BACKDATING TO SAVE AGE Sample Clauses
The "Backdating to Save Age" clause allows an insurance policy to be issued with an effective date earlier than the actual application date, typically to secure a lower premium based on the applicant's younger age at the backdated date. In practice, this means the policyholder may need to pay premiums retroactively from the backdated effective date, but benefits from a lower ongoing premium rate due to the younger age classification. This clause primarily serves to reduce the long-term cost of insurance for the policyholder by locking in a more favorable age rating, addressing the issue of higher premiums associated with older entry ages.
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BACKDATING TO SAVE AGE. The Ceding Company will have the right to backdate policies up to six (6) months for the purpose of saving age. Such backdated policies will be covered by this Agreement even if the backdated issue date precedes the Effective Date of this Agreement.
BACKDATING TO SAVE AGE. The Ceding Company will have the right to backdate policies up to six (6) months (up to twelve (12) months if required by state regulations) for the purpose of saving age. Such backdated policies will be eligible for coverage under this Agreement, subject to the requirements of the Agreement including the ASAP Coverage Limits and Jumbo Limits in Exhibit C, even if the backdated issue date precedes the Effective Date of this Agreement. Notwithstanding the preceding, no reinsurance shall be available for a policy for which the applicant’s issue age on the application date is greater than the oldest allowable issue age for the plan without the Reinsurer’s prior written approval. (▇▇▇) ▇▇▇▇▇-▇▇-▇▇ 6 11/20/2025