Automatic Binding Limits definition

Automatic Binding Limits. Issue Age Individual Life Standard T1-T4 T5-T8 T9-T16 --------------- ------------ ------------ ------------ ------------ 00-70 $40 million $40 million $15 million $10 million 71-75 $15 million $15 million $7 million $2.5 million 76-80 $7 million $7 million $2.5 million $1 million 81-85 $5 million $5 million 86-89 $2 million Joint Life * ------------ 00-70 $40 million $40 million $15 million $10 million 71-75 $15 million $15 million $7 million $2.5 million 76-80 $7 million $7 million $2.5 million $1 million 81-85 $5.5 million $5.5 million 86-89 $2.5 million -------- * Age determined by youngest age or healthiest life. Jumbo Limit: $50 million (in force and to be placed); $25 million ages 81--89.
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Automatic Binding Limits shall have the meaning set forth in Exhibit B and applied as provided for in Section 3.1.
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Automatic Binding Limits shown in Schedule A, provided that the following conditions and limitations are met. Such policies meeting all of these requirements being the "Reinsured Policies".
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Examples of Automatic Binding Limits in a sentence

  • For automatic cessions, Net Amount at Risk in excess of the Retained Share will be ceded to a pool of reinsurers, subject to the Automatic Binding Limits and Jumbo Limits set forth herein.

  • For policies reinsured on an automatic basis, reinsurance of increases in amount resulting from contractual policy provisions will be accepted only up to the Automatic Binding Limits shown in Exhibit B.

  • These Automatic Binding Limits include any amounts within the Ceding Company's retention.

  • The Reinsurer's approval is required if the original policy was reinsured on a facultative basis or if the new amount will cause the total amount on the life to exceed either the Automatic Binding Limits or the Jumbo Limits shown in Exhibit B - Plans Covered and Binding Limits.

  • Increases in the Net Amount at Risk of the Base Policy caused by an Automatic Increasing Benefit Rider shall be reinsured as described in Article 5 without regard to the Automatic Binding Limits or the Jumbo Limits shown in Exhibit B, provided that the total of all such increases to the Specified Amount of a single policy does not exceed seven hundred fifty thousand dollars ($750,000).

  • The Reinsurer's approval is required if the original policy was reinsured on a facultative basis or if the new amount will cause the total amount on the life to exceed either the Automatic Binding Limits or the Jumbo Limits shown in Exhibit B – Plans Covered and Binding Limits.

  • For policies reinsured on an automatic basis, reinsurance of increases in amount resulting from contractual policy provisions will be accepted only up to the Automatic Binding Limits shown in Exhibit C.

  • If the reinsurance is Automatic, the amount of reinsurance must not exceed the Automatic Binding Limits or Jumbo Limits shown in Exhibit C.

  • This amount will not exceed the Reinsurer's share of the maximum Automatic Binding Limits specified in Exhibit C.2.

  • The Reinsurer's approval is required if the original policy was reinsured on a facultative basis or if the new amount will cause the total amount on the lives to exceed either the Automatic Binding Limits or the Jumbo Limits shown in Exhibit B - Plans Covered and Binding Limits.


More Definitions of Automatic Binding Limits

Automatic Binding Limits. Total pool maximum binding amounts below include Ceding Company's retention.
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Automatic Binding Limits shall have the meaning set forth in Exhibit B and applied as provided for in Section 3.1. BOLI – Bank Owned Life Insurance Business Decisions – shall have the meaning as set forth in Section 3.5. Concentration Limit – shall have the meaning as set forth in Section 3.1 ER Guidelines – shall have the meaning set forth in Article 9. Ceding Company Retention – shall have the meaning set forth in Article 12. Claim Exception – shall have the meaning set forth in Section 10.4. Claim Proofs – shall have the meaning set forth in Section 10.3.
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Related to Automatic Binding Limits

