PREMIUM ADJUSTMENT. If THE COMPANY overpays a reinsurance premium and THE REINSURER accepts the overpayment, THE REINSURER’s acceptance will not constitute or create a reinsurance liability or increase in any existing reinsurance liability. Instead, THE REINSURER will be liable to THE COMPANY for a credit in the amount of the overpayment. If a reinsured policy terminates, THE REINSURER will refund the excess reinsurance premium. This refund will be on a prorated basis without interest from the date of termination of the policy to the date to which a reinsurance premium has been paid.
Appears in 25 contracts
Samples: Automatic and Facultative (Pruco Life Variable Universal Account), Automatic and Facultative (Pruco Life Variable Universal Account), Automatic and Facultative (Pruco Life of New Jersey Variable Appreciable Account)
PREMIUM ADJUSTMENT. If THE COMPANY overpays a reinsurance premium and THE REINSURER accepts the overpayment, THE REINSURER’s 's acceptance will not constitute or create a reinsurance liability or increase in any existing reinsurance liability. Instead, THE REINSURER will be liable to THE COMPANY for a credit in the amount of the overpayment. If a reinsured policy terminates, THE REINSURER will refund the excess reinsurance premium. This refund will be on a prorated basis without interest from the date of termination of the policy to the date to which a reinsurance premium has been paid.
Appears in 10 contracts
Samples: Automatic Yearly Renewable Term Reinsurance Agreement (Pruco Life of New Jersey Variable Appreciable Account), Automatic Yearly Renewable Term Reinsurance Agreement (Pruco Life of New Jersey Variable Appreciable Account), Automatic and Facultative Yearly Renewable Term Reinsurance Agreement (Pruco Life of New Jersey Variable Appreciable Account)
PREMIUM ADJUSTMENT. If THE COMPANY overpays a reinsurance premium and THE REINSURER accepts the overpayment, THE REINSURER’s acceptance will not constitute or create a reinsurance liability or increase in any existing reinsurance liability. Instead, THE REINSURER will be liable to THE COMPANY for a credit in the amount of the overpayment. If a reinsured policy terminates, THE REINSURER will refund the excess reinsurance premium. This refund will be on a prorated basis without interest for the period from the date of the termination of the policy to the date to which a the reinsurance premium has been paid.
Appears in 8 contracts
Samples: Yearly Renewable Term Reinsurance Agreement (Pruco Life Variable Appreciable Account), Yearly Renewable Term Reinsurance Agreement (Pruco Life Variable Appreciable Account), Yearly Renewable Term Reinsurance Agreement (Pruco Life of New Jersey Variable Appreciable Account)
PREMIUM ADJUSTMENT. If THE COMPANY overpays a reinsurance premium and THE REINSURER accepts the overpayment, THE REINSURER’s acceptance will not constitute or create a reinsurance liability or increase in any existing reinsurance liability. Instead, THE REINSURER will be liable to THE COMPANY for a credit in the amount of the overpayment. If a reinsured policy terminates, THE REINSURER will not refund the excess reinsurance premium. This refund will be on a prorated basis without interest portion of the premium for the period from the date of the termination of the policy to the date to which a the reinsurance premium has been paid.
Appears in 4 contracts
Samples: Yearly Renewable Term Reinsurance Agreement (Pruco Life Variable Appreciable Account), Yearly Renewable Term Reinsurance Agreement (Pruco Life Variable Appreciable Account), Yearly Renewable Term Reinsurance Agreement (Pruco Life Variable Universal Account)
PREMIUM ADJUSTMENT. If THE COMPANY overpays a reinsurance premium and THE REINSURER accepts the overpayment, THE REINSURER’s 's acceptance will not constitute or create a reinsurance liability or increase in any existing reinsurance liability. Instead, THE REINSURER will be liable to THE COMPANY for a credit in the amount of the overpayment. If a reinsured policy terminates, THE REINSURER will not refund the excess reinsurance premium. This refund will be on a prorated basis without interest portion of the premium for the period from the date of the termination of the policy to the date to which a the reinsurance premium has been paid.
Appears in 2 contracts
Samples: Automatic (Prudential Variable Appreciable Account), Automatic Yearly Renewable Term Reinsurance Agreement (Pruco Life Variable Universal Account)
PREMIUM ADJUSTMENT. If THE the CEDING COMPANY overpays a reinsurance premium and THE the REINSURER accepts the overpayment, THE the REINSURER’s 's acceptance will not constitute or nor create a reinsurance liability or increase nor result in any existing reinsurance liabilityadditional reinsurance. Instead, THE the REINSURER will be liable to THE the CEDING COMPANY for a credit in the amount of the overpayment. If a reinsured policy terminates, THE the REINSURER will refund the excess reinsurance premium. This refund will be on a prorated basis without interest from the date of termination of the policy to the date to which a reinsurance premium has been paid.
Appears in 1 contract
Samples: Automatic and Facultative Reinsurance Agreement (Llac Variable Account)
