Common use of JUMBO LIMITS Clause in Contracts

JUMBO LIMITS. The total amount of insurance in force shall not exceed the Jumbo Limit outlined in Schedule C, “Reinsurance Limits”. For the purposes of this Agreement, the total amount of insurance shall equal: a. The total amount of insurance in force with the Company, including ultimate amounts for increasing policies; plus b. The total amount of insurance pending with formal applications with the Company, including ultimate amounts for increasing policies; plus c. The total amount of insurance known by the Company to be in force with all companies, including ultimate amounts for increasing policies; plus d. The total amount of insurance known by the Company pending with formal applications with all companies, including ultimate amounts for increasing policies. However, if there are any amounts of insurance that will be replaced either under a 1035 or non 1035 replacement, where a fully executed Assignment Form transferring the ownership to the Company is obtained, the amounts will not be included in the calculation of the total amount of insurance.

JUMBO LIMITS. The total amount of insurance in force shall not exceed the Jumbo Limit outlined in Schedule C, “Reinsurance Limits”. For the purposes of this Agreement, the total amount of insurance shall equal: a. The total amount of insurance in force with the Company, including ultimate amounts for increasing policies; plus b. The total amount of insurance pending with formal applications with the Company, including ultimate amounts for increasing policies; plus c. The total amount of insurance known by the Company to be in force with all companies, including ultimate amounts for increasing policies; plus d. The total amount of insurance known by the Company pending with formal applications with all companies, including ultimate amounts for increasing policies. However, if there are any amounts of insurance that will be replaced either under a 1035 or non 1035 replacement, where a fully executed Assignment Form transferring the ownership to the Company is obtained, the amounts will not be included in the calculation of the total amount of insurance.