Temporary Insurance Agreement. The Reinsurer’s liability shall not exceed the Reinsurer’s proportionate share of the amount stated in the Company’s Temporary Insurance Agreement (TIA). However, it is understood that the Reinsurer agrees to accept its proportionate share of the Company’s portion under the TIA, if the Company has no available retention. The Company’s maximum TIA liability is $1,000,000 for single life policies and $5,000,000 for survivorship policies. Locked in Insurability: Once a TIA is completed and provided all the conditions are met, changes in insurability that post-date the TIA, while it is in effect, will be ignored for the lesser of the face amount or $1,000,000 for single life policies and $5,000,000 for survivorship policies. The Reinsurer will assume a proportionate share of the amount under a policy issued pursuant to this feature. EXHIBIT B GENERAL PROVISIONS
Temporary Insurance Agreement. A. Subject to the terms, conditions, and limits of this AGREEMENT and provided the conditions set forth in Section B of this article are fulfilled, the REINSURER shall reimburse the CEDING COMPANY for Temporary Insurance Agreement (TIA) reinsurance. TIA reinsurance is defined as reinsurance on a claim pursuant to a TIA, which either:
Temporary Insurance Agreement. Regardless of any provision of this Agreement to the contrary, where the Company provides insurance coverage under a temporary insurance agreement or prior to the issuance and delivery of a policy to the applicant during the insured’s or proposed insured’s lifetime, the extent of the Reinsurer’s liability on a per life basis is as stated in the Temporary Insurance Agreement provision set out in Exhibit A-I. The Company shall follow its normal procedures for such coverage.
Temporary Insurance Agreement. A separate contract between the Ceding Company and the applicant that provides insurance coverage for a specified amount for a limited period of time. It does not depend on the (000) 00000-00-00 05/9/2017 proposed insured’s insurability. It has specific conditions where the agreement will not provide coverage such as material misrepresentations in the application and death from suicide.
Temporary Insurance Agreement. Legal agreement between an insurer and a proposed insured that provides a guaranteed amount of temporary life insurance coverage for a specific period of time, usually the underwriting period. Ultimate Amount – The projected maximum Policy Death Benefit that a policy could achieve based on reasonable assumptions made about the operation of certain characteristics of the policy form. Yearly Renewable Term (YRT) – A form of life reinsurance under which the risks, but not the permanent plan reserves, are transferred to the Reinsurer for a premium that varies each year with the Reinsured Net Amount at Risk and the duration from issue.
Temporary Insurance Agreement. Prior to placement of the Policy with the insured, OPTIMUM RE's liability is limited to the lesser of:
Temporary Insurance Agreement. The Reinsurer has reviewed the Ceding Company's Temporary Insurance Agreement and has given its acceptance of the terms and procedures contained in the form. The Ceding Company agrees to submit to the Reinsurer any changes to the Temporary Insurance Agreement. The Reinsurer's Temporary Insurance Agreement liability will be limited to the Ceding Company's liability, which is stated as $250,000 per application. The Reinsurer is liable for losses under the terms of a Temporary Insurance Agreement when the following qualifications are met for automatic and facultative reinsurance.
Temporary Insurance Agreement. The amount of coverage provided by the Reinsurer will be limited to its proportionate share of the excess, if any, over the Company's maximum Temporary Insurance Agreement of $1,000,000. The maximum issue age for TIA is age 70. SCHEDULE B
Temporary Insurance Agreement. The Reinsurer shall not be liable for benefits paid under the Ceding Company’s temporary insurance agreement unless all the conditions for automatic reinsurance coverage are met. The pre-issue liability applies only once on any given life no matter how many agreements were issued or initial premiums were accepted by the Ceding Company. After the effective date of the new life insurance Policy, no reinsurance benefits are payable under this pre-issue coverage provision. The Reinsurer’s liability under the Ceding Company’s temporary insurance agreement is limited to the lesser of a., b. and c. below:
Temporary Insurance Agreement. Regardless of any provision of this Agreement to the contrary, where the Company provides insurance coverage under a temporary insurance agreement or prior to the issuance and delivery of a policy to the applicant during the insured’s or proposed insured’s lifetime, the extent of the Reinsurer’s liability on a per life basis is as stated in the Temporary Insurance Agreement provision set out in Exhibit A-I. The Company shall follow its normal procedures for such coverage. Xxxx Xxxxxxx’x Reinsurance Agreement No: MH19C07 Reinsurer Agreement No: 4461 MARC 4461 JH MH19C07 09012019 – Execution Version
