Servicing of Policies Clause Samples

The 'Servicing of Policies' clause defines the responsibilities and procedures for managing and administering insurance policies after they have been issued. This typically includes tasks such as processing policy changes, handling renewals, managing claims, and providing customer support to policyholders. By outlining these ongoing obligations, the clause ensures that both the insurer and the insured understand how the policy will be maintained and serviced throughout its term, thereby promoting transparency and efficient policy management.
Servicing of Policies. Commencing on the Assumption date of a Removed Policy: (i) Until a Removed Policy is renewed onto an Insurers policy form, on behalf of the Insurer, CITIZENS shall process endorsements and cancellations and provide other policy services with respect to the Removed Policy. The consideration for services to be performed by CITIZENS on behalf of the Insurer is specifically encompassed in the Ceding Commission Rate referenced in Exhibit B attached hereto. (ii) The Insurer is responsible for offering and processing offers of renewal coverage with respect to its Replacement Policies, utilizing its approved rates and forms. Insurer is responsible for all policyholder services with respect to its Replacement Policies.
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Servicing of Policies. Commencing on the Assumption date of a Removed Policy: (i) Until a Removed Policy is renewed onto an Insurers policy form, on behalf of the Insurer, CITIZENS shall process endorsements and cancellations and provide other policy services with respect to the Removed Policy. (ii) The Insurer is responsible for offering and processing offers of renewal coverage with respect to its Replacement Policies, utilizing its approved rates and forms. Insurer is responsible for all policyholder services with respect to its Replacement Policies.
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Servicing of Policies. Commencing on the Assumption Date of an Assumed Policy: (i) Until the first renewal date after assumption, Citizens shall process endorsements and cancellations and provide other routine policy services with respect to each of the Assumed Policies. (ii) Heritage shall offer and process offers of renewal coverage with respect to Assumed Policies, and shall be solely responsible for all servicing activities as of the first renewal thereof.
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Servicing of Policies. PWCC in its capacity as Servicer shall service the Policies for the benefit of the Issuer, the Indenture Trustee and the Noteholders in accordance with the terms and conditions of this Agreement. Notwithstanding the foregoing, PWCC acknowledges and agrees that its obligations under this Agreement as seller and originator of Policies are independent of any obligations it may have as Servicer and that its obligations under this Agreement as originator and seller of the Policies will continue in full force and effect, whether or not it is acting as Servicer, until termination of this Agreement in accordance with Article Eight hereof.
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Servicing of Policies. (i) The consideration for services to be performed by CITIZENS on behalf of the Carrier is specifically encompassed in the Ceding Commission Rate referenced in Exhibit B attached hereto. (ii) From an Assumption Date until expiration of the Policies, CITIZENS shall continue to process endorsements and cancellations for Policies which have not yet been replaced by the Carrier at renewal pursuant to subsection (iii) below, and accordingly shall remain responsible for all agent commissions and fees to CITIZENS servicing companies with respect to such Policies. (iii) Commencing on an Assumption Date, the Carrier shall become responsible for offering and processing renewals with respect to the Policies, utilizing its own approved rates and forms and for processing endorsements to, and cancellations and renewals of, the Carrier's Policies. The Carrier shall be responsible for all agent and brokerage commissions for the Carrier's Policies, for all return premiums for cancellations of the Carrier's Policies occurring after renewal, and for all fees to its servicing companies accruing on or after the initial issuance of the Carrier's Policies. The Carrier shall be entitled to one hundred percent (100%) of the premiums payable with respect to the Carrier's Policies from date of renewal forward.
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Related to Servicing of Policies

  • Administration and Servicing of Contracts 43 SECTION 3.01

  • Administration and Servicing of the Trust Fund Section 3.01 Master Servicer to Act as Master Servicer; Special

  • ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS Master Servicer to Act as Master Servicer; Administration of the Mortgage Loans; Sub-Servicing Agreements; Outside Serviced Mortgage Loans 175 Section 3.02 Liability of the Master Servicer and the Special Servicer 189 Section 3.03 Collection of Certain Mortgage Loan Payments 189 Section 3.04 Collection of Taxes, Assessments and Similar Items; Escrow Accounts 191

