AMENDMENT 3
EFFECTIVE SEPTEMBER 1, 2010
TO THE
AUTOMATIC MONTHLY RENEWABLE TERM
REINSURANCE AGREEMENT FOR NON-EXCESS RISKS
EFFECTIVE OCTOBER 1, 2008
BETWEEN
HARTFORD LIFE INSURANCE COMPANY ("CEDING COMPANY")
AND
THE CANADA LIFE ASSURANCE 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 item 8:
8. The Ceding Company may issue policies on an Automatic Reinsurance
basis through its Issue First policy issuance program. Issue First
is a program under which a policy can be issued before the
underwriting process has been completed.
If policies issued under the Issue First program do not meet the
requirements for Automatic Reinsurance set forth above, they will be
deemed automatically reinsured as long they meet the additional
requirements for Issue First that are documented in the Ceding
Company's InfoBase data system.
Changes to the Issue First program will be handled in accordance
with Section XXII.L.
3. Policies under the Issue First Program that are deemed to be uninsurable
based on medical evidence will be reinsured using the Reinsurance Premiums
set out in Exhibit I. Exhibit I is deleted in its entirety and replaced
with the attached revised Exhibit I.
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 (Non-Excess Risks) -- Effective 10/01/2008
Between HLIC and Canada Life
Amendment 3 -- 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.
THE CANADA LIFE ASSURANCE COMPANY
By: /s/ Xxxx Xxxxxxxxx By: /s/ Xxxx-Xxxxxxxx Xxxxxx
---------------------------------------------- ----------------------------------------------
Name: Xxxx Xxxxxxxxx, MA FIA Name: Xxxx-Xxxxxxxx Xxxxxx, FSA, FCIA
Title: Senior Vice-President Title: Senior Vice President
Reinsurance Life Reinsurance
Date: October 18, 2012 Date: October 24, 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: 10-26-2012 Date: 10/31/12
Allocated Retention Pool (Non-Excess Risks) -- Effective 10/01/2008
Between HLIC and Canada Life
Amendment 3 -- Effective 09/01/2010
2
EXHIBIT I
REINSURANCE PREMIUM CALCULATION
EFFECTIVE SEPTEMBER 1, 2010
FOR SINGLE LIFE PLANS OF INSURANCE
REINSURANCE PREMIUM
Reinsurance Premium shall be calculated each month for each risk reinsured as [
(i) + (ii) ] / 12, where:
(i) equals the Yearly Renewable Term (YRT) Reinsurance Premium for the coverage
(as defined below); and
(ii) equals the Annual Flat Extra Reinsurance Premium (as defined below) for the
coverage, where
the sum of [ (i) + (ii) ] shall not exceed the Reinsured Net Amount at Risk for
such coverage, defined in Schedule B.
For the purposes of calculating Reinsurance Premium, the following will be
considered separate coverages: base policy, increases in coverage, and reinsured
riders.
YEARLY RENEWABLE TERM (YRT) REINSURANCE PREMIUM
The YRT Reinsurance Premium for each coverage shall equal (i) x (ii) x (iii) /
1,000, where:
(i) equals [ (a) x (b) ], (the "Base YRT Reinsurance Premium Rate") where:
(a) equals the applicable rate from the tables of Annual Rates per
$1,000 of Reinsured Net Amount at Risk specified in Exhibit III; and
(b) equals the applicable percentage from the tables of YRT Reinsurance
Rate Factors to be Applied to the Annual Rates per $1,000 of
Reinsured Net Amount at Risk specified in Exhibit IV;
(ii) equals the applicable Substandard Table Percentage, specified in Exhibit V,
for the risk; and
(iii) equals the Reinsured Net Amount at Risk for such coverage, defined in
Schedule B.
