Common use of Conditional Receipt or Temporary Insurance Coverage Clause in Contracts

Conditional Receipt or Temporary Insurance Coverage. a. For Automatic Reinsurance, if the conditions for Automatic Reinsurance coverage under Article 3, “Automatic Reinsurance” of this Agreement are satisfied, the Reinsurer’s liability under the Company’s conditional receipt or temporary insurance agreement shall commence simultaneously with the Company's liability. b. For Facultative Reinsurance, the Reinsurer shall only be liable for benefits paid, pursuant to the terms and conditions of the Company's conditional receipt or temporary insurance agreement, if the Reinsurer or its facultative underwriting Designee has made a facultative offer and the offer is final and does not include any further underwriting action to be satisfied by the Company. c. For all Automatic and Facultative cases, the conditional receipt or temporary insurance liability applies only once on any given life regardless of how many receipts were issued or initial premiums were accepted by the Company. After a Policy has been issued, no reinsurance benefits are payable under this conditional receipt or temporary insurance provision. d. In the event that the Company’s rules with respect to cash handling and the issuance of conditional receipt or temporary insurance are not followed, the Reinsurer shall participate in the liability provided (a), (b), and (c) above are satisfied and the Company does not knowingly allow such rules to be violated or condone such a practice. e. For all Automatic and Facultative cases, reinsurance coverage under a conditional receipt or temporary insurance provision is limited to the Reinsurer’s share of the conditional receipt or temporary insurance limits shown in Schedule B, as well as the Automatic Acceptance Limits. All provisions of Article 8, “Death Claims” apply to such a claim.

Conditional Receipt or Temporary Insurance Coverage. a. For Automatic Reinsurance, if the conditions for Automatic Reinsurance coverage under Article 3, “"Automatic Reinsurance” " of this Agreement are satisfied, the Reinsurer’s 's liability under the Company’s 's conditional receipt or temporary insurance agreement shall commence simultaneously with the Company's liability., as set forth in Schedule B. b. For Facultative Reinsurance, the Reinsurer shall only be liable for benefits paid, pursuant to the terms and conditions of the Company's conditional receipt or temporary insurance agreement, if the Reinsurer or its facultative underwriting Designee has made a facultative offer and the offer is final and does not include any further underwriting action to be satisfied by the Company. c. For all Automatic and Facultative cases, the conditional receipt or temporary insurance liability applies only once on any given life regardless of how many receipts were issued or initial premiums were accepted by the Company. After a Policy has been issued, no reinsurance benefits are payable under this conditional receipt or temporary insurance provision. d. In the event that the Company’s 's rules with respect to cash handling and the issuance of conditional receipt or temporary insurance are not followed, the Reinsurer shall participate in the liability provided (a), (b), and (c) above are satisfied and the Company does not knowingly allow such rules to be violated or condone such a practice. e. For all Automatic and Facultative cases, reinsurance coverage under a conditional receipt or temporary insurance provision is limited to the Reinsurer’s 's share of the conditional receipt or temporary insurance limits shown in Schedule B, as well as the Automatic Acceptance Limits. All provisions of Article 8, “"Death Claims” " apply to such a claim.