Non-Guaranteed Elements definition

Non-Guaranteed Elements means the premiums, credited interest rates (including any bonus), benefits, values, dividends, non-interest based credits, charges or elements of formulas used to determine any of these, that are subject to company discretion and are not guaranteed at issue. An element is considered non-guaranteed if any of the underlying non-guaranteed elements are used in its calculation.

Non-Guaranteed Elements means the premiums, benefits, values, credits or charges under a policy of life insurance that are not guaranteed or not determined at issue.

Non-Guaranteed Elements mean cost of insurance charges, loads and expense charges, credited interest rates, mortality and expense charges, administrative expense risk charges, variable premium rates and variable paid-up amounts, as applicable, under the Policies and Post-Closing Policies.

Examples of Non-Guaranteed Elements in a sentence

• From and after the Effective Date, the Ceding Company shall establish Non-Guaranteed Elements for the Business Reinsured in accordance with the Non-Guaranteed Element Policy.

• The Reinsurer may make recommendations to the Ceding Company and the Ceding Company shall fully consider such recommendations and shall not unreasonably reject any such recommendations that comply with the terms of the Business Reinsured, applicable law and applicable Actuarial Standards of Practice, however, the Ceding Company shall retain the ultimate authority to establish Non-Guaranteed Elements in accordance with the Non-Guaranteed Element Policy.

• For the avoidance of doubt, unless and until a Novation Subject Contract becomes a Novated Contract, the Ceding Company shall retain control over the Non-Guaranteed Elements for such Novation Subject Contract in accordance with the terms of the Coinsurance Agreement.

• Upon Novation, the Assuming Company may (i) set all Non-Guaranteed Elements of the Novated Contracts in its sole discretion, and (ii) make any other amendments or changes to the Novated Contracts or the product features or investment options thereunder (e.g., fund substitutions and/or buyout offers), in each case, without notice to, or consent of, the Ceding Company.

• From and after the Effective Date, the Reinsurer may make recommendations to the Company with respect to (a) the Non-Guaranteed Elements of the Policies and the Post-Closing Policies; and (b) the reserving methodology related to the Policies and the Post-Closing Policies (including changes required by Applicable Law, GAAP or Connecticut SAP).

More Definitions of Non-Guaranteed Elements

Non-Guaranteed Elements means the definition of “nonguaranteed charges or benefits” set forth in Actuarial Standard of Practice 2 – Non-Guaranteed Charges or Benefits for Life Insurance Policies and Annuity Contracts in effect as of the Effective Date and any successor rules for such Non-Guaranteed Elements as in effect from time to time.

Non-Guaranteed Elements means the cost of insurance charges, credited interest rates, mortality and expense charges, administrative expense risk charges, lump sum payment options, policy loads and any other policy features that are subject to change by the Ceding Company, and those items set forth in Actuarial Standard of Practice 2-Non-Guaranteed Charges or Benefits for Life Insurance Policies and Annuity Contracts in effect as of the Effective Time and any successor rules for such Non-Guaranteed Elements as in effect from time to time.

Non-Guaranteed Elements has the meaning set forth in the Indemnity Reinsurance Agreement.

Non-Guaranteed Elements means the index cap rates, expense charges, and administrative expense risk charges, as applicable, under the Policies.

Non-Guaranteed Elements means cost of insurance charges, loads and expense charges, credited interest rates, mortality and expense charges, administrative expense risk charges, variable premium rates, variable paid-up amounts, policyholder dividends and other policy features that are subject to change.

Non-Guaranteed Elements has the meaning ascribed thereto in Section 2.8(b).

Non-Guaranteed Elements shall have the meaning specified in Section 3.3.