Replacement Policy definition

Replacement Policy means a policy offered or issued by Insurer on its own policy forms, to take effect upon the expiration or cancellation of a Removed Policy.

Replacement Policy means a Policy issued to replace a Policy previously issued under the Plan.

Replacement Policy shall have the meaning specified in Section 4.3(a).

Examples of Replacement Policy in a sentence

• After the thirty-day period following an Assumption Date, but prior to the date on which they are renewed onto a Replacement Policy issued by the Insurer, any assumed policyholder that elects to return to CITIZENS may cancel their Policy with the Insurer, and may make application to CITIZENS for a new Policy, and shall be accepted for coverage by CITIZENS if otherwise eligible.

• The Insurer shall remove the Removed Policies by Assumption in accordance with this Agreement and the Assumption Procedures and shall offer to renew the Insurer’s Replacement Policy for a period of three (3) years subsequent to the expiration of the Removed Policy.

• During the aforenoted period, the Insurer’s renewals of the Replacement Policy shall be at the Insurer’s approved rates and on substantially similar terms or on such forms and rates as approved by the Office.

• Provided, however, that a cancellation or exchange of a Replaced Policy in connection with the acquisition of a Replacement Policy shall not be deemed a withdrawal from or surrender of the Replaced Policy.

• The Policy Owner for the Replacement Policy shall be the same as the Policy Owner for the Replaced Policy.

More Definitions of Replacement Policy

Replacement Policy means any agents E&O policy, whether or not its terms, conditions and premiums are comparable to those offered by the INSURER.

Replacement Policy means a policy that a company issues to replace a voluntary policy for the purpose of ceding the insured to the facility.

Replacement Policy means a policy that a company issues to replace a voluntary policy for the purpose of ceding the insured to the facility or moving the insured to a higher rated company or tier.

Replacement Policy means a multiple premium policy which is an investment policy, where the policyholder is or was either the policyholder or the life insured in respect of any other investment policy, and where a replacement event occurs in respect of that other investment policy within a period of 4 months before or after the replacement policy is entered into;

Replacement Policy means an existing investment policy that underwent a “replacement event” (see below) which resulted in the loss of more than 15% of the value of that investment policy;

Replacement Policy has the meaning set forth in Section 3.13 hereof.

Replacement Policy means an insurance policy of the Company that replaces one or more insurance policies of the Company listed on the Disclosure Schedule; provided that such insurance policy shall satisfy the representations and warranties set forth in Section 4.19 and the covenants set forth in Section 6.05(e).