Policy Exchanges Sample Clauses
The Policy Exchanges clause establishes the terms under which one insurance policy can be exchanged for another, typically within the same insurer or product line. In practice, this clause outlines the conditions, procedures, and any fees or limitations associated with swapping an existing policy for a different one, such as exchanging a term life policy for a whole life policy. Its core function is to provide policyholders with flexibility to adapt their coverage to changing needs, while ensuring the insurer manages risk and administrative processes effectively.
Policy Exchanges. Unless otherwise agreed by the parties, the Company will not make any targeted exchange offers with regards to the Reinsured Contracts or otherwise target the Reinsured Contracts for replacement.
Policy Exchanges. (a) For the term of this Agreement, unless Reinsurer has provided prior written consent, Cedant shall not, and shall not permit any of its Affiliates to, directly or indirectly, solicit or encourage on a targeted, programmatic or systematic basis any policyholders, contractholders, owners, insureds, or beneficiaries under any Reinsured Policy to exchange, convert or transfer Reinsured Policies for other policies or contract types written by Cedant or any of its Affiliates that are not reinsured under this Agreement; provided, however, this Section 2.16(a) shall not preclude Cedant from offering or maintaining a policy that allows, or otherwise allowing, a policyholder, contractholder, owner, insured or beneficiary of a Reinsured Policy to exchange such Reinsured Policy, or otherwise engage in a transaction that would result in a replacement of such Reinsured Policy, with another contract that is not reinsured hereunder at the request of such policyholder, contractholder, owner, insured or beneficiary without the prior solicitation or encouragement of Cedant; provided, further, that the provision of notices to policyholders, contractholders, owners, insureds, or beneficiaries required by applicable Law or a Governmental Authority shall not constitute a violation of this Section 2.16(a).
(b) For the term of this Agreement, unless Cedant has provided prior written consent, Reinsurer shall not, and shall not permit any of its Affiliates to, directly or indirectly, solicit or encourage on a targeted, programmatic or systematic basis any policyholders, contractholders, owners, insureds, or beneficiaries under any Reinsured Policy to exchange, convert or transfer Reinsured Policies for other policies or contract types written by Reinsurer or any of its Affiliates that are not reinsured under this Agreement; provided, however, this Section 2.16(b) shall not preclude Reinsurer from offering or maintaining a policy that allows, or otherwise allowing, a policyholder, contractholder, owner, insured or beneficiary of a Reinsured Policy to exchange such Reinsured Policy, or otherwise engage in a transaction that would result in a replacement of such Reinsured Policy, with another contract that is not reinsured hereunder at the request of such policyholder, contractholder, owner, insured or beneficiary without the prior solicitation or encouragement of Reinsurer; provided, further, that the provision of notices to policyholders, contractholders, owners, insureds, or bene...
Policy Exchanges. Unless the Reinsurer has provided its prior written consent, the Company shall not, and shall not permit its Affiliates to, directly or indirectly, undertake, solicit, sponsor or support any exchange program in respect of the Reinsured Contracts or otherwise target in a directed, programmatic or systematic manner the Reinsured Contracts for replacement.