FACULTATIVE REINSTATEMENT Sample Clauses
The Facultative Reinstatement clause allows an insurer to restore the original sum insured after a claim has been paid, typically in exchange for an additional premium. In practice, this means that if a portion of the coverage is used up due to a loss, the insured can choose to reinstate the coverage amount so that full protection is maintained for the remainder of the policy period. This clause is particularly useful in policies where multiple claims may occur, ensuring that the insured is not left underinsured after a loss and providing flexibility to maintain continuous coverage.
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FACULTATIVE REINSTATEMENT. If the Ceding Company has been requested to reinstate a policy that was originally ceded to the Reinsurer as facultative reinsurance, the Ceding Company will resubmit the case to the Reinsurer for underwriting approval before the reinsurance can be reinstated.
FACULTATIVE REINSTATEMENT. If PRUCO has been requested to reinstate a policy that was originally ceded to SWISS RE as facultative reinsurance and the reinstatement is processed under PRUCO's Long Form Reinstatement Process, then PRUCO will re-submit the appropriate evidence for the case to SWISS RE for underwriting approval before the reinsurance can be reinstated.
FACULTATIVE REINSTATEMENT. If PRUCO OF NJ has been requested to reinstate a policy that was originally ceded to ANNUITY & LIFE RE as facultative reinsurance and the reinstatement is processed under PRUCO OF NJ’s Long Form Reinstatement Process, then PRUCO OF NJ will re-submit the appropriate evidence for the case to ANNUITY & LIFE RE for underwriting approval before the reinsurance can be reinstated.
FACULTATIVE REINSTATEMENT. The Ceding Company requires new evidence of insurability to effect a request for reinstatement of a policy when that request is made more than sixty-one (61) days after the effective date of lapse. If the Ceding Company has been requested to reinstate a policy that was originally ceded to the Reinsurer as facultative reinsurance and the Ceding Company requires new evidence of insurability from the insured to effect the reinstatement, the Ceding Company will submit the case to the Reinsurer for approval. If the Ceding Company reinstates without requiring new evidence of insurability to effect the reinstatement, the Reinsurer’s reinsurance for that policy will be reinstated.
FACULTATIVE REINSTATEMENT. If PRUCO has been requested to reinstate a policy that was originally ceded to AUSA as facultative reinsurance and the reinstatement is processed under PRUCO's Long Form Reinstatement Process, then PRUCO will re-submit the appropriate evidence for the case to AUSA for underwriting approval before the reinsurance can be reinstated.
FACULTATIVE REINSTATEMENT. If PRUCO OF NJ has been requested to reinstate a policy that was originally ceded to SWISS RE as facultative reinsurance and the reinstatement is processed under PRUCO OF NJ's Long Form Reinstatement Process, then PRUCO OF NJ will re-submit the appropriate evidence for the case to SWISS RE for underwriting approval before the reinsurance can be reinstated.
FACULTATIVE REINSTATEMENT. If FORTIS BENEFITS has been requested to reinstate a policy that was originally ceded to SECURITY as facultative reinsurance, then FORTIS BENEFITS will again submit the case to SECURITY for underwriting approval before the reinsurance can be reinstated.
FACULTATIVE REINSTATEMENT. If THE COMPANY has been requested to reinstate a policy that was originally ceded to THE REINSURER as facultative reinsurance and the reinstatement is processed under THE COMPANY’s Long Form Reinstatement Process in accordance with Schedule H, then THE COMPANY will re-submit the appropriate evidence for the case to THE REINSURER for underwriting approval before the reinsurance can be reinstated.
FACULTATIVE REINSTATEMENT. Any policy originally reinsured in accordance with the terms and conditions of this Agreement by the CEDING COMPANY may be automatically reinstated with as long as the policy is reinstated in accordance with the terms and rules of the CEDING COMPANY.
FACULTATIVE REINSTATEMENT. If PRUCO has been requested to reinstate a policy that was originally ceded to MUNICH as facultative reinsurance and the reinstatement is processed under PRUCO's Long Form Reinstatement Process, then PRUCO will re-submit the appropriate evidence for the case to MUNICH for underwriting approval before the reinsurance can be reinstated.