Commutation Date definition
Examples of Commutation Date in a sentence
If we are not offering single premium immediate annuity contracts on the Commutation Date, we will calculate the commuted value by discounting the unpaid Period Certain payments using a rate of interest available on a US Government Treasury security whose maturity is equal to the length of the remaining Period Certain rounded to the nearest year, plus 0.50%.
If the Commutation Date is not a Valuation Day, the commuted value will be calculated as of the next Valuation Day.
The commuted value equals the present value, as of the Commutation Date, of the Variable Income Payments remaining in the Period Certain.
Proof of Loss Claims delivered with respect to a Payment Date (other than the Final Extended Termination Date or a Partial Commutation Date in respect of the applicable Covered Event) may include only Paid Losses and the 30-Day Amount.
At least 60 days before each Payment Date during the Extension Period, the Ceding Insurer will deposit any amount necessary so that the amount in the Premium Deposit Account as of such date is at least equal to the Installment Premium payments due on the two next succeeding Payment Dates; except that with respect to the Payment Date immediately preceding the Commutation Date, no additional deposit will be due.
If the Ceding Insurer has elected a Partial Commutation for a Covered Event, the final settlement of all liabilities in respect of such Covered Event, shall include payment of any Loss Reserves in respect of such Covered Event on the applicable Partial Commutation Date.
The Outstanding Limit shall be reduced by the amount of such Partial Commutation as of the Partial Commutation Date.
A Proof of Loss Claim with respect to a certain Payment Date must be submitted by the Ceding Insurer to the Claims Reviewer on the date which is at least 32 Business Days prior to the relevant Payment Date, and with respect to the Commutation Date, to the Loss Reserve Specialist, at least 52 Business Days prior to the Commutation Date.
The Ceding Insurer shall submit to the Reinsurer a proof of loss claim (‘‘Proof of Loss Claim’’) in the form of Exhibit C hereto within 30 days from the Commutation Date.
The Company may commute this Agreement at December 31, 2007, or any subsequent December 31 (the date selected being the "Commutation Date"), provided that there are no Significant Negative Results, by giving 60 days written notice to the Reinsurer by certified or registered mail.