Assumed Policy definition

Assumed Policy refers to any policy that has been assumed, removed, or taken-out from Citizens pursuant to the Plan by Insurer.
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Assumed Policy means each of the Policies.
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Assumed Policy has the meaning ascribed to it in the Assumption Agreement.
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Examples of Assumed Policy in a sentence

  • On the applicable Assumption Effective Date, the Reinsurer shall be the successor of the Company with respect to the Assumed Policy, and such Assumed Policy shall be the direct obligation of the Reinsurer, and the Company shall have no further rights or liability thereunder.

  • Any policyholder under an Assumed Policy may elect to return to Citizens (also referred to as opting out of the assumption) under the conditions stated in the Consent Order (a “Returned Policy”).

  • Rider withdrawal amount (RWA) RGMB 31 0708 (AS) (NY) (A-1) Effects on RDB, WB and RWA: Year 1: WB = $100,000 RDB = $100,000 5% Withdrawal (WD) would be $5,000 (5% of WB $100,000) Assumed WD = $7,000 Excess withdrawal (“EWD”) = $2,000 ($7,000 - $5,000) Assumed Policy Value (PV) = $94,000 Rider Death Benefit amount after WD: Step One.

  • When a withdrawal is taken, two parts of the guaranteed lifetime withdrawal benefit can be affected: 1.Withdrawal base (“WB”) 2.Rider withdrawal amount (“RWA”) Effects on WB and RWA: Year 1: WB = $100,000 5% Withdrawal (WD) would be $5,000 (5% of WB $100,000) Assumed WD = $7,000 Excess withdrawal (“EWD”) = $2,000 ($7,000 - $5,000) Assumed Policy Value (PV) = $94,000 Withdrawal Base after WD: Step One.

  • The substitution of the Reinsurer for the Company under an Assumed Policy with the result that the Reinsurer becomes directly liable to the Policyholder as of the Assumption Effective Date and the Company's liability to the Policyholder under such Assumed Policy is extinguished.

  • The Policyholder and any persons insured under the Assumed Policy shall thereafter disregard the Company as a party to the Assumed Policy and treat the Reinsurer as if it had been originally obligated under the Assumed Policy.

  • When a withdrawal is taken, two parts of the guaranteed lifetime withdrawal benefit can be affected: 1.Withdrawal base (“WB”) 2.Rider withdrawal amount (“RWA”) Effects on WB and RWA: Year l: WB = $100,000 5.5% Withdrawal (WD) would be $5,500 (5.5% of WB $100,000) Assumed WD = $7,500 Excess withdrawal (“EWD”) = $2,000 ($7,500 - $5,500) Assumed Policy Value (PV) = $94,500 Withdrawal Base after WD: Step One.

  • Healthy Alliance accepts and assumes the Assumed Policy Liabilities subject to any and all rights, defenses, setoffs and counterclaims to which BCBSMo or Healthy Alliance would be entitled with respect to the Assumed Policies.

  • Any payments for benefits made under any Assumed Policy by the Company or by the Reinsurer on behalf of the Company under the Coinsurance Agreement prior to the applicable Assumption Effective Date shall be deemed to have been made by the Reinsurer for purposes of determining any maximum benefits payable under any of the Assumed Policies.

  • All Assumed Policy Liabilities will be deemed transferred to and assumed by Healthy Alliance as of the Closing Time.


More Definitions of Assumed Policy

Assumed Policy means any Ceded Policy to which an Assumption Effective Date applies, other than (a) a Ceded Policy for which the Unitrin Companies have provided Xxxxxx with an Exclusion Notice and not an Assumption Notice or (b) a Ceded Policy for which no company is identified on Exhibit A as eligible to assume such Ceded Policy.
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Related to Assumed Policy

  • Covered policy means a policy of commercial risk insurance, professional liability insurance or public entity insurance.

  • R&W Policy means a representation and warranty insurance policy for the benefit of Buyer obtained in connection with this Agreement on the terms described on Schedule 1.01 of the Buyer Disclosure Schedule.

  • Claims Made Policies has the meaning set forth in Section 5.01(b).

  • Shared Policies has the meaning set forth in Section 8.1(b).

  • SAP Policies means the operational guidelines and policies applied by SAP to provide and support the Cloud Service as incorporated in an Order Form.

  • Lapsed Policy means a Policy which has not acquired the Surrender Value and where the due Premium has not been received till the expiry of the Grace Period;

  • Reinsured Policies has the meaning assigned to it in the Reinsurance Agreement.

  • Purchaser Plans shall have the meaning set forth in Section 6.6(a)(v).

  • D&O Policy has the meaning set forth in Section 6.18(b).

  • D&O Tail Policy has the meaning set forth in Section 5.8(c).

  • Seller Plans has the meaning set forth in Section 3.13(a).

  • D&O Policies has the meaning set forth in Section 8.06.

  • Seller Plan means any Employee Benefit Plan maintained, or contributed to, by the Seller or any ERISA Affiliate.

  • Group Policy /”policy” means the breakdown policy as set out in this document;

  • Insurance Policies has the meaning set forth in Section 3.16.

  • D&O Liability Insurance Policies means all insurance policies (including any “tail policy”) of any of the Debtors for liability of any current or former directors, managers, officers, and members.

  • Assumed Servicing Liability means any Liabilities with respect to any Serviced Appointments (or Serviced Corporate Trust Contracts) that arise out of or relate to facts, circumstances, actions, omissions and/or events occurring from and after the Closing and prior to the applicable Succession Time for such Serviced Appointment; provided that Assumed Servicing Liability shall not include any Liabilities that arise out of or relate to facts, circumstances, actions, omissions and/or events with respect to any Retained Duties or any matters for which Seller or any of its Affiliates is responsible pursuant to Section 3.9.

  • CSR Policy means the present Corporate Social Responsibility Policy of the Company, which covers the activities to be undertaken by the Company as specified in Schedule VII to the Act and the CSR Expenditure thereon.

  • Insurance Policy With respect to any Mortgage Loan included in the Trust Fund, any insurance policy, including all riders and endorsements thereto in effect, including any replacement policy or policies for any Insurance Policies.

  • Company Insurance Policies has the meaning set forth in Section 4.15.

  • Seller Employee Plan means any plan, program, policy, practice, Contract or other arrangement providing for compensation, severance, termination pay, deferred compensation, performance awards, stock or stock-related awards, fringe benefits or other employee benefits or remuneration of any kind, whether written, unwritten or otherwise, funded or unfunded, including each “employee benefit plan,” within the meaning of Section 3(3) of ERISA (whether or not ERISA is applicable to such plan), that is or has been maintained, contributed to, or required to be contributed to, by the Seller or any Seller Affiliate for the benefit of any Seller Employee, or with respect to which the Seller or any Seller Affiliate has or may have any liability or obligation, except such definition shall not include any Seller Employee Agreement.

  • Insurance Contracts means the insurance or annuity policies and contracts, together with all binders, slips, certificates, endorsements and riders thereto, issued or entered into by any Insurance Company prior to the Closing.

  • Insured Contract means any written:

  • Title Insurance Policies means, with respect to each Individual Property, an ALTA mortgagee title insurance policy in a form acceptable to Lender (or, if an Individual Property is in a State which does not permit the issuance of such ALTA policy, such form as shall be permitted in such State and acceptable to Lender) issued with respect to such Individual Property and insuring the lien of the Mortgage encumbering such Individual Property.

  • Seller 401(k) Plan has the meaning set forth in Section 5.5(e).

  • Assumed Agreements shall have the meaning as set forth in Section 2.2.