FACULTATIVE REINSURANCE. The Reinsurer will reinsure X% (as determined at issue) of the Total Net Amount at Risk for the risk. TOTAL ALLOCATION LIMIT (TAL): As shown in Exhibit II. CEDING COMPANY'S TREATY RETENTION LIMIT (CCTRL): As shown in Exhibit II. CEDING COMPANY'S ALLOCATED RETENTION (CCAR): As shown in Exhibit II. CURRENT RETENTION (CURRRET) = Current amount of life insurance retained by the Ceding Company and its affiliated companies on the life for in-force life insurance coverage. (For Last Survivor risks, see the Last Survivor Limits and Retention Worksheet in Exhibit II.) REINSURER'S ALLOCATED RETENTION (REINSARET): As shown in Exhibit II. REINSURER'S ATTACHMENT POINT (REINSAPT): As shown in Exhibit II. NAR TYPE for the Plan of insurance to be reinsured under this Agreement, as shown in Schedule A. STEP 1 -- DETERMINE TOTAL NET AMOUNT AT RISK FOR THE COVERAGE* TOTAL NET AMOUNT AT RISK (TOTNAR) = For NAR TYPE A, Death Benefit minus the Account Value. For NAR TYPE B, Death Benefit minus the Working Reserve, where Working Reserve = (i) x (ii)/(iii), and Allocated Retention Pool -- Effective 10/1/2008 Between HLIC and Swiss Re Amendment #5 -- Effective 10/1/2008 SCHEDULE B REINSURANCE SPECIFICATIONS EFFECTIVE OCTOBER 1, 2008 * In cases where the current Working Reserve is not available, the Ceding Company may estimate such amount using either the most recent Working Reserve or the Account Value. STEP 1 -- DETERMINE TOTAL NET AMOUNT AT RISK FOR THE COVERAGE* (CONTINUED) For NAR TYPE C, Death Benefit. STEP 2 -- DETERMINE NET AMOUNT AT RISK FOR EACH "LAYER" OF COVERAGE STEP 3 -- DETERMINE THE NAR FOR THE CEDING COMPANY AND THEN FOR THE REINSURER Allocated Retention Pool -- Effective 10/1/2008 Between HLIC and Swiss Re Amendment 5 -- Effective 10/1/2008 SCHEDULE B REINSURANCE SPECIFICATIONS EFFECTIVE OCTOBER 1, 2008 [Redacted] MINIMUM REINSURANCE APPLICATION: AUTOMATIC: FACULTATIVE: LEAD REINSURER: Swiss Re Life & Health America Inc. Allocated Retention Pool -- Effective 10/1/2008 Between HLIC and Swiss Re Amendment 5 -- Effective 10/1/2008 13 SCHEDULE F POLICIES ELIGIBLE FOR REINSURANCE UNDER THIS AGREEMENT EFFECTIVE OCTOBER 1, 2008 The following categories of policies are eligible for reinsurance under this Agreement:
FACULTATIVE REINSURANCE means a type of reinsurance whereby each and every offer of reinsurance is considered individually by the reinsurer who has the option either to accept or to reject the offer;
FACULTATIVE REINSURANCE. The Reinsurer will reinsure X% (as determined at issue) of the Total Net Amount at Risk for the risk. TOTAL ALLOCATION LIMIT (TAL): As shown in Exhibit II. CEDING COMPANY'S TREATY RETENTION LIMIT (CCTRL): As shown in Exhibit II. CEDING COMPANY'S ALLOCATED RETENTION (CCAR): As shown in Exhibit II. CURRENT RETENTION (CURRRET) = Current amount of life insurance retained by the Ceding Company and its affiliated companies on the life for in-force life insurance coverage. (For Last Survivor risks, see the Last Survivor Limits and Retention Worksheet in Exhibit II.) REINSURER'S ALLOCATED RETENTION (REINSARET): As shown in Exhibit II. REINSURER'S ATTACHMENT POINT (REINSAPT): As shown in Exhibit II. NAR TYPE for the Plan of Insurance to be reinsured under this Agreement, as shown in Schedule A. STEP 1 -- DETERMINE TOTAL NET AMOUNT AT RISK FOR THE COVERAGE* TOTAL NET AMOUNT AT RISK (TOTNAR) = For NAR TYPE A, Death Benefit minus the Account Value. For NAR TYPE B, Death Benefit minus the Working Reserve, where Allocated Retention Pool -- Effective 10/01/2008 Between HLIC and TFLIC Amendment 6 -- Effective 10/01/2008
Examples of FACULTATIVE REINSURANCE in a sentence
Specifically, “Item 3" and “Item 4” of the Declarations page state:ITEM 3 - COMPANY [PEIC] RETENTION THE FIRST $1,000,000 SUBJECT TO FACULTATIVE REINSURANCE.
