Common use of Risk Classification Changes Clause in Contracts

Risk Classification Changes. If the Policy Owner requests a change in risk classification, such as a table rating reduction or removal of a flat extra, the Ceding Company shall underwrite such change in accordance with its Underwriting Guidelines. Risk classification changes on Policies reinsured on a facultative basis will be subject to the Reinsurer’s prior written approval. Upon a change of risk classification, the Ceding Company shall determine the reinsurance premium for the Policy using [ ] at the revised underwriting classification. The Reinsurer shall refund unearned reinsurance premium paid by the Ceding Company upon the change of risk classification in accordance with Article 7 – Premium Accounting.

Risk Classification Changes. If the Policy Owner requests a change in risk classification, such as a table rating reduction or removal of a flat extra, the Ceding Company shall underwrite such change in accordance with its Underwriting Guidelines. Risk classification changes on Policies reinsured on a facultative basis will be subject to the Reinsurer’s prior written approval. Upon a change of risk classification, the Ceding Company shall determine the reinsurance premium for the Policy using [ ] point-in-scale reinsurance premium rates at the revised underwriting classification. The Reinsurer shall refund unearned reinsurance premium paid by the Ceding Company upon the change of risk classification in accordance with Article 7 – Premium Accounting.

Risk Classification Changes. If the Policy Owner requests a change in risk classification, such as a table rating reduction or removal of a flat extra, the Ceding Company shall underwrite such change in accordance with its Underwriting Guidelines. Risk classification changes on Policies reinsured on a facultative basis will be subject to the Reinsurer’s prior written approval. Upon a change of risk classification, the Ceding Company shall determine the reinsurance premium for the Policy using [ ] point-in-scale reinsurance premium rates at the revised underwriting classification. The Reinsurer shall refund unearned reinsurance premium paid by the Ceding Company upon the change of risk classification in accordance with Article 7 8 – Premium Accounting.. [page break]