Allocated Retention Pool (Non-Excess Risks) -- Effective 10/01/2008
Between HLIC and Canada Life
Amendment 3 -- Effective 09/01/2010
3
FOR SINGLE LIFE PLANS OF INSURANCE
POLICIES UNDER THE ISSUE FIRST PROGRAM THAT ARE DEEMED TO BE UNINSURABLE BASED
ON MEDICAL EVIDENCE
The Ceding Company will determine a life expectancy for an insured who would
otherwise be deemed uninsurable. Reinsurance Premiums will be calculated as per
above based on the Standard Non-Nicotine or Standard Nicotine base YRT premium
plus an extra premium to cover an actuarially equivalent mortality risk for this
life expectancy. This extra premium may be in the form of a Substandard Table
percentage and/or a Flat Extra Premium.
ANNUAL FLAT EXTRA REINSURANCE PREMIUM
The Annual Flat Extra Reinsurance Premium for each coverage equals {(i) x [ 1 -
(ii) ] x [(iii) / 1,000]}, where:
(i) equals the applicable annual flat extra rate per 1,000, for the year of
coverage, that the Ceding Company charges for the coverage;
(ii) equals the Flat Extra Allowance Percentage, specified below; and
(iii) equals the Reinsured Net Amount At Risk for such coverage, defined in
Schedule B.
FLAT EXTRA ALLOWANCE PERCENTAGE
Allocated Retention Pool (Non-Excess Risks) -- Effective 10/01/2008
Between HLIC and Canada Life
Amendment 3 -- Effective 09/01/2010
4
FOR LAST SURVIVOR PLANS OF INSURANCE
REINSURANCE PREMIUM
Reinsurance Premium shall be calculated each month for each risk reinsured as
[(i) x (ii) / 1,000] / 12, where:
(i) equals the result of the following steps:
(ii) equals the Reinsured Net Amount at Risk for the coverage, defined in
Schedule B.
For the purposes of calculating Reinsurance Premium, the following will be
considered separate coverages: base policy, increases in coverage, and reinsured
riders. Reinsurance Premium for a single life rider attached to a last survivor
policy shall be determined in accordance with the Reinsurance Premium
calculations for single life plans of insurance.
YRT REINSURANCE PREMIUM RATE PER 1,000*
The YRT Reinsurance Premium Rate per 1,000 for each life for each coverage shall
equal (i) x (ii) + (iii), but in no event more than 1,000, where:
(i) equals the quantity [ (a) x (b) ], where:
(a) equals the applicable rate from the tables of Annual Rates per
$1,000 of Reinsured Net Amount at Risk specified in Exhibit III; and
(b) equals the applicable percentage from the tables of YRT Reinsurance
Rate Factors to be Applied to the Annual Rates per $1,000 of
Reinsured Net Amount at Risk specified in Exhibit IV;
(ii) equals the applicable Substandard Table Percentage, specified in Exhibit V,
for the risk; and
(iii) equals the Annual Flat Extra Reinsurance Premium per 1,000, as defined
below.
*For purposes of determining the YRT Reinsurance Premium Rate per 1,000, a life
deemed uninsurable will be treated as Table P for 20 years with a $250 flat
extra for 10 years.
Allocated Retention Pool (Non-Excess Risks) -- Effective 10/01/2008
Between HLIC and Canada Life
Amendment 3 -- Effective 09/01/2010
5
FOR LAST SURVIVOR PLANS OF INSURANCE
ANNUAL FLAT EXTRA REINSURANCE PREMIUM PER 1,000
The Annual Flat Extra Reinsurance Premium per 1,000 for each coverage equals
{(i) x [ 1 - (ii)]}, where:
(i) equals the applicable annual flat extra rate per 1,000, for the year of
coverage, that the Ceding Company charges for the coverage; and
(ii) equals the Flat Extra Allowance Percentage, specified below.