Flat extra premiums are reinsured at the Ceding Company's flat extra premium rates: TERM OF FLAT EXTRA FIRST YEAR ALLOWANCE RENEWAL YEARS ALLOWANCE ------------------ -------------------- ----------------------- More than 5 Years [percentage] [percentage] 5 Years or Less [percentage] [percentage] o FACULTATIVE REINSURANCE PREMIUMS Facultative reinsurance premiums are the same as the automatic reinsurance premiums specified above.
This additional automatic coverage shall apply to insurance which is covered under this agreement (as specified in paragraph 1 of the "REINSURANCE COVERAGE" article) but which does not meet all the conditions outlined in paragraph 2 of the "AUTOMATIC AND FACULTATIVE REINSURANCE" article.
FACULTATIVE REINSURANCE If a policy covered under this Agreement is offered facultatively to the Reinsurer only, then the Reinsurer's liability shall begin simultaneously with the Company's contractual liability for this facultative policy.
Xxxxx Title: Director EXHIBIT A EVIDENCING AN INTERCOMPANY FACULTATIVE REINSURANCE PURSUANT TO REINSURANCE AGREEMENT EFFECTIVE JANUARY 1, 2001 BETWEEN WESTCHESTER FIRE INSURANCE COMPANY AND ACE CAPITAL RE OVERSEAS LTD.
More Definitions of FACULTATIVE REINSURANCE
FACULTATIVE REINSURANCE means reinsurance which THE COMPANY has the option to cede and OPTIMUM RE has the option to accept or decline. Insolvency Shall mean the legal incapacity of a company to operate as declared by a court of competent jurisdiction. Jumbo Risk A jumbo risk is one where:
FACULTATIVE REINSURANCE. The Reinsurer will accept X% (as determined at issue) of the risk. NET AMOUNT AT RISK DEFINITION: [Redacted] MINIMUM FACULTATIVE REINSURANCE CESSION: [Redacted] FACULTATIVE OBLIGATORY: The Reinsurer shall provide the following Facultative Obligatory capacity: Single Life Excess Pool Between HLIC and Munich Effective 11/01/2002 Fac / 12/01/2002 Auto SCHEDULE C FOREIGN NATIONAL PROGRAM The Reinsurer and the Ceding Company agree that the Ceding Company's Foreign National business will be reinsured under the terms of this Agreement except for the following differences: TYPE OF REINSURANCE Individual life policies under this program will be on a first dollar quota share basis FOREIGN NATIONAL REINSURANCE POOL SHARE [Redacted] CEDING COMPANY'S RETENTION [Redacted] FOREIGN NATIONAL AUTOMATIC POOL BINDING LIMIT (EXCLUDES RETENTION) For issue ages through 75 and Table D: [Redacted] JUMBO LIMIT: [Redacted] UNDERWRITING GUIDELINES [Redacted] Single Life Excess Pool Between HLIC and Munich Effective 11/01/2002 Fac / 12/01/2002 Auto SCHEDULE C FOREIGN NATIONAL PROGRAM [Redacted] Single Life Excess Pool Between HLIC and Munich Effective 11/01/2002 Fac / 12/01/2002 Auto SCHEDULE D TABLE 2 TO STANDARD PROGRAM The Reinsurer agrees to participate in the Table 2 to Standard Program as outlined below. ELIGIBILITY REQUIREMENTS - Case's Minimum Face: - Maximum Cession: - Athletes, Entertainers, Aviation Maximum Cession: - Issue Ages: 5-75 - The risk must be a true table 2 based on the Ceding Company's normal underwriting guidelines. - The case must meet the requirements for Automatic Reinsurance as described in Article II, except that the Ceding Company will not be required to retain its maximum limit of retention on amounts ceded to the Program (see "Allocation" section below). - Automatic Processing and Facultative Obligatory cases are not eligible. - No increasing face designs or riders (except mortgage market step up options are acceptable.) - No foreign nationals or foreign residents. Canadian or US residents only. - Riders on either the base insured or another insured are eligible. - Flat extras equivalent to or less than a table 2 are eligible. Equivalence determined as follows: Issue Ages Flat Extra per ThousandxNumber of Years Applied ALLOCATION OF CASES AMONG THE REINSURER, THE CEDING COMPANY'S RETENTION, AND THE POOL Single Life Excess Pool Between HLIC and Munich Effective 11/01/2002 Fac / 12/01/2002 Auto SCHEDULE D TABLE 2 TO STANDARD PROGRAM REINSURANCE RATES Same...
