Policy Replacement Sample Clauses

The Policy Replacement clause governs the process by which an existing insurance policy can be substituted with a new one. Typically, this clause outlines the conditions under which a policyholder may replace their current coverage, such as requiring notification to the insurer and ensuring that the new policy provides equivalent or improved benefits. Its core function is to ensure transparency and protect both the insurer and policyholder from unintended lapses in coverage or adverse selection, thereby maintaining continuity and clarity in insurance arrangements.
Policy Replacement. The Broker may, subject to the written consent of the Company sell, transfer or merge the Broker’s business with that of another Broker and such consent cannot be unreasonably withheld by the Company. The Company also reserves the right to purchase the Company’s settled business placed by the Broker at a mutually agreed price, upon notice of the Broker’s intention to sell the Broker’s business. The Broker may also assign compensation payable under this agreement, provided prior written consent of the Company has been obtained. Any money, cheques or other securities received by the Broker on behalf of the Company are to be held by the Broker in trust for the Company. They are to be kept completely separate from the Broker’s own funds and must be forwarded directly to the Company. The Broker must, when required to do so, account to the Company for all sums received in connection with the Company’s business. (a) The Company agrees, subject to the terms of this Agreement, to pay the Broker compensation in respect of Policies issued on applications submitted by the Broker, according to the Company’s rates of such compensation which apply to this Agreement and are in effect at the time the application is submitted. (b) The Company reserves the right to change its compensation at any time provided that any such amendments shall only apply to Policies issued on applications submitted to the Company, by the Broker on or after the date on which the changes come into effect. The following Compensation Schedules are attached hereto and form part of this Agreement. Schedule Title A Broker’s Commission Subject to the terms and conditions of this Agreement, all commissions owed by the Company to the Broker hereunder are vested; however such commissions shall not be paid by the Company to the Broker if this Agreement is terminated by the Company for fraud or for gross and willful misconduct on the part of the Broker. The Broker acknowledges that any loans or advances (whether by annualization or otherwise) made by the Company to its Brokers are the responsibility of the Broker. If the Broker at any time becomes indebted to the Company, on account of receipt of advances, loans, or chargebacks for commissions and bonuses, or similar debts, such indebtedness shall be payable to the Company upon demand. The Company reserves the right to apply any entitlement of the Broker to current and future commissions, overrides, bonuses or any other compensation owed by the Company to th...
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Policy Replacement. If a policy replacement results in new reinsurance with OPTIMUM RE, then OPTIMUM RE will benefit from a full contestable period and suicide exclusion starting from the new policy commencement date as provided by the law of the state in which the policy is issued. If a policy reinsured with OPTIMUM RE is replaced by a policy on a plan reinsured with another reinsurer, THE COMPANY shall maintain the coverage with OPTIMUM RE up to the existing amount. Policy replacement to an Annual Renewable Term product will not be reinsured under this Agreement unless specifically agreed to by OPTIMUM RE.
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Policy Replacement. Advisors are expected to conserve policies whenever retention of policies is in the best interests of the policy owners. Advisors are responsible for ensuring that policy owners are fully informed regarding the terms and conditions for replacing existing life insurance with new insurance. A clear understanding of the policy will avoid potentially embarrassing situations.
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Policy Replacement. You are expected to conserve policies whenever retention of policies is in the best interest of the policyholders. You should not induce, or attempt to induce, a policyholder to replace or effect some change in existing insurance, unless it is in his or her best interest. You are responsible for ensuring that any regulatory requirements with respect to replacement are met. You are responsible for ensuring that policyholders are fully aware and understand the terms and conditions for replacing existing insurance with new insurance. Replacement of existing policies should not occur unless proper forms are filled out and remitted to the Client and insurers in a timely fashion. The Company will not tolerate any form of systematic replacement of insurance, be it internal or external replacement. Action will be taken in situations where the Company is of the opinion that the replacement of insurance policies is beyond an acceptable threshold. Actions may include the reporting of the situation and yourself to regulators. We all share the common objective of preserving and fostering an excellent business reputation.
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Policy Replacement. The keyman insurance policy listed in as write-in line 2502 in the unaudited interim statutory financial statement of SLD as of and for the nine-month period ending on September 30, 2019 with an asset amount of $14,389,232 Between the date hereof and the Closing, Buyer and Seller shall cooperate in good faith to negotiate the terms of a limited partnership investment by a Seller Investor in Equity Investor, it being the intention of the Parties that: • The aggregate amount of such limited partnership investment (inclusive of commitments not funded at Closing) shall be $225,000,000, provided that, subject to good faith cooperation of the parties to effect such aggregate amount, the parties may agree to reduce the investment amount as may be required to allow Buyer and Seller to make a 338(h)(10) Election or 336(e) Election. • The Parties will determine prior to Closing the amount of Seller’s (or the applicable Affiliate of Seller) limited partnership investment that will be funded at Closing and the portion that shall be drawn at a later date by Equity Investor. In lieu of cash payment at Closing, a portion of the Closing Date Purchase Price equal to the amount of the funded equity investment in Equity Investor (but not, for the avoidance of doubt, by any unfunded commitment) will be settled in kind by way of the limited partnership investment in Equity Investor. • The terms of such limited partnership investment shall be consistent with the Fourth Amended and Restated Limited Partnership Agreement of Exempted Limited Partnership of Equity Investor, dated as of October 24, 2019 as amended, restated or otherwise modified from time to time in accordance with its terms (the “LPA”) and the form of subscription agreement thereto previously provided to Seller, unless otherwise agreed by the Parties by way of a side letter. • The valuation for the partnership interest shall be determined in accordance with the Valuation Guidelines on a fair and equitable basis and shall be reasonably acceptable to Seller. • Seller’s partnership interest shall be governed by the LPA in all respects and Seller shall have governance and economic rights, including as to dividends and distributions, which are commensurate with the size of its investment in the limited partnership and consistent with those of similarly situated partners. • As the partnership intends to raise further capital in the future, the Seller shall have pre-emptive rights. On each subsequent Closing of the Partne...
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Policy Replacement. Reduction Form in case of transfer to another Policy (if applicable); (5) Original Bank Release Form for policies which are assigned to the bank (if applicable). Policy No. First Name Middle Name Last Name – Area Code – Country Code Mobile No. E-mail City Address Line 1 P.O. Box Address Line 2 Country Please List all Nationalities: 1) 2) 3)
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Policy Replacement. If a policy replacement results in new reinsurance with INVESTORS HERITAGE, then INVESTORS HERITAGE will benefit from a full contestable period and suicide exclusion starting from the new policy commencement date as provided by the law of the state in which the policy is issued. If a policy reinsured with INVESTORS HERITAGE is replaced by a policy on a plan reinsured with another reinsurer, THE COMPANY shall maintain the coverage with INVESTORS HERITAGE up to the existing amount. Policy replacement to an Annual Renewable Term product will not be reinsured under this Agreement unless specifically agreed to by INVESTORS HERITAGE.
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Policy Replacement. During the term of this Agreement and for two years after this Agreement is terminated, and in the Territory (as defined in Section 6.3 below), Producer shall not induce, directly or indirectly, any policyholder of Aflac to reduce, terminate or replace his current level of coverage under any Policy in favor of any non-Aflac-sponsored policy. This restriction shall apply to all Aflac policyholders with whom Producer had direct or indirect contact while representing Aflac within the immediately preceding two years, and to each Aflac policyholder who received a Policy, the marketing or sale of which resulted in compensation, commissions or earnings for Producer within the immediately preceding two years.
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Policy Replacement. Prior to the Closing, Seller shall cause SLD to substitute the asset set forth on Schedule 5.27 with other assets reasonably acceptable to Buyer with a Statutory Carrying Value not less than that of the asset set forth on Section 5.27 of the Seller Disclosure Schedule.
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Related to Policy Replacement