  • Automatic Renewal Terms with TIPS Members Vendor agrees that no TIPS Sale may incorporate an "Automatic Renewal" clause that exceeds month to month terms with which the TIPS Member must comply. All renewal terms incorporated into a TIPS Sale Supplemental Agreement shall only be valid and enforceable when Vendor received written confirmation of acceptance of the renewal term from the TIPS Member for the specific renewal term. The purpose of this clause is to avoid a TIPS Member inadvertently renewing a Supplemental Agreement during a period in which the governing body of the TIPS Member has not properly appropriated and budgeted the funds to satisfy the Agreement renewal. Any TIPS Sale Supplemental Agreement containing an "Automatic Renewal" clause that conflicts with these terms is rendered void and unenforceable. If Vendor disagrees, after this solicitation legally closes and TIPS begins evaluating Vendor's file, TIPS will provide Vendor with a draft Word Document version of the Vendor Agreement and will be instructed to include all requested negotiations as redline edits for TIPS consideration. Does Vendor agree? Yes, Vendor agrees Certification Regarding "Indemnity" Terms with TIPS Members Texas and other jurisdictions restrict the ability of governmental entities to indemnify others. Vendor agrees that if any "Indemnity" provision which requires the TIPS Member to indemnify Vendor is included in any sales agreement/contract between Vendor and a TIPS Member, that clause must either be stricken or qualified by including that such indemnity is only permitted, "to the extent permitted by the laws and constitution of [TIPS Member's State]" unless the TIPS Member expressly agrees otherwise. Any TIPS Sale Supplemental Agreement containing an "Indemnity" clause that conflicts with these terms is rendered void and unenforceable. If Vendor disagrees, after this solicitation legally closes and TIPS begins evaluating Vendor's file, TIPS will provide Vendor with a draft Word Document version of the Vendor Agreement and will be instructed to include all requested negotiations as redline edits for TIPS consideration. Does Vendor agree? Yes, Vendor agrees Certification Regarding "Arbitration" Terms with TIPS Members Vendor agrees that if any "Arbitration" provision is included in any TIPS Sale agreement/contract between Vendor and a TIPS Member, that clause may not require that the arbitration is mandatory or binding. Vendor agrees that if any "Arbitration" provision is included in any TIPS Sale agreement/contract between Vendor and a TIPS Member, that clause provides for only voluntary and non-binding arbitration unless the TIPS Member expressly agrees otherwise. Any TIPS Sale Supplemental Agreement containing a “Arbitration” clause that conflicts with these terms is rendered void and unenforceable. If Vendor disagrees, after this solicitation legally closes and TIPS begins evaluating Vendor's file, TIPS will provide Vendor with a draft Word Document version of the Vendor Agreement and will be instructed to include all requested negotiations as redline edits for TIPS consideration. Does Vendor agree? Yes, Vendor agrees

  • Automatic Early Termination provision of Section 6(a) will not apply to Party A and will not apply to Party B.

  • Admission Date has the meaning set forth in Section 10.06.

  • Automatic Conversion Date shall have the meaning specified in Section 15.12(a).

  • Automatic Investment Plan means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

  • Automatic Location Identification (“ALI”) means a feature that provides the caller’s telephone number, address and the names of the Emergency Response agencies that are responsible for that address.

  • Minimum Transfer Amount means, with respect to a party, the amount specified as such for that party in Paragraph 13; if no amount is specified, zero.

  • Automatic Number Identification or "ANI" means a Feature Group D signaling parameter which refers to the number transmitted through a network identifying the billing number of the calling party.

  • Investor Q&A Forum As defined in Section 4.02(a) of this Agreement.

  • Minimum Tender Condition shall have the meaning provided in Section 2.15(b).

  • Schedule of Representations means the Schedule of Representations and Warranties attached hereto as Schedule B.

  • Defined Contribution Dollar Limitation means, for any Limitation Year, $46,000, as adjusted for increases in the cost-of-living under Code section 415(d). If a short Limitation Year is created because of a Plan amendment changing the Limitation Year to a different 12-consecutive month period, the Defined Contribution Dollar Limitation for the short Limitation Year will not exceed the amount determined in the preceding sentence multiplied by a fraction, the numerator of which is the number of months in the short Limitation Year and the denominator of which is 12.

  • Modified Following Business Day Convention means that the relevant date shall be postponed to the first following day that is a Business Day unless that day falls in the next calendar month in which case that date will be the first preceding day that is a Business Day;