Common use of FACULTATIVE PROVISIONS Clause in Contracts

FACULTATIVE PROVISIONS. A. The CEDING COMPANY will send copies of the original applications, all medical reports, inspection reports, attending physician's statement and any additional information pertinent to the insurability of the risk. B. The CEDING COMPANY will also notify GENERAL AMERICAN of any underwriting information requested or received after the initial request for reinsurance is made. For policies which contain automatic increase provisions, the CEDING COMPANY will inform GENERAL AMERICAN of the initial and ultimate risk amounts for which reinsurance is being requested. C. On a timely basis, GENERAL AMERICAN will submit a written decision. In no case will GENERAL AMERICAN'S offer on facultative submissions be open after 120 days have elapsed from the date of GENERAL AMERICAN'S offer to participate in the risk. Acceptance of the offer and delivery of the policy according to the rules of the CEDING COMPANY must occur within 120 days of the final reinsurance offer. Unless GENERAL AMERICAN explicitly states in writing that the final offer is extended, the offer will be automatically withdrawn at the end of day 120. D. GENERAL AMERICAN will not be liable for proceeds paid under the CEDING COMPANY'S conditional receipt or temporary insurance agreement for risks submitted on a facultative basis.

FACULTATIVE PROVISIONS. A. The CEDING COMPANY will have the option to submit any case facultatively which it does not wish to cede automatically or which it may not cede automatically under the provisions of Article I. B. The CEDING COMPANY will send copies of the original applications, all medical reports, inspection reports, attending physician's statement and any additional information pertinent to the insurability of the risk. B. C. The CEDING COMPANY will also notify GENERAL AMERICAN of any underwriting information requested or received after the initial request for reinsurance is made. For policies which contain automatic increase provisions, the CEDING COMPANY will inform GENERAL AMERICAN of the initial and ultimate risk amounts for which reinsurance is being requested. C. D. On a timely basis, GENERAL AMERICAN will submit a written decision. In no case will GENERAL AMERICAN'S offer on facultative submissions be open after 120 days have elapsed from the date of GENERAL AMERICAN'S offer to participate in the risk. Acceptance of the offer and delivery of the policy according to the rules of the CEDING COMPANY must occur within 120 days of the final reinsurance offer. Unless GENERAL AMERICAN explicitly states in writing that the final offer is extended, the offer will be automatically withdrawn at the end of day 120. D. E. GENERAL AMERICAN will not be liable for proceeds paid under the CEDING COMPANY'S conditional receipt or temporary insurance agreement for risks submitted on a facultative basis.