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 Swiss Re Amendment #5 -- Effective 10/1/2008 SCHEDULE B REINSURANCE SPECIFICATIONS EFFECTIVE OCTOBER 1, 2008 * 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 1 -- DETERMINE TOTAL NET AMOUNT AT RISK FOR THE COVERAGE* (CONTINUED) 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 Allocated Retention Pool -- Effective 10/1/2008 Between HLIC and Swiss Re Amendment 5 -- Effective 10/1/2008 SCHEDULE B REINSURANCE SPECIFICATIONS EFFECTIVE OCTOBER 1, 2008 [Redacted] MINIMUM REINSURANCE APPLICATION: AUTOMATIC: FACULTATIVE: LEAD REINSURER: Swiss Re Life & Health America Inc. Allocated Retention Pool -- Effective 10/1/2008 Between HLIC and Swiss Re Amendment 5 -- Effective 10/1/2008 13 SCHEDULE F POLICIES ELIGIBLE FOR REINSURANCE UNDER THIS AGREEMENT EFFECTIVE OCTOBER 1, 2008 The following categories of policies are eligible for reinsurance under this Agreement:
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;
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 10/01/2008 Between HLIC and Canada Life Amendment 2 -- Effective 10/01/2008 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. Allocated Retention Pool (Excess Risks) -- Effective 10/01/2008 Between HLIC and Canada Life Amendment 2 -- Effective 10/01/2008 SCHEDULE B REINSURANCE SPECIFICATIONS EFFECTIVE OCTOBER 1, 2008 MINIMUM AUTOMATIC REINSURANCE CESSION: [Redacted] MINIMUM FACULTATIVE REINSURANCE APPLICATION: [Redacted] LEAD REINSURER: Swiss Re Life & Health America Inc. Allocated Retention Pool (Excess Risks) -- Effective 10/01/2008 Between HLIC and Canada Life Amendment 2 -- Effective 10/01/2008 EXHIBIT VII REINSURANCE REPORTS EFFECTIVE OCTOBER 1, 2008
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.
Specifically, “Item 3" and “Item 4” of the Declarations page state:ITEM 3 - COMPANY [PEIC] RETENTION THE FIRST $1,000,000 SUBJECT TO FACULTATIVE REINSURANCE.
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.
Xxxxx Second Vice President & Actuary Director of Reinsurance DATE: 5/21/98 DATE: 5/21/98 [page break] AUTOMATIC YRT AGREEMENT BETWEEN C.M. LIFE INSURANCE COMPANY AND MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY AND THE LINCOLN NATIONAL LIFE INSURANCE COMPANY TABLE OF CONTENTS ARTICLE/SCHEDULE TITLE PAGE ARTICLE I AUTOMATIC REINSURANCE 1 ARTICLE II PROVISION FOR FACULTATIVE REINSURANCE 2 ARTICLE III BASIS OF REINSURANCE 3 ARTICLE IV PREMIUMS 3 ARTICLE V STANDARD PROVISIONS 4 A.
More Definitions of FACULTATIVE REINSURANCE
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. 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 Allocated Retention Pool -- Effective 10/01/2008 Between HLIC and TFLIC Amendment 6 -- Effective 10/01/2008
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 10/01/2008 Between HLAIC and TLIC Amendment 7 -- Effective 10/01/2008
FACULTATIVE REINSURANCE means reinsurance on which the Ceding Company has the option to accept an offer made by the Reinsurer;
FACULTATIVE REINSURANCE means reinsurance of a part of a single policy/risk in which cession is negotiated separately and the reinsurer and the cedant have the option of accepting or declining each individual submission;
FACULTATIVE REINSURANCE means the transfer of a part of a special risk insured by the insurance company at a reinsurance company, according to a separate contract of reinsurance.
FACULTATIVE REINSURANCE means a contract of reinsurance for individual risks where the insurer retains the ability to accept or reject each risk offered by the ceding company;