BENEFIT REINSURED Sample Clauses

BENEFIT REINSURED. Enhanced Death Benefit-Earnings Enhancement Rider (EDB-EE Basic) -- For Issue Ages 0-80 The EDB-EE Basic benefit is the maximum of the following: - Contract value plus 40% of the Gain for Issue Ages 0-69 and 25% for Issue Ages 70-80 - Net considerations (Initial Premiums reduced dollar-for-dollar on withdrawals); - A GMDB equal to a Maximum Anniversary Value (MAV) calculated on the contract anniversary prior to the deceased's 81st birthday (additional premiums and withdrawals are treated on a dollar-for-dollar basis); GMDB frozen thereafter Note:
Sample 1Sample 2See All (4)
AutoNDA by SimpleDocs
BENEFIT REINSURED. Enhanced Death Benefit-Earnings Enhancement Rider (EDB-EE Basic) -- For Issue Ages 0-80 The EDB-EE Basic benefit is the maximum of the following: - Contract value reduced by any payment enhancement credited in the 12 months prior to the date of calculation of the death benefit plus 40% of the Gain for Issue Ages 0-69 and 25% for Issue Ages 70-80; - Net considerations (Initial Premiums reduced dollar-for-dollar on withdrawals); - A GMDB equal to a Maximum Anniversary Value (MAV) calculated on the contract anniversary prior to the deceased's 81stbirthday (additional premiums and withdrawals are treated on a dollar-for-dollar basis); GMDB frozen thereafter. Hartford Life Treaty No. 2000-12, Effective March 13, 2000 Amendment No. 1, Effective January 31, 2001 SCHEDULE A-1 PLANS OF REINSURANCE (continued) ENHANCED DEATH BENEFIT-EARNINGS ENHANCEMENT RIDER (EDB-EE) The Gain is defined as follows as the lesser of 1 or 2:
Sample 1

Related to BENEFIT REINSURED

  • LIFE REINSURANCE The reinsurance premiums per $1000 are shown in Schedule B. Reinsurance premiums for renewals will be calculated using (1) the issue age of the insured under the policy, (2) the duration since issuance of the policy and (3) the current underwriting classification.

  • Automatic Reinsurance For automatic reinsurance, the Reinsurer's liability will commence at the same time as the Ceding Company's liability, including liability under any conditional receipt or temporary insurance provision.

  • Basis of Reinsurance Reinsurance under this Agreement will be on the Yearly Renewable Term basis on the portion of each policy that is reinsured as described in Schedule A.

  • BUSINESS REINSURED 19 SCHEDULE B................................................................. 20

  • Reinsurance Reinsurance services including, but not limited to (i) agreement to reinsurance policy and/or contract wordings and endorsements to existing policies; (ii) processing of reinsurance policy cancellations, nonrenewals and endorsements and other amendatory addenda; (iii) collection of premiums due under reinsurance policies or contracts, audits and remittances; (iv) negotiation and purchase of reinsurance coverage; (v) administration of letters of credit and other arrangements for the provision of security; and (vi) administration of reinsurance contracts.

  • Other Reinsurance The Company shall be permitted to carry other reinsurance, recoveries under which shall inure solely to the benefit of the Company and be entirely disregarded in applying all of the provisions of this Contract.

  • Plan of Reinsurance A. Reinsurance of Life risks shall be on the risk premium basis. The risk amount on the policy reinsured shall be calculated monthly and shall be equal to the death benefit less the cash value. At the time of issue, the Ceding Company shall cede to North American Re the portion of the initial risk amount in excess of its retention. Thereafter, the Ceding Company and North American Re shall keep the same proportionate shares of the risk amount developed each month.

  • REINSURANCE COVERAGE Reinsurance under this Agreement will apply to insurance issued by the Ceding Company on the Plans of Insurance shown in Schedule A. Such Plans of Insurance shall be reinsured with the Reinsurer on an automatic basis, subject to the requirements set forth in Section A below, or on a facultative basis, subject to the requirements set forth in Section B below, or on a facultative obligatory basis, subject to the requirements set forth in Section C below. The specifications for all reinsurance under this Agreement are provided in Schedule B.

  • FACULTATIVE REINSURANCE For Facultative reinsurance, the Reinsurer’s liability will commence at the same time as the Ceding Company’s liability, provided that the Reinsurer has made a binding Facultative offer and that offer was accepted, during the lifetime of the insured, in accordance with the terms of this Agreement.

  • Insurance Benefits Borrower shall cooperate with Lender in obtaining for Lender the benefits of any Insurance Proceeds lawfully or equitably payable in connection with the Property, and Lender shall be reimbursed for any expenses incurred in connection therewith (including reasonable attorneys' fees and disbursements, and the payment by Borrower of the expense of an appraisal on behalf of Lender in case of a fire or other casualty affecting the Property or any part thereof) out of such Insurance Proceeds.

Time is Money Join Law Insider Premium to draft better contracts faster.