FLAT EXTRA ALLOWANCE PERCENTAGE
Allocated Retention Pool (Non-Excess Risks) -- Effective 10/01/2008
Between HLIC and Canada Life
Amendment 3 -- Effective 09/01/2010
6
AMENDMENT 5
EFFECTIVE OCTOBER 1, 2008
TO THE
AUTOMATIC MONTHLY RENEWABLE TERM REINSURANCE
AGREEMENT FOR NON-EXCESS RISKS
EFFECTIVE OCTOBER 1, 2008
("EFFECTIVE DATE")
BETWEEN
HARTFORD LIFE INSURANCE COMPANY ("CEDING COMPANY")
AND
THE CANADA LIFE ASSURANCE 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 agreed, in Amendment 1, to incorporate revised Factors in
Exhibit IV "YRT Reinsurance Rate Factors" as of the Effective Date, with the
revised Factors being implemented as follows:
(a) For billing transactions appearing in the November 2010 reinsurance billing
statement and thereafter, the Ceding Company had applied the revised
Factors; and
(b) For billing transactions reported to the Reinsurer prior to the November
2010 reinsurance billing statement, the Ceding Company paid the Reinsurer a
one-time payment in the amount of to correct the discrepancy
which resulted from the Ceding Company's application of the initial Factors;
and
WHEREAS, the Ceding Company did remit to the Reinsurer a one-time payment in the
amount of to correct the discrepancy and such amount represented the
aggregate amount of correction for the following agreements, all effective
October 1, 2008:
(a) Automatic Monthly Renewable Term Reinsurance for Non-Excess Risks between
Hartford Life and Annuity Insurance Company and The Canada Life Assurance
Company;
(b) Automatic Monthly Renewable Term Reinsurance for Non-Excess Risks between
Hartford Life Insurance Company and The Canada Life Assurance Company;
(c) Automatic and Facultative Monthly Renewable Term Reinsurance Agreement for
Excess Risks between Hartford Life and Annuity Insurance Company and The
Canada Life Assurance Company; and
Allocated Retention Pool (Non-Excess Risks) -- Effective 10/01/2008
Between HLIC and Canada Life
Amendment 5 -- Effective 10/01/2008
1
(d) Automatic and Facultative Monthly Renewable Term Reinsurance Agreement for
Excess Risks between Hartford Life Insurance Company and The Canada Life
Assurance Company; and
WHEREAS, notwithstanding the agreement of the Parties in Amendment 1 that the
above-mentioned one-time payment would be the full and final settlement
regarding this matter, the Parties now wish to recalculate all billing
transactions from the Effective Date using the revised Factors; and
WHEREAS, notwithstanding the agreement of the Parties in Amendment 1 that the
Ceding Company would not alter its administrative systems, the Parties now agree
that 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. The Reinsurer shall make a refund to the Ceding Company in the amount of
representing the aggregate amount of correction.
3. The Ceding Company shall recalculate all billing transactions from the
Effective Date 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.
In witness of the foregoing, the Parties have, by their respective authorized
officers, executed this Amendment in duplicate, each of which shall be deemed an
original but both of which together shall constitute one and the same
instrument, on the dates indicated below, with an effective date of October 1,
2008.
THE CANADA LIFE ASSURANCE COMPANY
By: /s/ Xxxx Xxxxxxxxx By: /s/ Xxxx-Xxxxxxxx Xxxxxx
---------------------------------------- ----------------------------------------
Name: Xxxx Xxxxxxxxx, MA FIA Name: Xxxx-Xxxxxxxx Xxxxxx, FSA, FCIA
Title: Senior Vice-President Title: Senior Vice President
Reinsurance Life Reinsurance
Date: June 15 2012 Date: 6/18/12
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: 7-10-12 Date: July 10, 2012
Allocated Retention Pool (Non-Excess Risks) -- Effective 10/01/2008
Between HLIC and Canada Life
Amendment 5 -- Effective 10/01/2008
2
AMENDMENT 6
EFFECTIVE MARCH 1, 2012
TO THE
AUTOMATIC MONTHLY RENEWABLE TERM
REINSURANCE AGREEMENT FOR NON-EXCESS RISKS
EFFECTIVE OCTOBER 1, 2008
BETWEEN
HARTFORD LIFE INSURANCE COMPANY ("CEDING COMPANY")
AND
THE CANADA LIFE ASSURANCE 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 (Non-Excess Risks) -- Effective 10/01/2008
Between HLIC and Canada Life
Amendment 6 -- 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.
