POLICY SPLIT OPTION. The Reinsurer will continue to reinsure the two policies ("Opted Policies") resulting from exercise of any policy split option rider reinsured under this Agreement. If the original policy was ceded automatically, Ceding Company will continue reinsurance (using the original proportionate share under this Agreement) on the Opted policy as necessary to bring retained risk on the life, whether on the Opted policy or another policy, to 50% of the retention limit shown in Exhibit A for the original policy. If the original policy was ceded facultatively, on each Opted Policy Ceding Company will continue reinsurance consistent with the original cession. If the plan of the Opted Policy is reinsured by the Reinsurer, either under this Agreement or under a different Agreement, reinsurance premium rates for the Opted Policy will be those contained in the Agreement that covers the new plan. However, if the new plan is not reinsured by the Reinsurer, reinsurance premiums for the Opted Policy will be agreed between the parties. Reinsurance premiums and any allowances for Opted Policies will be on a point-in-scale basis from the original issue age of the policy. IDSL-NY Succession Select Treaty
POLICY SPLIT OPTION. When the Policy Split Option is exercised, the reinsurance premium rates for the resulting single life policies will be the single life reinsurance premium rates (75-80 SOA ALB Table) attached as Schedule A—VI, applied on a point-in-scale basis, for the reinsured portion of the policy, multiplied by a Single Life Discount Factor, attached as Schedule A—VII.
POLICY SPLIT OPTION. You may elect to surrender this Policy in exchange for separate individual permanent life insurance policies on the life of each Insured if: (1) the Insured's were married on the Policy Date and a final annulment or divorce decree dissolving the Insureds' marriage has been issued, or (2) if a change to the Federal Estate Tax Law has occurred which results in either: o the repeal of the unlimited marital deduction provided by the Internal Revenue Code of 1986, as amended; or o a change to the Internal Revenue Code of 1986, as amended, which reduces the maximum Federal Estate Tax rate to 25% or less; To elect this policy split option, We must receive Your Written Notice not earlier than 180 days, or later than 360 days, after the date a decree of annulment or divorce becomes final, including a copy of the final decree, or within 180 days of the date of a change in the Federal Estate Tax Law. We will require evidence satisfactory to Us of the insurability of both Insureds and We will also require evidence satisfactory to Us that the owner of each new policy has an insurable interest in the Insured on the date of the exchange. We will also require that any Outstanding Loan be repaid on the date of the exchange. The date of the exchange will be the Policy Anniversary on or next following Our receipt of Your Written Notice of election, accompanied by the initial premium due on each of the new policies and any fee We charge to process the exchange. The fee to process the exchange will not exceed $500.00.
POLICY SPLIT OPTION. Reinsurance premiums for single life policies, which result from the Policy Split Option having been exercised, will reflect the original issue age and underwriting class of the insured, as well as the duration since issuance of the original policy. The original policy will be split so that no more than 50% of the original policy’s surrender value, death benefits, and policy debt are allocated to either of the resulting policies. Surrender value, death benefits, and policy debt will be split among the new policies proportionally to each other. The Policy Split Option will terminate at the earlier of the eldest insured’s attained age of 80, and the base policy’s termination. The reinsurance premiums for policies resulting from the Policy Split Option are shown in Section 2.b of Schedule B.
POLICY SPLIT OPTION. Reinsurance premiums for single life policies, which result from the Policy Split Option having been exercised, will reflect the original issue age and underwriting class of the insured, as well as the duration since issuance of the original policy. The original policy will be split so that no more than 50% of the original policy’s surrender value, death benefits, and policy debt are allocated to either of the resulting policies. Surrender value, death benefits, and policy debt will be split among the new policies proportionally to each other. The Policy Split Option will terminate at the earlier of the eldest insured’s attained age of 80, and the base policy’s termination. The reinsurance premiums for policies resulting from the Policy Split Option are shown in Section 2.b of Schedule E. 8.4 De-Arbitrage on Policies sold by stp If a policy sold by the STP marketing group is de-arbitraged, the Ceding Company will issue a new policy dated as of the date of de-arbitrage. If both insureds are alive, the new policy would be a survivorship policy. If one insured is dead, the new policy will be a single life UL. Policy loads and COI’s would be a continuation of the original scale. Reinsurance premiums would also continue on a point-in-scale basis. The reinsurance premiums would continue to be from Section 1.a of Exhibit E if a survivor policy and from Section 1.c of Exhibit E if a single life UL.
POLICY SPLIT OPTION. Dependent on evidence of insurability, in accordance with the Ceding Company’s standard underwriting practices, reinsurance premiums for single life policies, which result from the Policy Split Option having been exercised, will reflect the original issue age and underwriting class of the insured, as well as the duration since issuance of the original policy. The original policy will be split so that no more than 50% of the original policy’s surrender value, death benefits, and policy debt are allocated to either of the resulting policies. Surrender value, death benefits, and policy debt will be split among the new policies proportionally to each other. The Policy Split Option will terminate at the earlier of the eldest insured’s attained age of 80, and the base policy’s termination. The reinsurance premiums for the Policy Split Option Rider are shown in Section 2.b of Schedule B.
POLICY SPLIT OPTION. For policies reinsured hereunder, there is no additional reinsurance premium due until the Option is exercised. Once the Option is exercised, reinsurance coverage shall continue using the single life reinsurance premium rates, without any Frasierization, on a point-in-scale basis.
