Closed block definition

Closed block means a block, line, or group of commercial

Closed block means a block, line, or group of commercial non-admitted insurance policies or reinsurance agreements or both:

Closed block means an allocation of assets for a defined group of in- force policies which, together with the premiums of those policies and related investment earnings, are expected to be sufficient to maintain the payments of guaranteed benefits, certain expenses, and continuation of the current dividend scale on the closed block, if experience does not change.

Examples of Closed block in a sentence

• Cash flows between the Financial Services Businesses and the Closed Block Business related to administrative expenses are determined by a policy servicing fee arrangement that is based upon insurance and policies in force and statutory cash premiums.

• Net income for the Financial Services Businesses and the Closed Block Business is determined in accordance with GAAP and includes general and administrative expenses charged to each of the businesses based on the Company’s methodology for allocation of such expenses.

• Net income for the Financial Services Businesses and the Closed Block Business is determined in accordance with GAAP and includes general and administrative expenses charged to each of the businesses based on the Company’s methodology for the allocation of such expenses.

• The Surviving Corporation hereby expressly assumes those closed block (the "Closed Block") obligations set forth in Pennsylvania Insurance Department Order No. ID-RC-02-15, an excerpt of which is attached hereto, which order was issued at the time of the acquisition of NLICA.

• See “Historic Separation of the Businesses” and “Elimination of the Separation of the Businesses: Closed Block Division” later in this press release for further information.

More Definitions of Closed block

Closed block means a block, line, or group of businesses which an insurance company ceases to offer or sell to new applicants.

Closed block means the mechanism established pursuant to Article IX for the purpose of providing, over time, for the reasonable dividend expectations of the holders of Closed Block Policies. The Closed Block shall consist of the Closed Block Policies, the Closed Block Assets and the operating rules which define certain specified cash flows credited to and charged against the Closed Block, each as set forth in Article IX and the Closed Block Memorandum, attached hereto as Exhibit G. References herein to the Closed Block shall not include the Canadian Closed Block.

Closed block means a block, line, or group of commercial nonadmitted insurance policies or reinsurance agreements or both:

Closed block means the accounting mechanism and procedure established by EICN pursuant to Section 12.5 of this Plan of Conversion.

Closed block means the Closed Block established pursuant to Article VIII of the Plan of Reorganization and thereafter maintained by MONY Life.

Closed block means the accounting mechanism established to ensure that the reasonable dividend expectations of policyholders who own Policies that are part of the Closed Block Business are met, as more fully described in Article VIII.

Closed block means a Block which consists of in-force policies on the Block's Effective Date. Closed Block refers to Block 1. If a Policy otherwise eligible to be included in the Closed Block is not in force on the Effective Date, it shall not be included in the Closed Block and shall not be ceded under this Agreement, even if the Policy or Rider is subsequently reinstated.