Layers Not Reinsured Clause Samples

Layers Not Reinsured. In addition to the retention described in paragraph 2, VFL's 25% net retention of risk shall also include any portion of risks, expenses and other benefits (e.g. in the case of the Ceded Reinsurance Contract identified as "VUL-102" in Schedule 1, the first $200,000) that is not subject to reinsurance under the Ceded Reinsurance Contracts. In consideration of such retention, VFL shall be entitled to payment, in addition to that specified in paragraph 2, that is equal to VFL's 25% net retention of risk retained under this paragraph 7 (expressed in aggregate risk dollars for all Policies ceded under the Ceded Reinsurance Contract(s) at issue) multiplied by the average reinsurance premium payable under the Ceded Reinsurance Contract(s) at issue per thousand dollars of net amount at risk for all Policies ceded under the Ceded Reinsurance Contract(s) at issue (e.g. in the case of the Ceded Reinsurance Contract identified as "VUL-102'' in Schedule 1, the average reinsurance premiums payable in respect of VUL-102). C:\NrPortbl\WO\JRAWERT\123951_8.DOC Please indicate your acknowledgement of and agreement to the terms of this letter agreement by signing below. Very truly yours, VALLEY FORGE LIFE INSURANCE COMPANY By: ___________________________________ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Senior Vice President Acknowledged and Agreed: PHL VARIABLE INSURANCE COMPANY By: ____________________________________ ▇▇▇▇▇ ▇▇▇ President Please indicate your acknowledgement of and agreement to the terms of this letter agreement by signing below. Very truly yours, VALLEY FORGE LIFE INSURANCE COMPANY By: ____________________________ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Senior Vice President Acknowledged and Agreed: PHL VARIABLE INSURANCE COMPANY By: ___________________________________ ▇▇▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Senior Vice President VUL 1997 Pool: Capital Select Variable Universal Life (VUL-97) Treaty Effective 12/1/96 With each of: (a) Phoenix Home Life Mutual Insurance Company (assumed by novation by American Phoenix Life and Reassurance Company effective 7/1/97 and further assumed by novation by ERC Life Reinsurance Corporation effective 1/1/00) (b) Employers Reassurance Corporation (c) Munich American Reassurance Company (11/1/96 effective date) (d) The Lincoln National Life Insurance Company (e) Allianz Life Insurance Company of North America Dimension Series Pool: Dimension l Variable Universal Life-2000 (VUL-101)* Treaty Effective 6/1/2000 Dimension 2 Variable Universal Life (VUL-102)* Treaty Effective 2/2/2001 Di...
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Related to Layers Not Reinsured

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

  • Reinsurance reinsurance with reinsurers acceptable to Lessor acting reasonably is required and such reinsurance will: (i) be on the same terms as the original insurances and will include the provisions of this Schedule; (ii) provide that notwithstanding any bankruptcy, insolvency, liquidation, dissolution or similar proceedings of or affecting the reinsured that the reinsurers’ liability will be to make such payments as would have fallen due under the relevant policy of reinsurance if the reinsured had (immediately before such bankruptcy, insolvency, liquidation, dissolution or similar proceedings) discharged its obligations in full under the original insurance policies in respect of which the then relevant policy of reinsurance has been effected; and (iii) contain a “cut-through” clause in the following form (or otherwise satisfactory to Lessor): “The Reinsurers and the Reinsured hereby mutually agree that, in the event of any claim arising under the reinsurances in respect of a total loss or other claim, as provided by the Aircraft Lease Agreement dated March 12, 2007 and made between Lessor and Lessee, such claim is to be paid to the Person named as sole loss payee under the primary insurances, the Reinsurers will in lieu of payment to the Reinsured, its successors in interest and assigns pay to the Person named as sole loss payee under the primary insurances effected by the Reinsured that portion of any loss due for which the Reinsurers would otherwise be liable to pay the Reinsured (subject to proof of loss), it being understood and agreed that any such payment by the Reinsurers will (to the extent of such payment) fully discharge and release the Reinsurers from any and all further liability in connection therewith; subject to such provisions not contravening any Law of the State of Incorporation;”

  • Reinsurer’s Liability The Reinsurer’s liability with respect to the Reinsured Risks will terminate on the earliest of: (i) the date the Company’s liability with respect to the Reinsured Risks is terminated and all amounts due the Company from the Reinsurer with respect to such Reinsured Risks are paid to the Company by or on behalf of the Reinsurer; and (ii) the date this Agreement is terminated upon the written agreement of the parties.

  • ADDITIONAL INSURED ENDORSEMENT AND PRIMARY AND NON-CONTRIBUTORY INSURANCE CLAUSE Supplier agrees to list Sourcewell and its Participating Entities, including their officers, agents, and employees, as an additional insured under the Supplier’s commercial general liability insurance policy with respect to liability arising out of activities, “operations,” or “work” performed by or on behalf of Supplier, and products and completed operations of Supplier. The policy provision(s) or endorsement(s) must further provide that coverage is primary and not excess over or contributory with any other valid, applicable, and collectible insurance or self-insurance in force for the additional insureds.

  • 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.