Facultative Acceptance Clause Samples
Facultative Acceptance. The Company will notify the Reinsurer in writing of its acceptance of the unconditional offer by the Reinsurer within ninety (90) days of said offer. When the policy has been paid for and delivered, the Company will report the facultative business. Once a risk is submitted on a facultative basis, any additional applications must also be submitted facultatively, unless the Reinsurer gives the Company written permission to submit such subsequent applications on an automatic basis. ...END OF ARTICLE VI ARTICLE VII GENERAL PROVISIONS
Facultative Acceptance. In case of Guaranteed INSURABILITY Riders attached to life insurance policies not subject to automatic reinsurance under the Automatic Reinsurance Agreement, the CEDING COMPANY my apply to the REINSURER for reinsurance which the CEDING COMPANY may require in the future for the excess over its then applicable retention for standard risks whenever an insured purchases additional insurance in specified amounts and at specified times without being required to produce evidence of INSURABILITY under a Guaranteed INSURABILITY Rider attached to a life insurance policy reinsured facultatively with the REINSURER under the Reinsurance Agreement to which this Addendum applies. As soon as possible after review of such application, the REINSURER shall notify the CEDING COMPANY of its underwriting decision. The CEDING COMPANY shall cede and the REINSURER shall automatically accept the excess resulting from issuance of all insurances whenever the insured exercises any option available to him on a policy accepted by the REINSURER in accordance with the aforesaid. Reinsurance resulting from an exercised option under a guaranteed INSURABILITY rider will, however, be accepted by the REINSURER automatically only if a portion of the original policy containing such rider had also been reinsured with the