Common use of Facultative Submission Clause in Contracts

Facultative Submission. A. The Ceding Company may submit, on a facultative basis, life insurance risks for plans and eligible policies as set forth in Schedule A – Accepted Coverages, if the requirements for automatic reinsurance are not met, or if the requirements for automatic reinsurance are met but it prefers to apply for facultative reinsurance. B. A facultative application shall be made that is in substantial accord with Schedule C – Facultative Submission Form, and shall be accompanied by copies of all the Ceding Company’s pertinent papers relating to the insurability of the risk. The Reinsurer shall give immediate consideration to a facultative application and notify the Ceding Company as soon as possible in writing (via mail, fax, or e-mail) of its underwriting offers. C. Any subsequent information received by the Ceding Company before issue that is pertinent to the risk assessment will be immediately transmitted to the Reinsurer. Failure to provide the information as outlined above to the Reinsurer will negate any facultative reinsurance offer. D. The Reinsurer shall have no liability on a facultative submission by the Ceding Company until an offer to reinsure has been made by the Reinsurer and accepted in writing (via mail, fax, or e-mail) by the Ceding Company. The Reinsurer’s offer shall expire at the end of one hundred twenty (120) days from the date of the Reinsurer’s offer unless an earlier date is specified in the offer, or the date specified in the Reinsurer’s approval to extend their offer, or the date the Reinsurer receives notice from the Ceding Company of the withdrawal of their application, whichever comes first. E. The Reinsurer’s facultative placement rule is best offer, or if more than one offer has been received than the reinsurer that made the first offer shall be awarded the business.

Facultative Submission. A. The Ceding Company may submit, on a facultative basis, life insurance risks for plans and eligible policies as set forth in Schedule A – Accepted Coverages, if the requirements for automatic reinsurance are not met, or if the requirements for automatic reinsurance are met but it prefers to apply for facultative reinsurance. The minimum face amount for a facultative submission on fully underwritten business is $ . B. A facultative application shall be made that is in substantial accord with the Underwriting Worksheet attached in Schedule C F – Facultative Submission Form, Underwriting Guidelines and shall be accompanied by copies of all the Ceding Company’s pertinent papers relating to the insurability of the risk. The Reinsurer shall give immediate consideration to a facultative application -copies of the original insurance application, medical examiner’s reports, financial information and notify all other papers and information obtained by the Ceding Company as soon as possible in writing (via mail, fax, or e-mail) regarding the insurability of its the risk. The Ceding Company also shall notify Reinsurer of any outstanding underwriting offers. C. requirements at the time of the facultative submission. Any subsequent information received by the Ceding Company before issue that is pertinent to the risk assessment will shall be immediately transmitted to Reinsurer. C. The Ceding Company will place the Reinsurercase with the Reinsurer having the first in best offer. Failure to provide After receipt of the information as outlined above to Ceding Company’s application, the Reinsurer will negate any facultative reinsurance offer. D. The Reinsurer shall have no liability on a facultative submission by promptly examine the materials and notify the Ceding Company until an either of the terms and conditions of the Reinsurer’s offer for facultative reinsurance or that no offer will be made. Responses to reinsure has been made by underwriting reviews should be forwarded to the Reinsurer contact information provided on the cover sheet sent in with the underwriting file. If the Ceding Company accepts the Reinsurer’s offer, then the Ceding Company shall note its acceptance in its underwriting file and accepted in writing (via mail, fax, or e-mail) by mail its acceptance to the Reinsurer. If the Ceding Company. The Reinsurer’s offer shall expire at the end of one hundred twenty (120) days from the date of Company does not accept the Reinsurer’s offer unless an earlier date is specified in the offer, or the date specified in the Reinsurer’s approval to extend their offer, or the date the Reinsurer receives notice from then the Ceding Company of shall notify the withdrawal of their application, whichever comes first. E. The Reinsurer’s facultative placement rule is best offer, or if more than one offer has been received than the reinsurer that made the first offer shall be awarded the business.Reinsurer in writing. [page break]

Facultative Submission. A. The Ceding Company may submit, on a facultative basis, life insurance risks for plans and eligible policies as set forth in Schedule A – Accepted Coverages, if the requirements for automatic reinsurance are not met, or if the requirements for automatic reinsurance are met but it prefers to apply for facultative reinsurance. B. A facultative application shall be made that is in substantial accord with the Underwriting Worksheet attached in Schedule C F – Facultative Submission Form, Underwriting Guidelines and shall be accompanied by copies of all the Ceding Company’s pertinent papers relating to the insurability of the risk. The Reinsurer shall give immediate consideration to a facultative application and notify the Ceding Company as soon as possible in writing (via mail, fax, or e-mail) of its underwriting offers. C. Any subsequent information received by the Ceding Company before issue that is pertinent to the risk assessment will be immediately transmitted to the Reinsurer. Failure to provide the information as outlined above to the Reinsurer will negate any facultative reinsurance offer. D. The Reinsurer shall have no liability on a facultative submission by the Ceding Company until an offer to reinsure has been made by the Reinsurer and accepted in writing (via mail, fax, or e-mail) by the Ceding Company. The Reinsurer’s offer shall expire at the end of one hundred twenty (120) days from the date of the Reinsurer’s offer unless an earlier date is specified in the offer, or the date specified in the Reinsurer’s approval to extend their offer, or the date the Reinsurer receives notice from the Ceding Company of the withdrawal of their application, whichever comes first. E. D. The Reinsurerliability of the Reinsurer for reinsurance ceded facultatively shall terminate simultaneously with that of the Ceding Company’s facultative placement rule is best offer, liability or if more than one offer has been received than as specified in accordance with the reinsurer that made the first offer shall be awarded the business.provisions of Article IV –