Contested Claims. The Company will notify the Reinsurer of its intention to contest, compromise or litigate a claim involving a Reinsured Policy. The Company will also provide the Reinsurer prompt notice of any legal proceedings initiated against the Company in response to its denial of a claim on a reinsured policy. Should any claim be settled on a reduced compromise basis, or should a contested claim be settled for a reduced sum, the Company and the Reinsurer will participate in such reductions in proportion to their respective liabilities under the policy or policies reinsured. The Reinsurer may pay its share of the death benefit if it does not deem it advisable to contest the claim.
Appears in 18 contracts
Samples: Automatic Self Administered Yrt Reinsurance Agreement (National Variable Life Insurance Account), Form of Reinsurance Agreement (Fidelity Investments Variable Life Account I), Automatic Yrt Reinsurance Agreement (Llac Variable Account)
Contested Claims. The Company will notify the Reinsurer of its intention to contest, compromise or litigate a claim involving a Reinsured Policy. The Company company will also provide the Reinsurer prompt notice of any legal proceedings initiated against the Company in response to its denial of a claim on a reinsured policy. Should any claim be settled settle on a reduced compromise basis, or should a contested claim be settled for a reduced sum, the Company and the Reinsurer will participate in such reductions in proportion to their respective liabilities under the policy or policies reinsured. The Reinsurer may pay its share of the death benefit if it does not deem it advisable to contest the claim.
Appears in 3 contracts
Samples: Automatic Self Administered Yrt Reinsurance Agreement (Llac Variable Account), Automatic Self Administered Yrt Reinsurance Agreement (Llac Variable Account), Yrt Reinsurance Agreement (Llac Variable Account)
