REPLACEMENTS AND CONVERSIONS Sample Clauses
The "Replacements and Conversions" clause defines the procedures and conditions under which one party may substitute or convert certain assets, obligations, or terms within the agreement. Typically, this clause outlines the types of replacements or conversions permitted, the process for notifying the other party, and any requirements or approvals needed for such changes. For example, it may allow a lender to replace a reference rate or a borrower to convert a loan from one currency to another. The core function of this clause is to provide flexibility and adaptability in the agreement, ensuring that the contract remains effective and relevant even if circumstances change or certain elements become obsolete.
REPLACEMENTS AND CONVERSIONS. 8.1 Internal Replacements [*] If a policy reinsured under this Agreement is internally exchanged or replaced with another policy, reinsurance will continue under this Agreement or, if applicable, any different agreement between the parties providing reinsurance coverage for the new policy. In that event, reinsurance premium rates will be based on issue age and duration of the original policy and underwriting classification of the new policy, and Reinsurer's share shall be as provided in this Agreement, unless otherwise indicated in the internal exchange provisions of the reinsurance agreement that covers the new policy. Notwithstanding the foregoing, if there is a reinsurance agreement between the parties providing reinsurance coverage for the new policy and such agreement treats the policy as new business, then the issue age, duration, and underwriting classification shall be based on the new policy, and Reinsurer's share shall be as provided in the reinsurance agreement covering the new policy.
REPLACEMENTS AND CONVERSIONS. 8.1 Internal Replacements 8.2 Conversions ARTICLE 9 - CLAIMS
9.1 Notice 9.2 Claim Settlement Process 9.3
REPLACEMENTS AND CONVERSIONS. 8.1 Internal Replacements [*] If a policy reinsured under this Agreement is internally exchanged or replaced with another policy, reinsurance will continue under this Agreement or, if applicable, any different agreement between the parties providing reinsurance coverage for the new policy. In that event, reinsurance premium rates will be based on issue age and duration of the original policy and underwriting classification of the new policy, and Reinsurer's share shall be as provided in this Agreement, unless otherwise indicated in the internal exchange provisions of the reinsurance agreement that covers the new policy. Notwithstanding the foregoing, if there is a reinsurance agreement between the parties providing reinsurance coverage for the new policy and such agreement treats the policy as new business, then the issue age, duration, and underwriting classification shall be based on the new policy, and Reinsurer's share shall be as provided in the reinsurance agreement covering the new policy. It is understood and agreed that policies resulting from any wholesale internal exchange program undertaken by the Ceding Company shall not be covered by this Agreement, unless approved in advance in writing by the Reinsurer. The foregoing restriction on wholesale internal exchange programs shall not be construed to prohibit waiver of surrender charges or other policies or practices set forth in the Ceding Company's Internal Replacement Exchange Guidelines which the parties acknowledge have been shared with the Reinsurer, nor prevent any communication to the company's sales force about such guidelines.
8.2 Conversions Contractual term conversions from Ceding Company's term insurance policies or riders (such as an Other Insured Rider or Children's Insurance Rider)to a policy reinsured under this Agreement will be covered and treated the same as any other New Business under this Agreement except the issue age and issue date of the original term policy or rider shall apply for purposes of determining reinsurance premium rates and Reinsurer's share, if any, shall be as provided in any reinsurance agreement that covered the original term policy or rider. [*] In the event a term insurance policyholder seeks to convert to a policy reinsured under this Agreement and at the same time increase the face value or specified amount of the policy, or improve the underwriting classification, if the exchange is agreed to by the Ceding Company, such exchange shall be treated as an ...
REPLACEMENTS AND CONVERSIONS. 8.1 Internal Replacements
REPLACEMENTS AND CONVERSIONS