  • Emergency Replacement SAP may replace a Subprocessor without advance notice where the reason for the change is outside of SAP’s reasonable control and prompt replacement is required for security or other urgent reasons. In this case, SAP will inform Customer of the replacement Subprocessor as soon as possible following its appointment. Section 6.3 applies accordingly.

  • Card Replacement If you need to replace your Card for any reason, please contact us at ▇-▇▇▇-▇-▇▇▇▇▇▇ (▇-▇▇▇-▇▇▇-▇▇▇▇); or login to your Card Account at ▇▇▇.▇▇▇▇▇▇▇▇▇▇.▇▇▇ to request a replacement Card. You will be required to provide personal information which may include your Card number, full name, transaction history, etc. There is a fee for replacing your Card.

  • Tool Replacement Personal tools worn out and/or broken on the job will be replaced on a like- for-like basis by the Employer, provided the tool is turned in to the Employer and the Employer had knowledge the tool was being used on the job. If an employee has his/her tools stolen from a state vehicle, the Employer will replace those tools, as long as no employee negligence has occurred.

  • Repair and Replacement Company shall be responsible to Lessor for reasonable replacement costs, or reasonable repair costs of all Equipment which is lost, stolen, or damaged while in the care, custody and control of Company as a result of Company's sole negligence in accordance with paragraph 2 above, reasonable wear and tear excepted, using the Actual Cash Value of the Equipment at the time of such loss. Prior to repairing the Equipment, Lessor shall submit to Company at least three estimates, including at least one estimate from a repair facility designated by Company. In the event the Equipment is lost or stolen, Company shall file a police report.

  • Benchmark Replacement Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (a) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (b) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the affected Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders. If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable on a monthly basis.