GMIB Sample Clauses
GMIB. The Retrocessionaire shall use the summary data in Schedule C to calculate and monitor its maximum annual aggregate IBNAR liability throughout the calendar year, as described in Article I, Paragraph C(2). The Retrocessionaire shall approximate the annuitization rate each calendar quarter during the year to determine if actual annuitization exceeds the 25% maximum annuitization rate, on an annual basis. If the maximum annuitization rate is exceeded, the Retrocessionaire will temporarily suspend the payment of Income Program claims until the end of the following calendar quarter or until such time that all data required for the calculation is available. Adjustments to Income Program 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.
GMIB. The GMIB retrocession premium (“GMIB Retrocession Premium”) is an asset-based premium rate, expressed in terms of basis points, as set forth in Exhibit II, and shall be calculated on an aggregate basis.
GMIB. The Reinsurer shall indemnify the Cedent under this Agreement only for benefit claims that the Cedent paid as contractually required under a Reinsured Contract on or after the expiration of the waiting period and upon exercise of benefits under the terms of the Income Program where such events occur, on the policies reinsured hereunder, on or after the Effective Date.