Munich Re Group Clause Samples
The "Munich Re Group" clause defines the term as referring to the global reinsurance company and its affiliated entities. In practice, this clause clarifies which specific legal entities are included when the contract references "Munich Re Group," ensuring that all parties understand whether it applies to the parent company, subsidiaries, or both. This definition is essential for establishing the scope of rights, obligations, and responsibilities within the agreement, thereby preventing ambiguity and potential disputes over which entities are bound by or benefit from the contract's terms.
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Munich Re Group. Exhibit II Limits and Special Conditions The risk of the Ceding Company to be automatically covered under this agreement, including previous reinsurances ceded to MARC by the Ceding Company on the same life, is the amount of death benefit provided by a policy minus the cash value that is included in the death benefit at issue and minus the Ceding Company's retention as shown in Exhibit III. The following limitations apply:
Munich Re Group. Both companies agree to exchange information about the amount of net consideration for all reinsurance agreements in force between them to ensure consistency for purposes of computing specified policy acquisition expenses.
Munich Re Group. If a policy is reinstated in accordance with its terms and the Ceding Company's regular reinstatement rules, MARC will restore the reinsurance coverage as if no change had occurred. However, MARC's approval will be required prior to reinstatement of the reinsurance if the policy was facultatively reinsured hereunder and the Ceding Company's regular reinstatement rules require more evidence of insurability than a Statement of Good Health. Upon reinstatement of the reinsurance coverage, the Ceding Company will pay the reinsurance premiums that would have accrued had the policy not lapsed, together with interest at the same rate as the Ceding Company receives under its policy.
Munich Re Group. Both companies will share proportionately in any increase or reduction resulting from an insured's misstatement of age or sex.
Munich Re Group. To initiate arbitration, either the Ceding Company or MARC will notify the other party in writing of its desire to arbitrate, stating the nature of its dispute and the remedy sought. The party to which the notice is sent will acknowledge to the notification in writing within fifteen (15) days of its receipt.
Munich Re Group. Effective Date; Execution The said American National Insurance Company, Galveston, Texas, and the said Munich American Reassurance Company, Atlanta, Georgia, declare that this agreement and all its terms will be effective as of March 1, 2003, and will apply to all eligible policies issued on and after such date, even though such policies may have been backdated for up to six months to save age. In witness whereof they have by their officers executed and delivered this agreement in duplicate. American National Insurance Company By ________________________ Title: ______________________ Attest ______________________ Date _______________________ Munich American Reassurance Company By _________________________ Title: _______________________ Attest ______________________ Date _______________________
Munich Re Group. This addendum will be attached to and form a part of the Automatic Reinsurance Agreement effective March 1, 2003, between the Ceding Company and MARC. In witness whereof, the said American National Insurance Company, Galveston, Texas, and the said Munich American Reassurance Company, Atlanta, Georgia, have by their respective officers executed and delivered this addendum in duplicate. American National Insurance Company By ___________________ Title: _________________ Attest _________________ Date ______________________ Munich American Reassurance Company By ____________________ Title: __________________ Attest __________________ Date _____________________
Munich Re Group. The Ceding Company shall have the option, but not the obligation, to terminate this agreement for new business and existing reinsurance upon the occurrence of the following events:
Munich Re Group. If the reinsurance to be reduced is shared by two or more reinsurers, the reduction will be prorated among all the reinsurers.
Munich Re Group. Any change or modification of this agreement will be null and void unless made by an amendment to the agreement and signed by both MARC and the Ceding Company.