FACULTATIVE REINSURANCE definition
FACULTATIVE REINSURANCE. The Reinsurer will reinsure X% (as determined at issue) of the Total Net Amount at Risk for the risk. TOTAL ALLOCATION LIMIT (TAL): As shown in Exhibit II. CEDING COMPANY'S TREATY RETENTION LIMIT (CCTRL): As shown in Exhibit II. CEDING COMPANY'S ALLOCATED RETENTION (CCAR): As shown in Exhibit II. CURRENT RETENTION (CURRRET) = Current amount of life insurance retained by the Ceding Company and its affiliated companies on the life for in-force life insurance coverage. (For Last Survivor risks, see the Last Survivor Limits and Retention Worksheet in Exhibit II.) REINSURER'S ALLOCATED RETENTION (REINSARET): As shown in Exhibit II. REINSURER'S ATTACHMENT POINT (REINSAPT): As shown in Exhibit II. NAR TYPE for the Plan of Insurance to be reinsured under this Agreement, as shown in Schedule A. STEP 1 -- DETERMINE TOTAL NET AMOUNT AT RISK FOR THE COVERAGE TOTAL NET AMOUNT AT RISK (TOTNAR)* = For NAR TYPE A, Death Benefit minus the Account Value. For NAR TYPE B, Death Benefit minus the Working Reserve, where Working Reserve = (i) x (ii) / (iii), and Allocated Retention Pool (Excess Risks) -- Effective October 1, 2008 Between HLAIC and Canada Life 45 SCHEDULE B REINSURANCE SPECIFICATIONS EFFECTIVE OCTOBER 1, 2008 For NAR TYPE C, Death Benefit. * In cases where the current Working Reserve is not available, the Ceding Company may estimate such amount using either the most recent Working Reserve or the Account Value. STEP 2 -- DETERMINE NET AMOUNT AT RISK FOR EACH "LAYER" OF COVERAGE STEP 3 -- DETERMINE THE NAR FOR THE CEDING COMPANY AND THEN FOR THE REINSURER MINIMUM AUTOMATIC REINSURANCE CESSION: MINIMUM FACULTATIVE REINSURANCE CESSION: LEAD REINSURER: Swiss Re Life & Health America Inc. Allocated Retention Pool (Excess Risks) -- Effective October 1, 2008 Between HLAIC and Canada Life SCHEDULE C FOREIGN NATIONAL UNDERWRITING PROGRAM FOR SINGLE LIFE PERMANENT POLICIES ONLY; NOT AVAILABLE FOR LAST SURVIVOR POLICIES EFFECTIVE OCTOBER 1, 2008 The Ceding Company's Foreign National business shall be automatically reinsured under the terms of this Agreement, if it meets all the requirements for Automatic Reinsurance in Section III.A, with the following differences. TYPE OF REINSURANCE Risks qualifying under this program will be reinsured on a first-dollar quota share basis. CEDING COMPANY'S RETENTION [Redacted] FOREIGN NATIONAL REINSURANCE POOL SHARE [Redacted] AUTOMATIC BINDING LIMIT (EXCLUDES CEDING COMPANY'S RETENTION): [Redacted] JUMBO LIMIT: [Redacted] TOTAL ALLOCATION ...
FACULTATIVE REINSURANCE. The Reinsurer will reinsure X% (as determined at issue) of the Total Net Amount at Risk for the risk. TOTAL ALLOCATION LIMIT (TAL): As shown in Exhibit II. CEDING COMPANY'S TREATY RETENTION LIMIT (CCTRL): As shown in Exhibit II. CEDING COMPANY'S ALLOCATED RETENTION (CCAR): As shown in Exhibit II. CURRENT RETENTION (CURRRET) = Current amount of life insurance retained by the Ceding Company and its affiliated companies on the life for in-force life insurance coverage. (For Last Survivor risks, see the Last Survivor Limits and Retention Worksheet in Exhibit II.) REINSURER'S ALLOCATED RETENTION (ReinsARet): As shown in Exhibit II. REINSURER'S ATTACHMENT POINT (ReinsAPt): As shown in Exhibit II. NAR TYPE for the Plan of Insurance to be reinsured under this Agreement, as shown in Schedule A. STEP 1 -- DETERMINE TOTAL NET AMOUNT AT RISK FOR THE COVERAGE TOTAL NET AMOUNT AT RISK (TOTNAR) = For NAR TYPE A, Death Benefit minus the Account Value. For NAR TYPE B, Death Benefit minus the Working Reserve, where Working Reserve = (i) x (ii) / (iii), and Allocated Retention. Pool -- Effective 10/1/2008 Between HLIC and TFLIC 40 SCHEDULE B REINSURANCE SPECIFICATIONS EFFECTIVE OCTOBER 1, 2008 FOR NAR TYPE C, DEATH BENEFIT. STEP 2 -- DETERMINE NET AMOUNT AT RISK FOR EACH "LAYER" OF COVERAGE STEP 3 -- DETERMINE THE NAR FOR THE CEDING COMPANY AND THEN FOR THE REINSURER MINIMUM AUTOMATIC REINSURANCE CESSION: MINIMUM FACULTATIVE REINSURANCE CESSION: $ LEAD REINSURER: Swiss Re Life & Health America Inc. Allocated Retention. Pool -- Effective 10/1/2008 Between HLIC and TFLIC 41 SCHEDULE C FOREIGN NATIONAL UNDERWRITING PROGRAM FOR SINGLE LIFE PERMANENT POLICIES ONLY; NOT AVAILABLE FOR LAST SURVIVOR POLICIES EFFECTIVE OCTOBER 1, 2008 The Ceding Company's Foreign National business shall be automatically reinsured under the terms of this Agreement, if it meets all the requirements for Automatic Reinsurance in Section III.A, with the following differences. TYPE OF REINSURANCE Risks qualifying under this program will be reinsured on a first-dollar quota share basis. CEDING COMPANY'S RETENTION [Redacted] FOREIGN NATIONAL REINSURANCE POOL SHARE [Redacted] AUTOMATIC BINDING LIMIT (EXCLUDES CEDING COMPANY'S RETENTION): [Redacted] JUMBO LIMIT: [Redacted] TOTAL ALLOCATION LIMIT: [Redacted] ADDITIONAL PLAN, AMOUNT, AND PAYMENT REQUIREMENTS
FACULTATIVE REINSURANCE means a type of reinsurance whereby each and every offer of reinsurance is considered individually by the reinsurer who has the option either to accept or to reject the offer;
Examples of FACULTATIVE REINSURANCE in a sentence
This additional automatic coverage shall apply to insurance which is covered under this agreement (as specified in paragraph 1 of the "REINSURANCE COVERAGE" article) but which does not meet all the conditions outlined in paragraph 2 of the "AUTOMATIC AND FACULTATIVE REINSURANCE" article.