THE CANADA LIFE ASSURANCE COMPANY
By: /s/ Xxxx Xxxxxxxxx By: /s/ Xxxx-Xxxxxxxx Xxxxxx
-------------------------------------- --------------------------------
Name: Xxxx Xxxxxxxxx, MA FIA Name: Xxxx-Xxxxxxxx Xxxxxx, FSA, FCIA
Title: Senior Vice-President Title: Senior Vice President
Reinsurance Life Reinsurance
Date: June 15 2012 Date: 6/18/12
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: 7-16-12 Date: July 16, 2012
Allocated Retention Pool (Non-Excess Risks) -- Effective 10/01/2008
Between HLIC and Canada Life
Amendment 6 -- 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 UL Founders II 2001 CSO M/F S/NS Ultimate ANB A 03/05/2010
Hartford Bicentennial UL Founders II 2001 CSO M/F S/NS Ultimate ANB A 03/05/2010
Extended Value Option
Hartford Frontier Indexed Universal Life 2001 CSO M/F S/NS Ultimate ANB A 09/07/2010
Hartford Frontier Indexed Universal Life 2001 CSO M/F S/NS Ultimate ANB A 09/07/2010
Extended Value Option
Hartford Founders Plus UL 2001 CSO M/F S/NS Ultimate ANB A 10/03/2011
Hartford Founders Plus UL 2001 CSO M/F S/NS Ultimate ANB A 10/03/2011
Extended Value Option
------------
* 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.
RIDERS THAT PROVIDE ADDITIONAL BENEFITS EFFECTIVE
BUT THAT ARE NOT ELIGIBLE FOR REINSURANCE DATE**
--------------------------------------------------------------------------------
Accidental Death Benefit (ADB) Rider 10/01/2008
Allocated Retention Pool (Non-Excess Risks) -- Effective 10/01/2008
Between HLIC and Canada Life
Amendment 6 -- Effective 03/01/2012
3
RIDERS THAT PROVIDE ADDITIONAL BENEFITS EFFECTIVE
BUT THAT ARE NOT ELIGIBLE FOR REINSURANCE (CONTINUED) DATE**
--------------------------------------------------------------------------------
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 (Non-Excess Risks) -- Effective 10/01/2008
Between HLIC and Canada Life
Amendment 6 -- 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.
Allocated Retention Pool (Non-Excess Risks) -- Effective 10/01/2008
Between HLIC and Canada Life
Amendment 6 -- Effective 03/01/2012
5
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 (Non-Excess Risks) -- Effective 10/01/2008
Between HLIC and Canada Life
Amendment 6 -- Effective 03/01/2012
6
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.
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 UL Joint Freedom 2001 CSO M/F S/NS Ultimate ALB B 10/01/2008
Hartford Bicentennial UL Joint Freedom 2001 CSO M/F S/NS Ultimate ANB B*** 10/01/2008
II
------------
* 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
------------
** 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.
Allocated Retention Pool (Non-Excess Risks) -- Effective 10/01/2008
Between HLIC and Canada Life
Amendment 6 -- Effective 03/01/2012
7
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 (Non-Excess Risks) -- Effective 10/01/2008
Between HLIC and Canada Life
Amendment 6 -- 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, not to exceed the Reinsurer's Maximum Automatic Participation Limit, as set
forth in Exhibit II.
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 (Non-Excess Risks) -- Effective 10/01/2008
Between HLIC and Canada Life
Amendment 6 -- Effective 03/01/2012
9
For NAR Type C, Death Benefit.
* In cases where the current Working Reserve is not available, the Ceding
Company may estimate such amount using either a previously defined Working
Reserve or the Account Value.