FACULTATIVE REINSURANCE. The Reinsurer will reinsure X% (as determined at issue) of the Total Net Amount at Risk for the risk. TOTAL ALLOCATION LIMIT (TAL): As shown in Exhibit II. CEDING COMPANY'S TREATY RETENTION LIMIT (CCTRL): As shown in Exhibit II. CEDING COMPANY'S ALLOCATED RETENTION (CCAR): As shown in Exhibit II. CURRENT RETENTION (CURRRET) = Current amount of life insurance retained by the Ceding Company and its affiliated companies on the life for in-force life insurance coverage. (For Last Survivor risks, see the Last Survivor Limits and Retention Worksheet in Exhibit II.) REINSURER'S ALLOCATED RETENTION (REINSARET): As shown in Exhibit II. REINSURER'S ATTACHMENT POINT (REINSAPT): As shown in Exhibit II. NAR TYPE for the Plan of Insurance to be reinsured under this Agreement, as shown in Schedule A. STEP 1 -- DETERMINE TOTAL NET AMOUNT AT RISK FOR THE COVERAGE TOTAL NET AMOUNT AT RISK (TOTNAR)* = For NAR TYPE A, Death Benefit minus the Account Value. For NAR TYPE B, Death Benefit minus the Working Reserve, where Allocated Retention Pool (Excess Risks) -- Effective 10/01/2008 Between HLIC and Canada Life Amendment 5 -- Effective 03/01/2012
FACULTATIVE REINSURANCE means a contract of reinsurance for individual risks where the insurer retains the ability to accept or reject each risk offered by the ceding company;
FACULTATIVE REINSURANCE. The Reinsurer will accept X% (as determined at issue) of the risk. NET AMOUNT AT RISK DEFINITION: [Redacted] MINIMUM FACULTATIVE REINSURANCE CESSION: [Redacted] FACULTATIVE OBLIGATORY: The Reinsurer shall provide the following Facultative Obligatory capacity: Single Life 12/01/2002 -- Amendment 6 Between HLIC and Munich AMENDMENT 7 EFFECTIVE JANUARY 18, 2005 TO THE AUTOMATIC AND FACULTATIVE YEARLY RENEWABLE TERM REINSURANCE AGREEMENT EFFECTIVE NOVEMBER 1, 2002 FOR FACULTATIVE BUSINESS EFFECTIVE DECEMBER 1, 2002 FOR AUTOMATIC BUSINESS BETWEEN HARTFORD LIFE INSURANCE COMPANY ("CEDING COMPANY") AND MUNICH AMERICAN REASSURANCE COMPANY ("REINSURER")
FACULTATIVE REINSURANCE means a reinsurance arrangement which involves the placement of a specific risk(s) with one or a group of reinsurers who reinsure the risk(s) on an agreed basis;
FACULTATIVE REINSURANCE means reinsurance on which the Ceding Company has the option to accept an offer made by the Reinsurer;