POLICY SPLIT OPTION Clause Samples

POLICY SPLIT OPTION. The Reinsurer will continue to reinsure the two policies ("Opted Policies") resulting from exercise of any policy split option rider reinsured under this Agreement. If the original policy was ceded automatically, Ceding Company will continue reinsurance (using the original proportionate share under this Agreement) on the Opted policy as necessary to bring retained risk on the life, whether on the Opted policy or another policy, to 50% of the retention limit shown in Exhibit A for the original policy. If the original policy was ceded facultatively, on each Opted Policy Ceding Company will continue reinsurance consistent with the original cession. If the plan of the Opted Policy is reinsured by the Reinsurer, either under this Agreement or under a different Agreement, reinsurance premium rates for the Opted Policy will be those contained in the Agreement that covers the new plan. However, if the new plan is not reinsured by the Reinsurer, reinsurance premiums for the Opted Policy will be agreed between the parties. Reinsurance premiums and any allowances for Opted Policies will be on a point-in-scale basis from the original issue age of the policy. IDSL-NY Succession Select Treaty
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POLICY SPLIT OPTION. When the Policy Split Option is exercised, the reinsurance premium rates for the resulting single life policies will be the single life reinsurance premium rates (75-80 SOA ALB Table) attached as Schedule A—VI, applied on a point-in-scale basis, for the reinsured portion of the policy, multiplied by a Single Life Discount Factor, attached as Schedule A—VII.
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POLICY SPLIT OPTION. You may elect to surrender this Policy in exchange for separate individual permanent life insurance policies on the life of each Insured if:
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POLICY SPLIT OPTION. Reinsurance premiums for single life policies, which result from the Policy Split Option having been exercised, will reflect the original issue age and underwriting class of the insured, as well as the duration since issuance of the original policy. The original policy will be split so that no more than 50% of the original policy’s surrender value, death benefits, and policy debt are allocated to either of the resulting policies. Surrender value, death benefits, and policy debt will be split among the new policies proportionally to each other. The Policy Split Option will terminate at the earlier of the eldest insured’s attained age of 80, and the base policy’s termination. The reinsurance premiums for policies resulting from the Policy Split Option are shown in Section 2.b of Schedule E. 8.4 De-Arbitrage on Policies sold by stp If a policy sold by the STP marketing group is de-arbitraged, the Ceding Company will issue a new policy dated as of the date of de-arbitrage. If both insureds are alive, the new policy would be a survivorship policy. If one insured is dead, the new policy will be a single life UL. Policy loads and COI’s would be a continuation of the original scale. Reinsurance premiums would also continue on a point-in-scale basis. The reinsurance premiums would continue to be from Section 1.a of Exhibit E if a survivor policy and from Section 1.c of Exhibit E if a single life UL.
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POLICY SPLIT OPTION. Reinsurance premiums for single life policies, which result from the Policy Split Option having been exercised, will reflect the original issue age and underwriting class of the insured, as well as the duration since issuance of the original policy. The original policy will be split so that no more than 50% of the original policy’s surrender value, death benefits, and policy debt are allocated to either of the resulting policies. Surrender value, death benefits, and policy debt will be split among the new policies proportionally to each other. The Policy Split Option will terminate at the earlier of the eldest insured’s attained age of 80, and the base policy’s termination. The reinsurance premiums for policies resulting from the Policy Split Option are shown in Section 2.b of Schedule B.
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POLICY SPLIT OPTION. For policies reinsured hereunder, there is no additional reinsurance premium due until the Option is exercised. Once the Option is exercised, reinsurance coverage shall continue using the single life reinsurance premium rates, without any Frasierization, on a point-in-scale basis.
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POLICY SPLIT OPTION. Dependent on evidence of insurability, in accordance with the Ceding Company’s standard underwriting practices, reinsurance premiums for single life policies, which result from the Policy Split Option having been exercised, will reflect the original issue age and underwriting class of the insured, as well as the duration since issuance of the original policy. The original policy will be split so that no more than 50% of the original policy’s surrender value, death benefits, and policy debt are allocated to either of the resulting policies. Surrender value, death benefits, and policy debt will be split among the new policies proportionally to each other. The Policy Split Option will terminate at the earlier of the eldest insured’s attained age of 80, and the base policy’s termination. The reinsurance premiums for the Policy Split Option Rider are shown in Section 2.b of Schedule B.
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Related to POLICY SPLIT OPTION

  • Group Life Insurance Plan Eligibility

  • Share Option Plans Each share option granted by the Company under the Company’s share option plan was granted (i) in accordance with the terms of the Company’s share option plan and (ii) with an exercise price at least equal to the fair market value of the Ordinary Shares on the date such share option would be considered granted under GAAP and applicable law. No share option granted under the Company’s share option plan has been backdated. The Company has not knowingly granted, and there is no and has been no Company policy or practice to knowingly grant, share options prior to, or otherwise knowingly coordinate the grant of share options with, the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial results or prospects.

  • Option Plans There is no share option plan or similar plan to acquire any additional shares or units or other equity interests, as the case may be, of IEM or securities convertible or exercisable into or exchangeable for, or which otherwise confer on the holder thereof any right to acquire, any such additional shares or units or equity interests, as the case may be.

  • Equity Incentive Plans Each stock option granted by the Company under the Company’s equity incentive plan was granted (i) in accordance with the terms of the Company’s equity incentive plan and (ii) with an exercise price at least equal to the fair market value of the Common Stock on the date such stock option would be considered granted under GAAP and applicable law. No stock option granted under the Company’s equity incentive plan has been backdated. The Company has not knowingly granted, and there is no and has been no Company policy or practice to knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock options with, the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial results or prospects.

  • Equity Award The Executive will be eligible to receive equity awards, if any, at such times and on such terms and conditions as the Board shall, in its sole discretion, determine.