GMDB and EPB. Within thirty (30) days after the end of each calendar month, the Cedent shall notify the Reinsurer of the ceded contractual death benefit claims paid in respect of Reinsured Contracts in that month, based on the net amount at risk definition, set forth in Article IV, and the Reinsurer shall indemnify the Cedent as provided in Article VI for the ceded benefit claim liabilities. GMIB: Within thirty (30) days of the end of each calendar month, the Cedent shall notify the Reinsurer of the ceded contractual Income Program benefits paid in respect of Reinsured Contracts in that month, based on the IBNAR definition set forth in Article IV, and the Reinsurer shall indemnify the Cedent as provided in Article VI for the ceded benefits.
GMDB and EPB. The Reinsurer shall use the summary data in Schedule C to calculate and monitor its maximum VNAR liability throughout the calendar year. Until the receipt of the final report for the calendar year, the VNAR shall be estimated in accordance with reasonable actuarial methods that will approximate the actual amounts. Adjustments to benefit claim recoverables based upon such estimates will then be made to reflect actual amounts upon the receipt of the final report for the calendar year.
GMDB and EPB. The Reinsurer shall indemnify the Cedent under this Agreement only for benefit claims that the Cedent paid as contractually required under a Reinsured Contract with respect to deaths that occur on or after the Effective Date.
GMDB and EPB. The Retrocessionaire shall indemnify the Retrocedent under this Agreement only for benefit claims that the Retrocedent paid to the Cedent as contractually required under a Reinsured Contract with respect to deaths that occur on or after the Effective Date, subject to the liability limitations described in Article I. GMIB: The Retrocessionaire shall indemnify the Retrocedent under this Agreement only for benefit claims that the Retrocedent shall pay to the Cedent as contractually required under a Reinsured Contract on or after the expiration of the waiting period and upon annuitization under the terms of the Income Program where such events occur, on the policies reinsured hereunder, on or after the Effective Date, subject to the liability limitations described in Article I. Regardless of the mode of payment by the Retrocedent to the Cedent, settlement by the Retrocessionaire to the Retrocedent under this Agreement shall be made in a lump sum.
GMDB and EPB. Within thirty (30) days after the end of each calendar month, the Retrocedent shall notify the Retrocessionaire of the retroceded contractual death benefit claims paid in respect of Reinsured Contracts in that month, based on the net amount at risk definition, set forth in Article IV, and the Retrocessionaire shall indemnify the Retrocedent as provided in Article VI for the retroceded benefit claim liabilities. GMIB: Within thirty (30) days of the end of each calendar month, the Retrocedent shall notify the Retrocessionaire of the retroceded contractual Income Program benefits paid in respect of Reinsured Contracts in that month, based on the IBNAR definition set forth in Article IV, and the Retrocessionaire shall indemnify the Retrocedent as provided in Article VI for the retroceded benefits.
GMDB and EPB. A. The MNAR (Mortality Net Amount at Risk) for each variable annuity contract retroceded hereunder shall be equal to the following: MNAR = VNAR + (50% *SCNAR) + EEMNAR in which: VNAR (Variable Net Amount at Risk) = Maximum (a,b) multiplied by the Retrocessionaire’s Percentage (defined in Schedule A) in which: a = (Contractual Death Benefit – Account Value) and b = 0 SCNAR (Surrender Charge Net Amount at Risk) = Surrender Charges multiplied by the Retrocessionaire’s Percentage EEMNAR (Earnings Enhancement Mortality Net Amount at Risk) = x% * Maximum (a,b) multiplied by the Retrocessionaire’s Percentage where: x% varies by issue age as described under the Death Benefits Retroceded section of Schedule A a = (Contractual Death Benefit – Total Purchase Payments Not Withdrawn) but no greater than 200% of Total Purchase Payments Not Withdrawn b = 0 Spousal Continuances The Retrocessionaire will indemnify the Retrocedent for the Retrocessionaire’s Percentage of the SCNAR realized upon death, consistent with the Retrocedent’s indemnification, if any, of a Cedent as a result of the Cedent’s waiver of surrender charges when the death benefit is paid out. The Retrocessionaire shall indemnify the Retrocedent for the Retrocessionaire’s Percentage of surrender charges indemnified by the Retrocedent, if any, arising from additional premium deposits contributed by the spouse to the contract on or after the spousal continuance date; provided, however, that the attained age of the surviving spouse, as of the date of continuance, was less than 81. In no event will the Retrocessionaire indemnify surrender charges arising from the same premium deposits more than once.
GMDB and EPB. C. The total GMDB/EPB Retrocession Premium for the business retroceded hereunder is the sum of the GMDB Retrocession Premium and the EPB Retrocession Premium, each of which is defined separately in this article.
GMDB and EPB. A. Retrocessions may be made to this Agreement through June 30, 2004, subject to a limit of [***] of total new considerations to the Retrocessionaire on the product(s) retroceded hereunder; provided, however, that the parties may, by agreement, amend this Agreement at anytime to provide for retrocessions of ceded liabilities under Reinsured Contracts beyond or in excess of the limitations set forth herein.
GMDB and EPB. C. The total GMDB Reinsurance Premium for the business ceded hereunder is the sum of the GMDB Reinsurance Premium and the EPB Reinsurance Premium, each of which is defined separately in this article. GMDB Cession Premium
