Assumption reinsurance definition

Assumption reinsurance means the transfer of an insurance contract from a domestic life insurance company to a life insurance company authorized to do business in this state.
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Assumption reinsurance means a transaction in which one (1) insurer assumes all or a portion of the insurance, annuity, and endowment risks or liabilities of another insurer and thereby becomes directly and primarily liable to the insured, beneficiary, or policyholder under the policies and contracts subject to the reinsurance transaction.
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Assumption reinsurance means a form of reinsurance that includes the transfer of all contractual obligations to the assuming insurer with no recourse to the ceding insurer;
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Examples of Assumption reinsurance in a sentence

  • Assumption reinsurance requires that the reinsurer issue assumption certificates to the existing policyholders and take over responsibility for policyholder services.

  • The issuing company retains itsliability to, and its contractual relationship with, the individuals whose health risks are insured under the policies specified in the agreement.(ii) Assumption reinsurance.

  • A PointNet [26] converts each part point cloud into an initial node feature x.

  • The issuing company retains its liability to, and its contractual relationship with, the individuals whose health risks are insured under the policies specified in the agreement.(ii) Assumption reinsurance.

  • Drafting Notes/Comments- Accounting for investments in SCAs after acquisition is addressed in Issue Paper No. 46 - Accounting for Investments in Subsidiary, Controlled and Affiliated Entities.- Assumption reinsurance is addressed in Issue Paper No. 74—Life, Deposit-Type and Accident and Health Reinsurance.

  • Th is p ara g ra p h se t s fo r t h ce r t a i n a dj u s t - m e n t s an d speci a l ru les t ha t a ppl y fo r r ei n s uran ce a g r ee m e n t s i n de t e r m i n i n g t h e g r oss a m o un t of p r e m i u m s an d o t h e r co n side ra t io n un de r sec t io n 848( d)(1)(A) an d p r e m i u m s an d o t h e r co n side ra t io n s i n c urr ed fo r r ei n s uran ce un de r sec t io n 848( d)(1)(B).(1) Assumption reinsurance.

  • The covered entity retains its li- ability to, and its contractual relation- ship with, the individuals whose health risks are insured under the policies specified in the agreement.(ii) Assumption reinsurance.

  • Succeed to the office of President-Elect at the close of the Annual Session of the House in which he or she served as Vice President.

  • Iosef, C., Knauer, M.J., Nicholson, M., Nynatten, L.R.V., Cepinskas, G., Draghici, S., Han, V.K.M., and Fraser, D.D. (2023).

  • Assumption reinsurance is reinsurancewhere only the company reinsuring the issuing company assumes all of the obligations under the contracts or policies reinsured; the company that issued the contracts or policies would no longer be obligated in any way on those contracts and policies covered by the assumption reinsurance.


More Definitions of Assumption reinsurance

Assumption reinsurance means a form of reinsurance whereby the reinsurer is substituted for the ceding insurer and becomes directly liable for policy claims;
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Related to Assumption reinsurance

  • Reinsurance means the activity consisting in accepting risks ceded by an insurance undertaking or by another reinsurance undertaking or, in the case of the association of underwriters known as Lloyd's, the activity consisting in accepting risks, ceded by any member of Lloyd's, by an insurance or reinsurance undertaking other than the association of underwriters known as Lloyd's;

  • Insurance Assignment means the valid and effective first legal assignment of the Insurances (together with the notice thereof), to be executed by the Borrower in respect of the Vessel in favour of the Trustee and the Commercial Loan Trustee, such assignment and notice to be in the form and on the terms and conditions required by the Agent, the Hermes Agent and the Commercial Loan Agent and agreed on the signing of the Original Loan Agreement and as specified in paragraph 47 of Schedule 4;

  • Reinsurance Agreement means any agreement, contract, treaty or other arrangement whereby one or more insurers, as reinsurers, assume liabilities under insurance policies or agreements issued by another insurance or reinsurance company or companies.

  • Insurance Contract means a contract (other than an Annuity Contract) under which the issuer agrees to pay an amount upon the occurrence of a specified contingency involving mortality, morbidity, accident, liability, or property risk.