Flat extra premiums are reinsured at the Ceding Company's flat extra premium rates: TERM OF FLAT EXTRA FIRST YEAR ALLOWANCE RENEWAL YEARS ALLOWANCE ------------------ -------------------- ----------------------- More than 5 Years [percentage] [percentage] 5 Years or Less [percentage] [percentage] o FACULTATIVE REINSURANCE PREMIUMS Facultative reinsurance premiums are the same as the automatic reinsurance premiums specified above.
FACULTATIVE REINSURANCE If a policy covered under this Agreement is offered facultatively to the Reinsurer only, then the Reinsurer's liability shall begin simultaneously with the Company's contractual liability for this facultative policy.
The maximum benefit NYLIAC IMPAIRED RISK FACULTATIVE REINSURANCE AGREEMENT payable to Cedent under each Covered Policy is the amount specifically reinsured with Reinsurer.
Russ▇▇▇ ▇▇▇▇▇▇ President and C.E.O. Chairman and C.E.O. REINSURANCE MEMORANDUM INDIVIDUAL RISK UNDER MASTER FACULTATIVE REINSURANCE AGREEMENT REINSURANCE MEMORANDUM NO.
More Definitions of FACULTATIVE REINSURANCE
FACULTATIVE REINSURANCE. The Reinsurer will reinsure X% (as determined at issue) of the Total Net Amount at Risk for the risk. TOTAL ALLOCATION LIMIT (TAL): As shown in Exhibit II. CEDING COMPANY'S TREATY RETENTION LIMIT (CCTRL): As shown in Exhibit II. CEDING COMPANY'S ALLOCATED RETENTION (CCAR): As shown in Exhibit II. CURRENT RETENTION (CURRRET) = Current amount of life insurance retained by the Ceding Company and its affiliated companies on the life for in-force life insurance coverage. (For Last Survivor risks, see the Last Survivor Limits and Retention Worksheet in Exhibit II.) REINSURER'S ALLOCATED RETENTION (REINSARET): As shown in Exhibit II. REINSURER'S ATTACHMENT POINT (REINSAPT): As shown in Exhibit II. NAR TYPE for the Plan of Insurance to be reinsured under this Agreement, as shown in Schedule A. STEP 1 -- DETERMINE TOTAL NET AMOUNT AT RISK FOR THE COVERAGE TOTAL NET AMOUNT AT RISK (TOTNAR) = For NAR TYPE A, Death Benefit minus the Account Value. For NAR TYPE B, Death Benefit minus the Working Reserve, where Working Reserve = (i) x (ii) / (iii), and Allocated Retention. Pool -- Effective 10/1/2008 Between ILA and TLIC 40 SCHEDULE B REINSURANCE SPECIFICATIONS EFFECTIVE OCTOBER 1, 2008 For NAR TYPE C, Death Benefit. REINSURER'S QUOTA SHARE PERCENTAGE FOR NAR3 (REINSQS3%)
FACULTATIVE REINSURANCE means reinsurance which THE COMPANY has the option to cede and OPTIMUM RE has the option to accept or decline. Insolvency Shall mean the legal incapacity of a company to operate as declared by a court of competent jurisdiction. Jumbo Risk A jumbo risk is one where:
FACULTATIVE REINSURANCE means the reinsurance of a single individual risk or a specified group of individual risks on the basis of an offer by the cedant and acceptance by the reinsurer where the reinsurer is not under an obligation to accept each offer by the cedant;
FACULTATIVE REINSURANCE means reinsurance for a single risk or a defined package of risks, where neither the cedant is obliged to submit these risks to the reinsurer nor the reinsurer is obliged to provide reinsurance protection;
FACULTATIVE REINSURANCE means reinsurance of individual risks by offer and acceptance wherein the reinsurer retains the right to accept or reject each risk offered by the ceding company;
FACULTATIVE REINSURANCE means reinsurance of individual risks by offer and acceptance;
FACULTATIVE REINSURANCE means a reinsurance arrangement which involves the placement of a specific risk(s) with one or a group of reinsurers who reinsure the risk(s) on an agreed basis;