Examples of Novated Policies in a sentence
The Reinsurer shall be the successor to the Company under the Novated Policies as if the Novated Policies were direct obligations originally issued by the Reinsurer.
Effective on the respective dates on which the novation of any Reinsured Policy is effective, the Reinsurer shall have sole responsibility for billing and collecting policy loan repayments, interest and the making of payments of dividends in respect of the Novated Policies, subject to the terms of any administrative or other agreements between the parties hereto that have been or heretofore may be entered into and the terms of agreements between the Reinsurer and its agents or subcontractors.
Such Persons shall have the right to file claims or take other actions under the Novated Policies on or after the effective date of such novation directly with the Reinsurer, and shall have a direct right of action for insurance liabilities reinsured thereunder against the Reinsurer, and the Reinsurer hereby consents to be subject to direct action taken by any such Persons under a Novated Policy.
The Reinsurer shall be responsible for the handling of, and all costs and expenses, including legal fees, relating to, litigation or other claims under the Novated Policies.
The insureds shall file claims arising under the Novated Policies on or after the effective date of such novation directly with Zenith.
The consideration provided for in Article IV of the Coinsurance Agreement shall be the consideration for the assumption of the Novated Policies (as direct obligations) by the Reinsurer, and there shall be no additional consideration or premium due or payable under this Assumption Agreement.
All Insurance Liabilities for which Zenith shall assume liability hereunder, either as Novated Policies or Quota Share Policies, are subject in all respects to the same written terms, conditions, waivers, modifications, alterations and cancellations as the Insurance Contracts.
To the extent that such transfers have not already taken place pursuant to the terms and conditions of the Coinsurance Agreement, the Company agrees to cooperate fully with the Reinsurer in the transfer of all books, records, papers or any other documents relating to such Novated Policies.
New York State Laws prohibit alcoholic beverages of any kind on school property, and further prohibit any person under the influence of alcohol to be on school property.
Upon the reasonable request of the Company, the Administrator shall timely prepare such reports and summaries, including statistical summaries, as are necessary or reasonably required to satisfy any requirements imposed by a Governmental Authority upon the Company with respect to the Novated Policies.