Common use of Contested Claims Clause in Contracts

Contested Claims. The Ceding Company must promptly notify the Reinsurer of any intent to contest a claim reinsured under this Agreement or to assert defenses. If the Ceding Company's contest of such claim results in the increase or reduction of liability, the Reinsurer will share in this increase or reduction. The Reinsurer's share of the increase or decrease shall be proportional to their share of the net amount at risk on the date of death of the insured. If the Reinsurer should decline to participate in the contest or assertion of defenses, the Reinsurer will then release all of the liability by paying the Ceding Company the full amount of reinsurance and not sharing in any subsequent increase or reduction in liability.

Appears in 7 contracts

Samples: Reinsurance Agreement (Hartford Life & Annuity Insurance Co Sep Account Vl I), Reinsurance Agreement (Hartford Life & Annuity Insurance Co Sep Account Vl I), Automatic and Facultative Yearly Renewable Term (Separate Account Vl I of Hartford Life Insurance Co)

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Contested Claims. The Ceding Company must promptly notify the Reinsurer of any intent to contest a claim reinsured under this Agreement or to assert defenses. If the Ceding Company's contest of such claim results in the increase or reduction of liability, the Reinsurer will share in this increase or reduction. The Reinsurer's share of the increase or decrease shall be proportional to their share of the net met amount at risk on the date of death of the insured. If the Reinsurer should decline to participate in the contest or assertion of defenses, the Reinsurer will then release all of the liability by paying the Ceding Company the full amount of reinsurance and not sharing in any subsequent increase or reduction in liability.

Appears in 7 contracts

Samples: Automatic Yearly Renewable Term (Separate Account Vl I of Hartford Life Insurance Co), Automatic Yearly Renewable Term (Hartford Life Insurance Co), Automatic Yearly Renewable Term (Itt Hartford Life & Annuity Insurance Co Sep Account Vl I)

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