  • 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.

  • Reinsurance Agreements means any agreement, contract, treaty, certificate or other arrangement by which any Insurance Subsidiary agrees to transfer or cede to another insurer all or part of the liability assumed or assets held by it under one or more insurance, annuity, reinsurance or retrocession policies, agreements, contracts, treaties, certificates or similar arrangements. Reinsurance Agreements shall include, but not be limited to, any agreement, contract, treaty, certificate or other arrangement that is treated as such by the applicable Department.

  • FHA Mortgage Insurance Contract means the contractual obligation of the FHA respecting the insurance of a Mortgage Loan.

  • Cash Value Insurance Contract means an Insurance Contract (other than an indemnity reinsurance contract between two insurance companies) that has a Cash Value greater than $50,000.

  • Retrocession Agreement means any agreement, contract, treaty or other arrangement whereby one or more insurers or reinsurers, as retrocessionaires, assume liabilities of reinsurers under a Reinsurance Agreement or other retrocessionaires under another Retrocession Agreement.

  • variable insurance contract means a contract of life insurance under which the interest of the purchaser is valued for purposes of conversion or surrender by reference to the value of a proportionate interest in a specified portfolio of assets.

  • Mortgage guaranty insurance means surety insurance under which a mortgagee or other creditor is indemnified against losses caused by the default of a debtor.

  • Medicare cost report means CMS-2552-10, the cost report for electronic filing of

  • Insurance Cost Increase shall not, however, include any premium increases resulting from the nature of the occupancy of any other lessee of the Building. If the parties insert a dollar amount in Paragraph 1.9, such amount shall be considered the "BASE PREMIUM." If a dollar amount has not been inserted in Paragraph 1.9 and if the Building has been previously occupied during the twelve (12) month period immediately preceding the Commencement Date, the "Base Premium" shall be the annual premium applicable to such twelve (12) month period. If the Building was not fully occupied during such twelve (12) month period, the "Base Premium" shall be the lowest annual premium reasonably obtainable for the Required Insurance as of the Commencement Date, assuming the most nominal use possible of the Building. In no event, however, shall Lessee be responsible for any portion of the premium cost attributable to liability insurance coverage in excess of $1,000,000 procured under Paragraph 8.2(b).

  • Reinsurance intermediary means a reinsurance intermediary-broker or a reinsurance intermediary-manager.

  • Health-care-insurance receivable means an interest in or claim under a policy of insurance which is a right to payment of a monetary obligation for health-care goods or services provided.

  • Title IV-E Foster Care means a federal program authorized under §§ 472 and 473 of the Social

  • Insured Contract means any written:

  • Lease Assignment has the meaning set forth in Section 3.5(d).

  • Franchise insurance means an individual insurance policy provided through a

  • Insurance Costs means the sums described in paragraph 1.1 of Part 5 of the Schedule;

  • Asset Coverage means asset coverage, as determined in accordance with Section 18(h) of the 1940 Act, of at least 200% with respect to all outstanding senior securities of the Fund which are stock, including all Outstanding Series A Preferred Shares (or such other asset coverage as may in the future be specified in or under the 1940 Act as the minimum asset coverage for senior securities which are stock of a closed-end investment company as a condition of declaring dividends on its common stock), determined on the basis of values calculated as of a time within 48 hours (not including Saturdays, Sundays or holidays) next preceding the time of such determination.

  • Insurance Schedule means Schedule 3 attached hereto.

  • Coinsurance means that you pay a percent of the total cost of the drug each time you fill a prescription.

  • group insurance means insurance, other than creditor’s group insurance and family insurance, whereby the lives of a number of persons are insured severally under a single contract between an insurer and an employer or other person; (“assurance collective”)

  • Special Primary Insurance Policy Any Primary Insurance Policy covering a Mortgage Loan the premium of which is payable by the Trustee pursuant to Section 4.04(a), if so identified in the Mortgage Loan Schedule. There are no Special Primary Insurance Policies with respect to any of the Mortgage Loans.

  • Property Insurance is defined in Section 6.10(a).