Policy or Policies means an in force contract of title insurance written by a title insurer and reinsured by the Company prior to or during the Term. Notwithstanding anything herein to the contrary, all contracts of title insurance that pertain to one risk shall be deemed to be one Policy for the purposes of this Agreement.
Policy or Policies as used herein shall mean the Companys binders, policies and contracts providing insurance or reinsurance on the classes of business covered under this Contract.
If the Executive waives or forfeits his or her right to the Vested Insurance Benefit, the Corporation shall choose to cancel the Policy or Policies on the Executive, or may continue such coverage and become the direct beneficiary of the entire death proceeds.
Tenant shall purchase and maintain, throughout the Term, a Tenants Policy or Policies of (i) all-risk property insurance covering Tenants Property (at its full replacement cost), and damage to other property resulting from any acts or operations of Tenant, and (ii) workers compensation insurance per the applicable state statutes covering all employees of Tenant.
It is agreed that in the event of the insolvency of the Company, the liquidator, receiver or other statutory successor of the Company shall give prompt written notice to the Reinsurer of the pendency or submission of a claim under the Policy or Policies reinsured.
If any Obligor is in default in the payment of premiums on its Hazard Insurance Policy or Policies, the Servicer shall pay such premiums out of its own funds and may separately add such premium to the Obligor's obligation as provided by the Contract, but shall not add such premium to the remaining principal balance of the Contract.