CONTINUES reinsurance premiums less refunds and allowances (dividends and cash values, if applicable) which are due during the current month.
CONTINUES. [LOGO](R) Transamerica life companies
CONTINUES. If it is not possible to restore each Party to the position it would have occupied but for the error, the Parties will endeavor in good faith to promptly resolve the situation in a manner that is fair and reasonable, and most closely approximates the intent of the Parties as evidenced by this Agreement. The Reinsurer will not provide reinsurance for policies that do not satisfy the parameters of this Agreement, nor will the Reinsurer be responsible for negligent or deliberate acts or for repetitive errors in administration by the Company. If either Party discovers that the Company has failed to cede reinsurance as provided in this Agreement, or failed to comply with its reporting requirements, the Reinsurer may require the Company to audit its records for similar errors and to take the actions necessary to avoid similar errors in the future.
CONTINUES. The reinsurance benefit for an approved Waiver of Premium claim will be the Reinsurer's proportionate share of the annual gross premium waived on the policy. The Company will continue to pay the life reinsurance premium; however, it will not pay the reinsurance premium for the waiver benefit for the duration of the waiver claim period. The Reinsurer will pay waiver benefits consistent with the Company's mode of premium payment specified in the policy.
CONTINUES. For purposes of this Agreement, force majeure shall include conditions beyond the control of the parties, including without limitation, an act of God, voluntary or involuntary compliance with any regulation, law, or order of any government, war, civil commotion, strike or other labor disturbance, epidemic, failure or default of public utilities or common carriers, destruction of production facilities or materials by fire, earthquake, storm, or like catastrophe.
CONTINUES. 4. The initial minimum amount of life reinsurance under each reinsurance cession shall be at least $2,500.
CONTINUES and (b) the face amount of the life insurance reinsured as of the beginning of the tenth policy year.
CONTINUES. (2) An extra reinsurance premium in an amount equal to the product of the face amount of the life reinsurance under the cession involved and the annual flat extra premium rate which the Ceding Company shall apply to the corresponding insurance, less, however, an allowance at the following rate computed on the amount of the resulting product. Terms of Ceding Company's Allowancee Rates ------------------------- ---------------- Flat Extra Premium ------------------ First Renewal Year Years ----- ------- More than 5 years 75% 10% 5 years or less 10% 10%
CONTINUES. 4. Occidental shall have the right to terminate the reinsurance under the cessions for which reinsurance premiums are in default by giving thirty days written notice of termination to the Ceding Company. As of the close of the last day of this thirty-day notice period, all of Occidental's liability for the following reinsurance shall terminate:
CONTINUES premiums for the reinsurance which was in force prior to its termination. The effective date of reinstatement shall be the day Occidental shall have received all of the required premiums. There shall be no reinstatement of reinsurance under a cession with respect to which the Ceding Company incurred a claim for insurance after the reinsurance terminated notwithstanding the fact that payment of the unpaid reinsurance premiums for such a cession is required before there can be any reinstatement under this Section.