STEP 2 -- DETERMINE NET AMOUNT AT RISK FOR EACH "LAYER" OF COVERAGE
STEP 3 -- DETERMINE THE NAR FOR CEDING COMPANY AND THEN FOR THE REINSURER
MINIMUM AUTOMATIC REINSURANCE CESSION:
Allocated Retention Pool (Non-Excess Risks) -- Effective 10/01/2008
Between HLIC and Canada Life
Amendment 6 -- Effective 03/01/2012
10
AMENDMENT 7
EFFECTIVE JULY 16, 2012
TO THE
AUTOMATIC MONTHLY RENEWABLE TERM
REINSURANCE AGREEMENT FOR NON-EXCESS RISKS
EFFECTIVE OCTOBER 1, 2008
BETWEEN
HARTFORD LIFE INSURANCE COMPANY ("CEDING COMPANY")
AND
THE CANADA LIFE ASSURANCE 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 (Non-Excess Risks) -- Effective 10/01/2008
Between HLIC and Canada Life
Amendment 7 -- 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.
THE CANADA LIFE ASSURANCE COMPANY
By: /s/ Xxxx Xxxxxxxxx By: /s/ Xxxx-Xxxxxxxx Xxxxxx
---------------------------------------- -----------------------------------
Name: Xxxx Xxxxxxxxx, MA FIA Name: Xxxx-Xxxxxxxx Xxxxxx, FSA, FCIA
Title: Senior Vice-President Title: Senior Vice President
Reinsurance Life Reinsurance
Date: October 18, 2012 Date: October 24, 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: 10-26-2012 Date: 10/31/12
Allocated Retention Pool (Non-Excess Risks) -- Effective 10/01/2008
Between HLIC and Canada Life
Amendment 7 -- 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 UL Founders II 2001 CSO M/F S/NS Ultimate ANB A 03/05/2010
Hartford Bicentennial UL Founders II 2001 CSO M/F S/NS Ultimate ANB A 03/05/2010
Extended Value Option
Hartford Frontier Indexed Universal Life 2001 CSO M/F S/NS Ultimate ANB A 09/07/2010
Hartford Frontier Indexed Universal Life 2001 CSO M/F S/NS Ultimate ANB A 09/07/2010
Extended Value Option
Hartford Founders Plus UL 2001 CSO M/F S/NS Ultimate ANB A 10/03/2011
Hartford Founders Plus UL 2001 CSO M/F S/NS Ultimate ANB A 10/03/2011
Extended Value Option
Hartford Frontier 2012 Indexed UL 2001 CSO M/F S/NS Ultimate ANB A 07/16/2012
Hartford Frontier 2012 Indexed UL 2001 CSO M/F S/NS Ultimate ANB A 07/16/2012
Extended Value Option
Hartford Leaders VUL Liberty 2012 2001 CSO M/F Composite Ultimate ANB A 08/06/2012
Hartford Leaders VUL Liberty 2012 2001 CSO M/F Composite Ultimate ANB A 08/06/2012
Extended Value Option
------------
* 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 (Non-Excess Risks) -- Effective 10/01/2008
Between HLIC and Canada Life
Amendment 7 -- Effective 07/16/2012
3
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 (Non-Excess Risks) -- Effective 10/01/2008
Between HLIC and Canada Life
Amendment 7 -- 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 (Non-Excess Risks) -- Effective 10/01/2008
Between HLIC and Canada Life
Amendment 7 -- Effective 07/16/2012
5
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 (Non-Excess Risks) -- Effective 10/01/2008
Between HLIC and Canada Life
Amendment 7 -- Effective 07/16/2012
6
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 (Non-Excess Risks) -- Effective 10/01/2008
Between HLIC and Canada Life
Amendment 7 -- 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 UL Joint Freedom 2001 CSO M/F S/NS Ultimate ALB B 10/01/2008
Hartford Bicentennial UL Joint Freedom 2001 CSO M/F S/NS Ultimate ANB B*** 10/01/2008
II
------------
* 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
------------
** 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 (Non-Excess Risks) -- Effective 10/01/2008
Between HLIC and Canada Life
Amendment 7 -- Effective 07/16/2012
8
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 (Non-Excess Risks) -- Effective 10/01/2008
Between HLIC and Canada Life
Amendment 7 -- Effective 07/16/2012
9
