Reduction in Retained Coverage on a Life. If any portion of the aggregate amount of insurance retained by the Ceding Company or its affiliates on an individual life reduces or terminates, the Ceding Company or its affiliates will recalculate its retention on any remaining risk(s) in force on that life. The Ceding Company or its affiliates will not be required to retain an amount in excess of its retention limit for the age, mortality rating, and risk classification based on the applicable retention limit that was in effect at the time of issue for any risk. Unless provided for otherwise in the applicable reinsurance agreements, the Ceding Company or its affiliates will first recalculate the retention on the risk(s) having the same mortality rating as the terminated risk(s). Order of recalculation will secondarily be determined by effective date of the risk, oldest first.
Appears in 12 contracts
Samples: Renewable Term Reinsurance Agreement (Hartford Life Insurance Co Separate Account Vl Ii), Automatic and Facultative Monthly Renewable Term Reinsurance Agreement (Hartford Life Insurance Co Separate Account Vl Ii), Automatic and Facultative Monthly Renewable Term Reinsurance Agreement (Separate Account Vl I of Hartford Life Insurance Co)
