Nonforfeiture Benefits. If the original policy lapses and extended term insurance or reduced paid-up insurance is granted under the terms of the policy, the Reinsurer, upon notification of such change, will proportionately adjust the amount of reinsurance and accept appropriately adjusted reinsurance premiums calculated in the same manner as reinsurance premiums were calculated on the original policy. However, the Reinsurer shall not provide coverage for extended term insurance on policies originally issued at substandard ratings greater than 150% of standard or the equivalent in flat extra premium unless the Reinsurer specifically agrees in advance to do so.
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Samples: Automatic Yearly Renewable Term Reinsurance Agreement (Nationwide Provident Vli Separate Account 1), The Agreement (Llac Variable Account), Automatic Yearly Renewable Term Reinsurance Agreement (Nationwide Provident Vli Separate Account 1)
Nonforfeiture Benefits. If the original policy lapses and extended term insurance or reduced paid-up insurance is granted under the terms of the policy, the Reinsurer, upon notification of such change, will proportionately adjust the amount of reinsurance and accept appropriately adjusted reinsurance premiums calculated in the same manner as reinsurance premiums were calculated on the original policy. However, the Reinsurer shall not provide coverage for extended term insurance on policies originally issued at substandard ratings greater than one hundred fifty percent (150% %) of standard or the equivalent in flat extra premium unless the Reinsurer specifically agrees in advance to do so.
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Samples: The Agreement (Vel Ii Account of Allmerica Financial Life Ins & Ann Co)
Nonforfeiture Benefits. If the original policy lapses and extended term insurance or reduced paid-up insurance is granted under the terms of the policy, the Reinsurer, upon notification of such change, will proportionately adjust the amount of reinsurance and accept appropriately adjusted reinsurance premiums calculated in the same manner as reinsurance premiums were calculated on the original policy. However, the Reinsurer shall not provide coverage for extended term insurance on policies originally issued at substandard ratings greater than 150% of standard or the equivalent in flat extra premium unless the Reinsurer specifically agrees in advance to do soadvance.
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