOT ELIGIBLE FOR
REINSURANCE:
LS Exchange Option Rider: Allows a Last Survivor policy to be split into two
Single Life policies, without new evidence of insurability, if divorce, business
dissolution, or estate-tax repeal or reduction occurs. The face amount of each
new Single Life policy will equal one half of the Last Survivor policy face
amount. Upon a split, reinsurance will continue at point-in-scale rates for each
single life, as documented in Section X.C. (This rider is not available when one
of the insureds is uninsurable or above Table H.)
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 12 -- Effective 07/16/2012
8
RIDERS THAT PROVIDE ADDITIONAL BENEFITS BUT THAT ARE NOT ELIGIBLE FOR
REINSURANCE (CONTINUED):
Policy Protection Rider: Protects the death benefit of the base policy and any
Estate Protection Rider from lapse as long as the Policy Protection Account
Value ("shadow account") is not negative.
Estate Tax Repeal Rider: Will pay the Account Value less indebtedness if the
Federal Estate Tax Law is fully repealed by December 31, 2010, and the Ceding
Company receives a request for this benefit amount from the policy owner.
Foreign Travel Exclusion: Provides a limited death benefit (Account Value less
indebtedness) if either insured dies due to travel to, from, or within certain
foreign countries, or due directly or indirectly to illness or injury sustained
during such travel.
Guaranteed Minimum Accumulation Benefit Rider and Paid-Up Life Insurance Rider:
Same as Single Life riders.
Owner Designated Settlement Option Rider. Allows the policy owner to designate a
Settlement Option to be used for the payment of Death Proceeds.
Joint LifeAccess Rider: Similar to the LifeAccess Accelerated Benefit Rider.
Available only on Last Survivor products where the benefit will be payable for
the last surviving insured if chronically ill or if both insureds are
concurrently chronically ill.
Allocated Retention Pool -- Effective 10/01/2008
Between HLIC and TFLIC
Amendment 12 -- Effective 07/16/2012
9
