DISABILITY WAIVER OF PREMIUM. Disability waiver of premium reinsurance shall be on the coinsurance basis.
DISABILITY WAIVER OF PREMIUM. The reinsurance benefit payable by Cologne in the event of disability is the annual gross premium to be waived by the Ceding Company on the ceded portion of the Disability Waiver risk, excluding the corresponding Waiver Premium. For Universal Life Plans the benefit payable by Cologne in the event of disability is the cost of insurance premium to be waived, on the ceded portion of the risk, excluding the Company Waiver Premium. The Disability Waiver benefit amount reinsured shall, at the Ceding Company's option, be supplied to Cologne by the Ceding Company for at least ten policy years at a time, or else determined by Cologne from the Ceding Company rate materials in its possession, using any reasonable approximations that may be necessary. EXHIBIT D.1 REINSURANCE BENEFIT AMOUNTS UNIVERSAL LIFE PLANS
DISABILITY WAIVER OF PREMIUM. Disability Waiver of Premium Benefit reinsurance premiums are such premiums or Cost of Insurance Rates charged the insured for the reinsured portion of the policy, less the following allowances: ================================================== ======================================== Year Allowance -------------------------------------------------- ---------------------------------------- 1 100% -------------------------------------------------- ---------------------------------------- 2+ 45% ================================================== ========================================
DISABILITY WAIVER OF PREMIUM. The Disability Waiver of Premium benefit amount reinsured shall not be greater than the amount of the corresponding Life Insurance benefit reinsured. The Disability Waiver benefit amount shall, at the Company's option, be supplied to the Reinsurer for at least ten (10) policy years at a time, or else determined by the Reinsurer from the Company rate materials in its possession, using any reasonable approximations that may be necessary. For Universal Life products the benefit amount shall be the cost of insurance premium waived by the Company.
DISABILITY WAIVER OF PREMIUM. The Disability Waiver of Premium benefit amount reinsured shall not be greater than the amount of the corresponding Life Insurance benefit reinsured. The Disability Waiver benefit amount reinsured shall, at the Company's option, be supplied to the Reinsurer for at least ten (10) policy years at a time, or else determined by the Reinsurer from the Company rate materials in its possession, using any reasonable approximations that may be necessary. 11/13/01 5 of 24 ARTICLE VI REDUCTIONS, TERMINATIONS AND CHANGES Whenever a change is made in the status, plan, amount or other material feature of a policy reinsured under this Agreement, the Reinsurer shall, upon notification of the change, provide appropriately adjusted reinsurance coverage. The Company shall notify the Reinsurer of any such change, not more than sixty (60) calendar days after its effective date.
DISABILITY WAIVER OF PREMIUM. In the first policy year the reinsurance premium is zero. In renewal years the reinsurance premium equals 90% of the gross disability premium charged on the original policy. EXCHANGES, TERM RENEWALS AND TERM CONVERSIONS Exchanges, term renewals and term conversions are considered as continuations of the original insurance for the purpose of determining the duration and appropriate premiums thereon. SCHEDULE E - SECTION I Omitted 8 Pages SCHEDULE E - SECTION I SCHEDULE E YEARLY RENEWABLE TERM REINSURANCE PREMIUMS Special State Mutual Program, Non-Experience Rated Basis Applicable to reinsurance of policies issued on the Exceptional Retirement Life Plan. LIFE REINSURANCE: Premium rates are shown on pages 2 - 9 of this section. The total life reinsurance premium on standard cessions and on those substandard cessions with a percentage rating consists of the appropriate rate per $1,000 applied to the amount at risk. Substandard premiums are direct multiples of the standard premium. On substandard cessions involving flat extra premiums payable for more than five years, the reinsurance flat extra premium is 20% of the reinsured portion of the gross flat extra premium charged on the original policy in the first year and 75% in renewal years. When the flat extra premium is payable for five years or less, the reinsurance flat extra premiums 75% in all years. Reinsurance premiums on substandard risks will revert to the standard risk basis on the policy anniversary on which the insured attains age 65 or on the 20th policy anniversary, whichever is later. For joint life cessions with proceeds payable at the first death where the amount of reinsurance is the same for all lives covered, the total life reinsurance premium is 95% of the sum of the attained age single life rates applied to the amount at risk. In all other situations the reinsurance premiums are calculated as for single life cessions for each life covered.
DISABILITY WAIVER OF PREMIUM. If the Policy appertaining to this Agreement is issued with a supplemental agreement providing for waiver of premium in the event of disability, or any additional death benefit, the additional premium for such supplemental agreement shall be paid by the Company for the benefit of the Employee. In the event said waiver-of-premium benefit becomes operational, the Company's interest in the Policy at death, under Article 9, or on surrender, under Article 11, shall be limited to (a) the total premiums paid by the Company, pursuant to Article 4 of this Agreement, less the Employee's vested interest in the premiums paid as calculated pursuant to the Severance Agreement and any Company indebtedness which may exist against the Policy and any interest due on such Company indebtedness; or, if less, (b) the total cash value of the Policy, including dividend accumulations and the cash value of the dividend additions at the last Policy anniversary before the premium was waived, less the Employee's vested interest in the premiums paid as calculated pursuant to the Severance Agreement and any Company indebtedness which may exist against the Policy and any interest due on such indebtedness.
DISABILITY WAIVER OF PREMIUM. In the event that a supplemental agreement providing for waiver of premium in the event of disability or any additional death benefit becomes operational, the additional premium for such supplemental agreement shall be paid by the Policyholder for the benefit of the Employee. The Employer's interest in the Policy at death, under Section 4, or on surrender, under Section 9, shall be limited to total premiums paid by the Employer and not previously reimbursed less any Policy indebtedness of the Employer to the Insurer. 7. Choice of Dividend Option(s) To the extent that the Insurer declares dividends on the Policy, the Employer shall have the right to choose the option or combination of options it desires from among those offered by the Insurer as to the disposition of such dividends. The Employer shall notify the Policyholder and Insurer of its choice, and the Policyholder agrees to execute any documents necessary to choose or change the Policy's dividend option. 8.
DISABILITY WAIVER OF PREMIUM. The reinsured proportion of Disability Waiver of Premium will not be greater than the proportion reinsured on the corresponding life insurance benefit.
DISABILITY WAIVER OF PREMIUM. If the Policy is issued with a supplemental agreement providing for waiver of premium in the event of disability, or any additional death benefit, the additional premium for such supplemental agreement shall be paid by the Company. If such waiver of premium benefit becomes operational, the Company's Secured Amount shall be limited to the actual premiums advanced by the Company.
