CONVERSIONS, EXCHANGES AND REPLACEMENTS. If a policy reinsured under this Agreement is converted, exchanged or replaced, the Ceding Company will promptly notify the Reinsurer. Unless mutually agreed otherwise, policies that are not reinsured with the Reinsurer and that exchange or convert to a plan covered under this Agreement will not be reinsured hereunder.
CONVERSIONS, EXCHANGES AND REPLACEMENTS. If a policy reinsured under this Agreement is converted, exchanged or replaced, the Ceding Company will promptly notify MARC. Unless mutually agreed otherwise, policies that are not reinsured with MARC and that exchange or convert to a plan covered under this Agreement will not be reinsured hereunder.
CONVERSIONS, EXCHANGES AND REPLACEMENTS. You will promptly notify us if a reinsured policy is converted, exchanged, or internally replaced. If the conversion, exchange, or replacement is not considered to be new business, as defined below, we will continue to reinsure the new policy (hereinafter referred to as a “continuation”) in an amount determined on the same basis as, but not to exceed, the amount reinsured on the original policy as of the date of conversion, exchange, or replacement, unless mutually agreed otherwise. If we reinsure the plan to which the original policy is converting, either under this Agreement or under a different agreement, reinsurance premium rates for the continuation will be those contained in the agreement that covers the plan to which the original policy is converting. However, if we do not reinsure the new plan, reinsurance will be on a YRT basis using rates to be mutually agreed upon between the parties. Reinsurance premiums and any expense allowances for continuations will be based on the issue date of the original policy and the original issue age of the insured, i.e. on a point-in-scale basis. A conversion, exchange, or replacement will be considered to be new business provided all of the following criteria are met:
CONVERSIONS, EXCHANGES AND REPLACEMENTS. If a Reinsured Policy is converted, exchanged or replaced according to its terms, the conversion, exchange or replacement will continue to be reinsured with the Reinsurer, unless such conversion, exchange or replacement is considered new business (as defined below), and the Company will notify the Reinsurer as specified in Exhibit F. If the conversion, exchange or replacement is considered new business, the policy will be ceded as such under the Company's reinsurance agreements open to new business. If the conversion, exchange or replacement is ceded under this Agreement, the amount to be reinsured will be determined on the same basis as used for the original Reinsured Policy (excess of retention or quota share) but will not exceed the amount reinsured as of the date of conversion unless mutually agreed otherwise. Notwithstanding any provisions to the contrary, reinsurance for eligible conversions, exchanges or replacements under this Agreement will be on a YRT basis using the YRT Rates specified in Exhibit C-1, at the issue age and duration of the original Reinsured Policy unless such policy is considered new business. If the conversion, exchange or replacement is deemed to be new business and ceded under this Agreement, the YRT rates will be based on the newly assessed risk characteristics, with a new issue age and will re-start at duration 1. Unless the entire policy resulting from a conversion, exchange or replacement is considered new business, any such policy continuing to be reinsured under this Agreement is not limited to the reinsured Plans listed in Exhibit A.
CONVERSIONS, EXCHANGES AND REPLACEMENTS. All Policies reinsured under this Agreement shall be issued in accordance with the Ceding Company’s normal standards and guidelines related to exchanges and replacements which are in effect on the Effective Date of this Agreement (“ER Guidelines”) and have been provided to Munich Re, U.S. (Life). The Ceding Company shall notify Munich Re, U.S. (Life) in writing within ninety (90) days of the effective date of any proposed material change to the ER Guidelines. If Munich Re, U.S. (Life) agrees to the proposed change in writing, then such change shall become a part of the ER Guidelines. In the event that Munich Re, U.S. (Life) does not respond within thirty (30) days, Munich Re, U.S. (Life) shall be deemed to have accepted such change. If Munich Re, U.S. (Life) rejects such proposed change in writing, such proposed change shall not be applied to Policies reinsured under this Agreement. The Ceding Company’s ER Guidelines are incorporated herein by reference and shall form an integral part of this Agreement. Unless mutually agreed otherwise, policies that are not reinsured with Munich Re, U.S. (Life) and that exchange or convert to a plan covered under this Agreement will not be reinsured hereunder.
CONVERSIONS, EXCHANGES AND REPLACEMENTS. The Reinsurer will continue to reinsure the Risk resulting from the Contractual or Noncontractual Conversion of any coverage reinsured under this Agreement, in an amount not to exceed the original amount reinsured. Contractual or Noncontractual Conversions will continue to be reinsured under this Agreement on a YRT basis following the parameters as outlined in Exhibit D-Rate Schedule I. Reinsurance Premiums and any allowances for conversions will be on a point in scale basis from the original issue date.
CONVERSIONS, EXCHANGES AND REPLACEMENTS. 13 A. Conversions B. Exchanges and Replacements
CONVERSIONS, EXCHANGES AND REPLACEMENTS. All Policies reinsured under this Agreement shall be issued in accordance with the Ceding Company’s normal standards and guidelines related to conversions, exchanges and replacements which are in effect on the effective date of this Agreement (“CER Guidelines”) and have been provided to MARC. The Ceding Company shall notify MARC in writing within ninety (90) days of the effective date of any proposed material change to the CER Guidelines. If MARC agrees to the proposed change in writing, then such change shall become a part of the CER Guidelines. In the event that MARC does not respond within thirty (30) days, MARC shall be deemed to have accepted such change. If MARC rejects such proposed change in writing, such proposed change shall not become a part of the CER Guidelines and shall not be applied to Policies reinsured under this Agreement. The Ceding Company’s CER Guidelines are incorporated herein by reference and shall form an integral part of this Agreement. Unless mutually agreed otherwise, policies that are not reinsured with MARC and that exchange or convert to a plan covered under this Agreement will not be reinsured hereunder.
CONVERSIONS, EXCHANGES AND REPLACEMENTS. The Reinsurer does not accept conversions to permanent products under this Agreement. The Reinsurer will continue to reinsure the Risks resulting from internal replacements or exchanges of any coverage reinsured under this Agreement, in an amount not to exceed the original amount reinsured. Reinsurance Premiums and any allowances for internal replacements or exchanges will be on a point in scale basis from the original issue date of the Risk Reinsured.
CONVERSIONS, EXCHANGES AND REPLACEMENTS. 7.1 NOTIFICATION AND PLACEMENT If a policy reinsured under this Agreement is converted, exchanged or replaced, the Ceding Company will notify the Reinsurer within ninety (90) days after the effective date of the conversion, exchange or replacement. A policy resulting from an internal exchange or replacement will be underwritten by the Ceding Company in accordance with its underwriting guidelines, practices and procedures for exchanges and replacements. Term conversions of policies issued by the Ceding Company and its subsidiary, Life Insurance Company of the Southwest, to products reinsured under this Agreement shall be covered under the terms of this Agreement.
