Common use of Claim Payment Clause in Contracts

Claim Payment. If a claim is made under insurance reinsured under this Agreement, Reinsurer will abide by the issue as it is settled by the Ceding Company. Copies of proofs or other written matters relating to any claim reimbursements under this Agreement shall be furnished to the Reinsurer upon written request. The Ceding Company will receive payment of the reinsurance proceeds when the Ceding Company makes the settlement of the policy proceeds. The Ceding Company will deliver a copy of the proof of death, check copy or proof of payment and the claimant's statement to the Reinsurer. Payment of life reinsurance proceeds will be made in a single sum regardless of the Ceding Company's mode of settlement with the payee.