Comparable Reinsurance Commitment definition

Comparable Reinsurance Commitment means any other YRT reinsurance contract or treaty under which Reinsurer provides reinsurance for permanent insurance policies that are generally subject to medical underwriting. Reinsurer agrees it will not raise reinsurance premium rates pursuant to the immediately foregoing paragraph in the event the total Reinsured Net Amount at Risk ceded under this Agreement constitutes more than [percentage] of total net amounts at risk ceded to the Reinsurer for all Comparable Reinsurance Commitments. [terms of rate guarantee redacted] In any event, the maximum reinsurance premium rates which may be charged by the Reinsurer shall be the statutory valuation premiums for yearly renewable term insurance at the maximum interest rates and minimum mortality rates applicable to the reinsured policies for each year of issue as prescribed by law.
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Comparable Reinsurance Commitment means any other YRT reinsurance contract or treaty under which Reinsurer provides reinsurance to any ceding company for permanent insurance policies that are generally subject to medical underwriting, written on a rate structure with three or more underwriting classifications (such as preferred non-smoker, standard non-smoker and standard smoker), and where the Reinsurer has a unilateral contractual right to increase premiums within one year of notice of intent to raise rates. [terms of rate guarantee redacted] In the event Ceding Company gives written notice of its intent to raise cost of insurance rates for the reinsured business, Reinsurer shall have sixty (60) days to notify Ceding Company in writing of its intent to raise reinsurance premium rates, and if applicable, Ceding Company shall be allowed sixty (60) days from the date of receiving Reinsurer's rate increase notice in which to elect its option to recapture. Reinsurer's rate increase or Ceding Company's recapture shall take effect on the anniversary of each policy covered by this Agreement following the aforementioned sixty (60) day notice period.
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Comparable Reinsurance Commitment means any other YRT reinsurance contract or treaty under which Reinsurer provides reinsurance for permanent insurance policies that are generally subject to medical underwriting. Reinsurer agrees it will not raise reinsurance premium rates pursuant to the immediately foregoing paragraph in the event the total Reinsured Net Amount at Risk ceded under this Agreement constitutes more than [percentage] of total net amounts at risk ceded to the Reinsurer for all Comparable Reinsurance Commitments. [terms of rate guarantee redacted] IDSL VUL4/LP Select Treaty 8 In any event, the maximum reinsurance premium rates which may be charged by the Reinsurer shall be the statutory valuation premiums for yearly renewable term insurance at the maximum interest rates and minimum mortality rates applicable to the reinsured policies for each year of issue as prescribed by law. IDSL VUL4/LP Select Treaty 9
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Examples of Comparable Reinsurance Commitment in a sentence

  • In this regard, Reinsurer warrants that any increase in reinsurance premium rates for existing business shall be no greater in percentage than the increase in rates for other policies reinsured by Reinsurer pursuant to contracts or treaties with other insurance companies subject to the Comparable Reinsurance Commitment.


More Definitions of Comparable Reinsurance Commitment

Comparable Reinsurance Commitment means any other YRT reinsurance contract or treaty under which Reinsurer provides reinsurance for permanent insurance policies that are generally subject to medical underwriting. Reinsurer agrees it will not raise reinsurance premium rates pursuant to the immediately foregoing paragraph in the event the total Reinsured Net Amount at Risk ceded under this Agreement constitutes more than [percentage] of total net amounts at risk ceded to the Reinsurer for all Comparable Reinsurance Commitments. In the event Reinsurer raises reinsurance premium rates for existing business, Ceding Company shall have the right to recapture all reinsured business affected by the rate increase. Reinsurer shall provide the Ceding Company with a minimum of ninety (90) days advance written notice of its intent to raise reinsurance premium rates for existing business, and Ceding Company shall be allowed ninety (90) days from the date of receiving Reinsurer's rate increase notice in which to elect its option to recapture. Reinsurer's rate increase or Ceding Company's recapture shall take effect on the anniversary of each policy covered by this Agreement following the aforementioned ninety (90) day notice period. The foregoing notwithstanding, in the event Ceding Company increases cost of insurance rates for existing business, Reinsurer may raise reinsurance premium rates at the same time and up to the same percentage, in which case Ceding Company shall not be afforded the right of recapture as described in the foregoing paragraph. Under such circumstances, however, if the Reinsurer proposes to raise reinsurance premium rates by a higher percentage than the Ceding Company's proposed increase in cost of insurance rates, then Ceding Company shall have the right to recapture reinsured business to the same extent provided for in the foregoing paragraph. In the event Ceding Company gives notice of its intent to raise cost of insurance rates for the reinsured business, Reinsurer shall have sixty (60) days to notify Ceding Company of its intent to raise reinsurance premium rates, and if applicable, Ceding Company shall be allowed sixty (60) days from the date of receiving Reinsurer's rate increase notice in which to elect its option to recapture. Reinsurer's rate increase or Ceding Company's recapture shall take effect on the anniversary of each policy covered by this Agreement following the aforementioned sixty (60) day notice period. In any event, the maximum reinsurance premium rates which...
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Related to Comparable Reinsurance Commitment

  • Specified Insurance Company means any Entity that is an insurance company (or the holding company of an insurance company) that issues, or is obligated to make payments with respect to, a Cash Value Insurance Contract or an Annuity Contract.

  • 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.

  • Blanket insurance policy means a group policy covering a defined class of

  • Credit insurance means insurance offered in connection with an extension of credit that is limited to partially or wholly extinguishing that credit obligation.

  • 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.

  • Long-term care insurance means group insurance that is authorized by the retirement system for retirants, retirement allowance beneficiaries, and health insurance dependents, as that term is defined in section 91, to cover the costs of services provided to retirants, retirement allowance beneficiaries, and health insurance dependents, from nursing homes, assisted living facilities, home health care providers, adult day care providers, and other similar service providers.

  • 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, such assignment and notice to be in the form and on the terms and conditions required by the Agent and the Hermes Agent and agreed on the signing hereof and as specified in paragraph 42 of Schedule 4;

  • 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;

  • FHA Insurance The contractual obligation of FHA respecting the insurance of an FHA Loan pursuant to the National Housing Act, as amended.

  • Insurance Amount has the meaning set forth in Section 6.11(c).

  • Insurance Affordability Program means a program that is one of the following:

  • Title Insurance Company as defined in Section 5.1(l).

  • 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.

  • long-term insurance business means the business of providing or undertaking to provide policy benefits under long-term policies, but does not include -

  • Insurance Companies means the companies with whom the Insurance Policies are held.

  • 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.