Facultative. On facultative reinsurance, if Ceding Company wishes to reduce the mortality rating, this reduction will be subject to and reinsured under the facultative provisions of this Agreement.
Facultative. For any facultatively reinsured replacement business where the contestability periods were waived, to include but not be limited to the policies listed in Attachment No. 3 to this Amendment, the rates shown on Attachment No. 2 to this Amendment shall be used. For this existing replacement business, the reinsurance premium change shall be effective on the effective date of the Agreement and applies to all renewal premiums for any policies inforce as of August 1, 1987. That is, a premium adjustment shall be made for this replacement business for all policy anniversaries, or monthiversaries, since the inception of the Agreement, provided the policy was inforce on August 1, 1987.
Facultative. Insurance which the Reinsured has the option to cede and the Reinsurer has the option to accept or decline individual risks. The agreement merely reflects how individual facultative reinsurance shall be handled.
Facultative. For those risks submitted facultatively, in accordance with the provisions of Section 2, above, the Reinsurer's liability will commence and end simultaneously with the Company's, provided that the Reinsurer's facultative offer has been accepted by the Company and the Company has followed its facultative rules for reinsurance placement. If the proposed insured dies prior to the completion of the underwriting process, the Reinsurer will continue to underwrite the risk to determine if a facultative offer would have been made on the risk. If so and the Company accepts its facultative offer, provided that the risk has been placed according to the Company's usual rules for facultative reinsurance placement, the Reinsurer will accept liability for the risk, subject to the other provisions of this Article.
Facultative. REINSURANCE For facultative reinsurance, MARC's liability will commence at the same time as the Ceding Company's liability, provided that MARC has made a facultative offer and that offer was accepted in accordance with the terms of this Agreement.
Facultative. The Company may (using the application form furnished by the Reinsurer) apply to the Reinsurer for facultative reinsurance on any life, waiver of premium or accidental death risk assumed by the Company and, upon the Company’s acceptance (by written notice to the Reinsurer) of the Reinsurer’s facultative offer, reinsurance will be provided by this agreement, except to the extent the terms and conditions of this agreement are modified by the Reinsurer’s offer. The Reinsurer’s offer will expire at twelve o’clock noon on the 90th day following the date shown in the Reinsurer’s offer, if the Reinsurer has not received the Company’s acceptance prior thereto. The Company shall have the right to change the table rating of any contract reinsured under this §B, but unless the change is submitted to and accepted in writing by the Reinsurer, this agreement will apply as if the change had not been made.
Facultative. Submissions
Facultative. Reinsurance under which the Ceding Company has the option (faculty) of submitting and the Reinsurer has the option of accepting or declining individual risks. First Dollar Quota Share (FDQS) – An Agreement which provides that a fixed percentage of each Risk issued, will be reinsured Flat Extra – An additional premium amount per $1,000 of insurance that is charged to cover any extra hazard or special risk such as aviation or hazardous activities as assessed by the underwriter of the policy application. The additional premium paid to the Reinsurer is calculated based on the reinsured face amount. Payment of the flat extra will be on either a temporary or permanent basis.
Facultative. The Ceding Company may apply to the Reinsurer for facultative reinsurance, up to the Facultative Rate Capacity set out in Exhibit 4, on the plans of insurance set out in Exhibit 1, Reinsurance Specifications with respect to:
Facultative. For facultative simplified issue and guaranteed issue, the Reinsurer shall not be liable for benefits paid by the Ceding Company under the insurance binder agreement unless the Ceding Company submits the case to the Reinsurer, the Reinsurer provides a facultative offer and the Ceding Company accepts the facultative offer. The Reinsurer’s liability under the insurance binder agreement is limited to the Reinsurer’s quota share percentage of the net amount of risk, per Schedule A. The pre-issue liability applies only once on any given life regardless of how many receipts were issued or initial premiums were accepted by the Ceding Company. After a policy is in force, no reinsurance benefits are payable under this pre-issue coverage provision. In the event that the Ceding Company’s rules with respect to cash handling and the issuance of binder insurance are not followed, the Reinsurer will participate in the liability if the conditions for automatic reinsurance are met and the Ceding Company does not knowingly allow such rules to be violated or condone such a practice. Such liability shall be limited to the lesser of i or ii above. As in all cases, the provisions of Section 14 apply to such a claim.
