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.
Appears in 2 contracts
Sources: Automatic Reinsurance Agreement (US Alliance Corp), Automatic Reinsurance Agreement (Midwest Holding Inc.)