REINSURANCE COVERAGE. Reinsurance under this Agreement will apply to insurance issued by the Ceding Company on the Plans of Insurance shown in Schedule A. Such Plans of Insurance shall be reinsured with the Reinsurer on an automatic basis, subject to the requirements set forth in Section A below, or on a facultative basis, subject to the requirements set forth in Section B below, or on a facultative obligatory basis, subject to the requirements set forth in Section C below. The specifications for all reinsurance under this Agreement are provided in Schedule B.
REINSURANCE COVERAGE. The excess of Individual Life Insurance and Waiver of Premium benefits issued directly by the ceding company on plans listed in Exhibit A shall be reinsured with The Guardian. The ceding company can automatically bind The Guardian under the following conditions:
REINSURANCE COVERAGE. A. Upon the contribution of capital to the Reinsurer by its parent in the amount of at least $156 million, the Company shall automatically and obligatorily cede to the Reinsurer, and the Reinsurer shall be obligated to accept as assumed reinsurance, an 85% quota share portion of the Net Liabilities with respect to such Policies, subject to adjustment as set forth below. The Company may, in its sole discretion, change the quota share participation of the Reinsurer from time to time effective as of any 6 month anniversary date of the effective date of this Agreement upon not less than ninety (90) days prior written notice to the Reinsurer; provided, however that the quota share participation of the Company shall at all times during the term of this Agreement be a minimum of 15% and a maximum of 25%, and provided further that the quota share participation of the Company does not exceed $25 million during the first 12 month period ended March 31, 2007, with such maximum amount subject to a 25% growth factor per twelve (12) month period thereafter. If the Company’s quota share participation maximum of $25 million (subject to the growth factor) is attained in any twelve month period ended March 31, then the quota share participation percentage, which shall apply to all premiums and losses on a pro-rated basis for such period, shall be decreased for that 12 month period even if such participation is below 15%. Each such change shall apply to Policies issued or renewed after the effective date of such change.
REINSURANCE COVERAGE. In no event shall the reinsurance provided hereunder with respect to a particular Covered Insurance Contract be in force and binding unless such Covered Insurance Contract was in force and binding as of the Original Effective Time; provided, however, that the Covered Insurance Contracts reinsured hereunder shall include (a) all lapsed or surrendered insurance contracts subject to the reinsurance hereunder, that are reinstated in accordance with their terms on and after the Original Effective Time and (b) all unexecuted Covered Insurance Contracts. Upon the reinstatement of any lapsed or surrendered policy included within Covered Insurance Contracts, such reinstated Covered Insurance Contract shall be automatically reinsured hereunder, when, and to the extent that, the Company is liable under such reinstated Covered Insurance Contract.
REINSURANCE COVERAGE. The Company will [*] first dollar quota share of each policy up to the Retention Limits specified in Exhibit E. It is understood that if the Company or the Company’s affiliates has retention on existing insurance, the Company may retain less than [*] of a policy reinsured under this Agreement, in order to avoid exceeding the Company’s Retention Limits. For policies on lives that qualify for Automatic Reinsurance Coverage, [*] first-dollar quota share of the policy’s net amount at risk, up to the Reinsurer’s Automatic Acceptance Limits specified in Exhibit E-I will be reinsured with the Reinsurer. It is understood that once the Company is fully retained, according to its Retention Limits specified in Exhibit E, a maximum of [*] of the policy’s net amount at risk up to the Reinsurer’s Automatic Acceptance Limits specified in Exhibit E-I will be reinsured with the Reinsurer.
REINSURANCE COVERAGE. It is hereby agreed that in consideration of the promises, terms, and conditions contained in this Reinsurance Agreement, Plan shall cede to, and Preferred Life shall reinsure, the portion specified herein of the Membership Service Agreements issued by the Plan.
REINSURANCE COVERAGE. Reinsurance under this Agreement will apply to insurance issued by the Ceding Company on the Plans of Insurance shown in Schedule A. Such Plans of Insurance shall be reinsured with the Reinsurer on an automatic basis, subject to the requirements set forth in Section A below, or on a facultative basis, subject to the requirements set forth in Section B below, or on a facultative obligatory basis, subject to the requirements set forth in Section C below. The specifications for all reinsurance under this Agreement are provided in Schedule B. A Requirements for Automatic Reinsurance For risks which meet the requirements for Automatic Reinsurance as set forth below, the Reinsurer will participate in a reinsurance pool whereby the Reinsurer will automatically reinsure a portion of the insurance risks as indicated in Schedule B. The requirements for Automatic Reinsurance are as follows:
REINSURANCE COVERAGE a) Single Life plans for issue ages < 71 and Survivorship plans for all issue ages For policies which qualify for Automatic Reinsurance Coverage, the Company will retain [*]. However, it is understood that if the Company has retention on existing insurance, the Company may reduce its retained percentage to a minimum of 0% (zero percent) of a policy reinsured under this Agreement, in order to avoid exceeding its Retention Limits specified in Exhibit E. Correspondingly, the Reinsurer’s ceded percentage may be increased up to a maximum of [*] not to exceed the Reinsurer’s Automatic Acceptance Limits specified in Exhibit E-II.
REINSURANCE COVERAGE. Reinsurance under this Agreement will apply to those Plans of Insurance and Riders set forth in Schedule A that also fall within a category of policies eligible for reinsurance under this Agreement as described in Schedule F. Such reinsurance shall be either on an automatic basis, subject to the requirements set forth in Section A below, on an automatic processing basis, subject to the requirements set forth in Section B below, or on a facultative basis, subject to the requirements set forth in Section C below. Notwithstanding the foregoing, reinsurance coverage on a facultative basis may also apply on plans of insurance not listed in Schedule A, with the agreement of the Reinsurer. The specifications for all reinsurance under this Agreement are provided in Schedule B.
REINSURANCE COVERAGE. The Company has delivered Schedule 5.01(h) to the Agent setting forth the amount, terms, and provider(s) to the Company of reinsurance and the extent of the Company’s insurance or reinsurance exposure covered thereby; as of December 31, 2005, Schedule 5.01(h) is correct and complete and fairly represents the reinsurance coverage pertaining to the business of the Company and its Subsidiaries (“Existing Reinsurance Coverage”).
