Automatic Binding Limit definition

Automatic Binding Limit shall have the meaning set forth in Sections 2.c of Exhibit B and Exhibit B-1.
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Automatic Binding Limit. $__________ per life for issue ages to age 65; $_________ per life for issue ages 66 to 75; $_________ per life for issue ages 76 and over.
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Examples of Automatic Binding Limit in a sentence

  • The increase is not subject to new underwriting evidence, the Reinsurer will accept the increase in reinsurance at point-in-scale rates but not to exceed the Automatic Binding Limit.

  • The increase is not subject to new underwriting evidence; the Reinsurer will accept the increase in reinsurance at point-in-scale rates but not to exceed the Automatic Binding Limit.

  • Automatic Binding Limit - The amount specified in Exhibit C used to calculate the maximum Reinsurance Death Benefit that may be ceded as Automatic reinsurance on any one life.

  • If either the Automatic Binding Limit or Jumbo Limit is exceeded, the Ceding Company may submit the risk to the Reinsurer for Facultative review.

  • For clarity, to be eligible for Automatic reinsurance, the total Ultimate Amount in force and currently applied for on the life with the Ceding Company and its affiliates, which includes both single and joint life coverage and any external coverage to be replaced, does not exceed the Automatic Binding Limit shown above.

  • Life For the purpose of determining the Automatic Binding Limit a $2.50 per 1,000 temporary or permanent flat extra rating will be considered one table in determining the limits as shown below.

  • Automatic Binding Limit - The amount specified in Exhibit C used to calculate the maximum Reinsurance Death Benefit that may be ceded as Automatic reinsurance.

  • If a proposed policy reinstatement is subject to new underwriting based on the Ceding Company’s established procedures and rules, the Automatic Binding Limit and Jumbo Limit in effect at the time of the reinstatement shall apply.

  • The Automatic Binding Limit includes the Ceding Company’s retention.

  • If any portion of the applied for insurance exceeds the Reinsurer's Proportionate Automatic Binding Limit, the application shall be subject to facultative submission in accordance with Article VIII Facultative Reinsurance.