Liability and Payment Clause Samples
The 'Liability and Payment' clause defines the responsibilities of each party regarding financial obligations and the extent to which they are liable for damages or losses arising from the agreement. Typically, this clause outlines when and how payments must be made, any limitations on liability such as caps or exclusions, and the process for addressing late or disputed payments. Its core function is to allocate financial risk between the parties and ensure clarity on payment terms, thereby reducing the likelihood of disputes over money owed or damages incurred.
Liability and Payment. The Reinsurer will accept the decision of the --------------------- Ceding Company with respect to Benefit Payments on annuities reinsured hereunder. The Reinsurer will pay its proportionate share of Benefit Payments in a lump sum to the Ceding Company without regard to the form of settlement by the Ceding Company.
Liability and Payment. In the event that the Reinsurer does not elect to participate in claims adjudication and administration, as described in Article I, Paragraph 7, the Reinsurer will accept the decision of the Ceding Company with respect to payment of a Claim on an Annuity. The Reinsurer will pay the Quota Share Percentage of Claims in a lump sum to the Ceding Company without regard to the form of settlement by the Ceding Company.
Liability and Payment. The Reinsurer shall accept the decision of the Cedent with respect to the determination and payment of Policy Benefit Payments. The Reinsurer shall pay the Indemnification for Benefit Payments in a lump sum to the Cedent without regard to the form of settlement by the Cedent.
Liability and Payment. The Reinsurer will accept the decision of the Ceding Company with respect to payment of Claims owed under the contractual terms of the Annuities and as specified under the terms of this Agreement. The Reinsurer will pay its proportionate share of Claims to the Ceding Company as follows:
a. The Reinsurer will pay a lump sum to the Ceding Company of its proportionate share of death benefit proceeds regardless of the method of death claim settlement (including the Base Annuity death benefit, settlements by spousal continuation or 5 year deferral, as well as the guaranteed minimum death benefit ("GMDB") Riders described in Schedule A).
b. For Claims under the guaranteed withdrawal benefit ("GMWB") Riders, the Reinsurer will pay its proportionate share of any Income Payments or lump sum amount payable under the terms of the Reduction in Contract Value provisions in the Rider reinsured hereunder. Any Income Payments will equal a fixed amount for the life of the annuitant or, if there are joint annuitants, the last surviving annuitant. The Applicable Present Value Rate at the end of each Accounting Period will be equal to (i) plus (ii), where:
(i) equals 15 basis points;
(ii) equals the USD zero-coupon interest rate for the period from the date of which the calculation is being made to the payment date of the cash flow being discounted. The USD zero-coupon interest rate shall be calculated by the Reinsurer from prevailing USD LIBOR and swap market rates as quoted on Bloomberg at the end of business for the current Accounting Period and converted to an annual effective basis.
Liability and Payment. The Reinsured’s good faith determinations regarding its liabilities under the policies of the Subject Business, including the Reinsured’s decisions to adjust, settle, and compromise all Claims will bind the Reinsurer. Notwithstanding anything contained in this Agreement to the contrary, the liability of the Reinsurer with respect to Claims will follow the liability of the Reinsured in all respects and will be subject to all good faith interpretations of contract provisions in the policies of the Subject Business by the Reinsured including interpretations resulting in the payment of Claims. Notwithstanding anything contained in this Agreement to the contrary, all such adjustments, settlements and compromises will be unconditionally binding upon the Reinsurer in proportion to the Reinsurer’s quota share participation, the true intent of this Agreement being that the Reinsurer will, in every case to which this Agreement applies, follow the fortunes, and follow the settlements of the Reinsured.
Liability and Payment. The Reinsurer shall accept the decision of the --------------------- Ceding Company with respect to the determination and payment of Policy Benefit Payments. The Reinsurer shall pay the Indemnification for Benefit Payments in the mode of settlement under the Reinsured Policy.
Liability and Payment. Unless the Reinsurer has made the election provided in Section 7.03 to participate in the contest, compromise or litigation of a claim, the Reinsurer will accept the decision of the Company on payment of a claim on a Reinsured SPDA. The Reinsurer will pay claims (including expenses incurred in connection with such claims) for Benefits (other than for the payment of periodic annuity payments if elected by the owner or annuitant) attributable to Reinsured SPDAs in a lump sum to the Company without regard to the form of claim settlement payable by the Company.
Liability and Payment. The Reinsurer shall be responsible for the handling of, and all costs and expenses relating to, the contest, compromise or litigation of claims under the Reinsured Policies which arise after the Effective Date. The Company will not contest, compromise, or litigate a claim with respect to a Reinsured Policy unless delegated to do so in writing by the Reinsurer. Notwithstanding the foregoing, the Reinsurer shall have no liability for costs and expenses for any litigation arising out of or based on any bad faith claims practices, willful misconduct, fraud or gross negligence of the Company (without attributing to the Company the actions of the Reinsurer).
Liability and Payment. The Company will accept the decision of the Reinsurer on payment of a claim or surrender on a policy reinsured hereunder. The Reinsurer agrees to utilize to the extent possible the claims practices of the Company. The Reinsurer will pay its proportionate share of such claim based upon the form of claim settlement determined. These amounts shall be paid within 15 business days after the end of each calendar month. In no instance shall anyone other than the Company or the Reinsurer have any rights under this Agreement, and the Company shall be and remain solely liable to any insured, policyowner, or beneficiary under any policy reinsured hereunder, unless said liability is caused by the actions of the Reinsurer, and in that instance, Reinsurer will be liable and defend any litigation at its own cost.
Liability and Payment. In consideration of acceptance as a Vendor or Contractor at the Event, Vendor agrees that Vendor is solely responsible for all costs incurred for any and all damage done to livestock, property, equipment, or persons, caused by either the Vendor, any representative of the Vendor or by employees or persons acting directly or indirectly at Vendor’s direction while at the Event at Soldier Hollow Nordic Center (grounds administered by the Utah Athletic Foundation / Utah Olympic Legacy Foundation, Soldier Hollow Nordic Center, The State of Utah Department of Parks and Recreation or by Wasatch Mountain State Park). Vendor further agrees to promptly pay fair and reasonable costs for such damages.