Common use of Rate Guarantee Clause in Contracts

Rate Guarantee. The reinsurance rates set out in this Exhibit are guaranteed for the first policy year. In subsequent policy years, the Reinsurer reserves the right to increase the premiums for reinsurance but not above the statutory net valuation premium applicable to the Reinsured Policies after increase. If the Reinsurer exercises its right to increase reinsurance premiums under this Agreement in an amount greater than a retail premium rate increase implemented by the Company for the Reinsured Policies, the Company may recapture all of the Reinsured Policies on which reinsurance rates have been increased regardless of the Reinsured Policies’ duration in force. The Company must provide written notice of its election to recapture prior to the effective date of the reinsurance rate increase. Any such recapture shall be effective on the effective date of the reinsurance rate increase. If the Company elects to recapture reinsurance under this provision, unearned premiums, net of outstanding balances, will be paid by the party with the positive balance.

Appears in 2 contracts

Samples: Reinsurance Agreement (Allstate Life of N Y Var Life Sep Acct A), Reinsurance Agreement (Allstate Assurance Co Variable Life Separate Account)

AutoNDA by SimpleDocs

Rate Guarantee. The reinsurance rates set out in this Exhibit are guaranteed for the first policy year. In subsequent policy years, the Reinsurer reserves the right to increase the premiums for reinsurance but not above the statutory net valuation premium applicable to the Reinsured Policies after increase. If the Reinsurer exercises its right to increase reinsurance premiums under this Agreement in an amount greater than a retail that required to ensure that the Reinsurer will participate in its share of any increases in premium rate increase rates, costs, charges or fees as implemented by the Company for the Reinsured Policies, the Company may recapture all of the Reinsured Policies on which reinsurance rates have been increased regardless of the Reinsured Policies’ duration in force. The Company must provide written notice of its election to recapture prior to the effective date of the reinsurance rate increase. Any such recapture shall be effective on the effective date of the reinsurance rate increase. If the Company elects to recapture reinsurance under this provision, unearned premiums, net of outstanding balances, will be paid by the party with the positive balance.

Appears in 2 contracts

Samples: Yrt Reinsurance Agreement (Nationwide VL Separate Account-G), Yrt Reinsurance Agreement (Nationwide VL Separate Account-G)

Rate Guarantee. The reinsurance rates set out in this Exhibit are guaranteed for the first policy year. In subsequent policy years, the Reinsurer reserves the right to increase the premiums for reinsurance but not above the statutory net valuation premium applicable to the Reinsured Policies after increase. If the Reinsurer exercises its right to increase reinsurance premiums under this Agreement in an amount greater than a retail that required to ensure that the Reinsurer will participate in its share of any increases in premium rate increase rates, costs, charges or fees as implemented by the Company for the Reinsured Policies, the Company may recapture all of the Reinsured Policies on which reinsurance rates have been increased regardless of the Reinsured Policies’ duration in force. The Company must provide written notice of its election to recapture prior to the effective date of the reinsurance rate increase. Any such recapture shall be effective on the effective date of the reinsurance rate increase. If the Company elects to recapture reinsurance under this provision, unearned premiums, net of outstanding balances, will be paid by the party with the positive balance.. (QT20102US19)

Appears in 2 contracts

Samples: Yrt Reinsurance Agreement (Thrivent Variable Life Account I), Yrt Reinsurance Agreement (Thrivent Variable Life Account I)

Rate Guarantee. The reinsurance rates set out in this Exhibit are guaranteed for the first policy year. In subsequent policy years, the Reinsurer reserves the right to increase the premiums for reinsurance but not above the statutory net valuation premium applicable to the Reinsured Policies after increase. If the Reinsurer exercises its right to increase reinsurance premiums under this Agreement in an amount greater than a retail that required to ensure that the Reinsurer will participate in its share of any increases in premium rate increase rates, costs, charges or fees as implemented by the Company for the Reinsured Policies, the Company may recapture all of the Reinsured Policies on which reinsurance rates have been increased regardless of the Reinsured Policies’ duration in force. The Company must provide written notice of its election to recapture prior to the effective date of the reinsurance rate increase. Any such recapture shall be effective on the effective date of the reinsurance rate increase. If the Company elects to recapture reinsurance under this provision, unearned premiums, net of outstanding balances, will be paid by the party with the positive balance.. A5-166817US-05 (06-01-2009) ODB# 103515US-09

Appears in 1 contract

Samples: Automatic Yrt Reinsurance Agreement (First Investors Life Level Premium Variable Lif Ins Sep Ac B)

AutoNDA by SimpleDocs

Rate Guarantee. The reinsurance rates set out in this Exhibit are guaranteed for the first policy year. In subsequent policy years, the Reinsurer reserves the right to increase the premiums for reinsurance but not above the statutory net valuation premium applicable to the Reinsured Policies after increase. If the Reinsurer exercises its right to increase reinsurance premiums under this Agreement in an amount greater than a retail that required to ensure that the Reinsurer will participate in its share of any increases in premium rate increase rates, costs, charges or fees as implemented by the Company for the Reinsured Policies, the Company may recapture all of the Reinsured Policies on which reinsurance rates have been increased regardless of the Reinsured Policies’ duration in force. The Company must provide written notice of its election to recapture prior to the effective date of the reinsurance rate increase. Any such recapture shall be effective on the effective date of the reinsurance rate increase. If the Company elects to recapture terminate reinsurance under this provision, unearned premiums, net of outstanding balances, a termination settlement will be paid by made according to the party with terms specified in the positive balanceBusiness Transfer Events provision of this Exhibit.

Appears in 1 contract

Samples: Yrt Reinsurance Agreement (Tiaa-Cref Life Separate Account Vli-1)

Rate Guarantee. The reinsurance rates set out in this Exhibit are guaranteed for the first policy year. In subsequent policy years, the Reinsurer reserves the right to increase the premiums for reinsurance but not above the statutory net valuation premium applicable to the Reinsured Policies after increase. , If the Reinsurer exercises its right to increase reinsurance premiums under this Agreement in an amount greater than a retail that required to ensure that the Reinsurer will participate in its share of any increases in premium rate increase rates, costs, charges or fees as implemented by the Company for the Reinsured Policies, the Company may recapture all of the Reinsured Policies on which reinsurance rates have been increased regardless of the Reinsured Policies' duration in force. The Company must provide written notice of its election to recapture prior to the effective date of the reinsurance rate increase. Any such recapture shall be effective on the effective date of the reinsurance rate increase. If the Company elects to recapture terminate reinsurance under this provision, unearned premiums, net of outstanding balances, a termination settlement will be paid by made according to the party with terms specified in the positive balanceBusiness Transfer Events provision of this Exhibit. 10.

Appears in 1 contract

Samples: Reinsurance Agreement (National Variable Life Insurance Account)

Time is Money Join Law Insider Premium to draft better contracts faster.