Lapses. When a Covered Policy is terminated due to a lapse, the cession in question shall be cancelled effective as of the date of such lapse. If the Company allows extended or reduced paid-up insurance following a lapse, the reinsurance will be appropriately amended. If the Company allows the Covered Policy to remain in force under its automatic premium loan provisions, the reinsurance shall continue unchanged and in force as long as such provisions remain in effect, except as provided for otherwise in this Agreement.
Appears in 2 contracts
Sources: Reinsurance Agreement (John Hancock Life Insurance Co of New York Separate Account B), Reinsurance Agreement (John Hancock Life Insurance Co (Usa) Separate Account A)