  • ADMINISTRATION AND SERVICING OF MORTGAGE LOANS BY THE MASTER SERVICER Section 9.01 Duties of the Master Servicer; Enforcement of Servicers’ and Master Servicer’s Obligations. (a) The Master Servicer, on behalf of the Trustee, the Depositor and the Certificateholders shall monitor the performance of the Servicers under the Purchase and Servicing Agreements, and shall use its reasonable good faith efforts to cause the Servicers duly and punctually to perform all of their respective duties and obligations thereunder. Upon the occurrence of a default of which an Authorized Officer of the Master Servicer has actual knowledge under a Purchase and Servicing Agreement, the Master Servicer shall promptly notify the Trustee thereof, and shall specify in such notice the action, if any, the Master Servicer is taking in respect of such default. So long as any such default shall be continuing, the Master Servicer may, and shall if it determines such action to be in the best interests of Certificateholders, (i) terminate all of the rights and powers of such Servicer pursuant to the applicable provisions of the related Purchase and Servicing Agreement; (ii) exercise any rights it may have to enforce the related Purchase and Servicing Agreement against such Servicer; and/or (iii) waive any such default under the related Purchase and Servicing Agreement or take any other action with respect to such default as is permitted thereunder. Notwithstanding any provision of this Agreement or any Purchase and Servicing Agreement to the contrary, the Master Servicer shall have no duty or obligation to supervise, monitor or oversee the activities of, or to enforce the obligations of, a Servicer under its Purchase and Servicing Agreement with respect to any Additional Collateral or any Limited Purpose Surety Bond relating thereto, including, without limitation, the collection of any amounts owing to the Trust Fund in respect thereof (unless and until the Master Servicer shall have assumed the obligations of such Servicer as successor servicer under the related Purchase and Servicing Agreement pursuant to this Section 9.01, in which case, as successor servicer, it shall be bound to serve and administer the Additional Collateral and any related Limited Purpose Surety Bond in accordance with the provisions of the such Purchase and Servicing Agreement). (b) Upon any termination by the Master Servicer of a Servicer’s rights and powers pursuant to its Purchase and Servicing Agreement, the rights and powers of such Servicer with respect to the related Mortgage Loans shall vest in the Master Servicer and the Master Servicer shall be the successor in all respects to such Servicer in its capacity as Servicer with respect to such Mortgage Loans under the related Purchase and Servicing Agreement, unless or until the Master Servicer shall have appointed, with the consent of the Trustee and the Rating Agencies, such consent not to be unreasonably withheld, and in accordance with the applicable provisions of the related Purchase and Servicing Agreement, a new ▇▇▇▇▇▇ ▇▇▇- or FHLMC-approved Person to serve as successor to the Servicer; provided, however, that it is understood and agreed by the parties hereto that there will be a period of transition (not to exceed 90 days) before the actual servicing functions can be fully transferred to a successor servicer (including the Master Servicer). With such consent, the Master Servicer may elect to continue to serve as successor servicer under the Purchase and Servicing Agreement. Upon appointment of a successor servicer, as authorized under this Section 9.01(b), unless the successor servicer shall have assumed the obligations of the terminated Servicer under such Purchase and Servicing Agreement, the Trustee and such successor servicer shall enter into a servicing agreement in a form substantially similar to the affected Purchase and Servicing Agreement. In connection with any such appointment, the Master Servicer may make such arrangements for the compensation of such successor servicer as it and such successor servicer shall agree, but in no event shall such compensation of any successor servicer (including the Master Servicer) be in excess of that payable to the Servicer under the affected Purchase and Servicing Agreement. The Master Servicer shall pay the costs of such enforcement (including the termination of a Servicer, the appointment of a successor servicer or the transfer and assumption of the servicing by the Master Servicer) at its own expense and shall be reimbursed therefor initially (i) by the terminated Servicer, (ii) from a general recovery resulting from such enforcement only to the extent, if any, that such recovery exceeds all amounts due in respect of the related Mortgage Loans, (iii) from a specific recovery of costs, expenses or attorney’s fees against the party against whom such enforcement is directed, or (iv) to the extent that such amounts described in (i)-(iii) above are insufficient to reimburse the Master Servicer for such costs of enforcement, from the Trust Fund, as provided in Section 9.04. If the Master Servicer assumes the servicing with respect to any of the Mortgage Loans, it will not assume liability for the representations and warranties of any Servicer it replaces or for the errors or omissions of such Servicer. (c) Upon any termination of a Servicer’s rights and powers pursuant to its Purchase and Servicing Agreement, the Master Servicer shall promptly notify the Trustee and the Rating Agencies, specifying in such notice that the Master Servicer or any successor servicer, as the case may be, has succeeded such Servicer under the related Purchase and Servicing Agreement, which notice shall also specify the name and address of any such successor servicer. (d) Neither the Depositor nor the Trustee shall consent to the assignment by any Servicer of such Servicer’s rights and obligations under the related Purchase and Servicing Agreement without the prior written consent of the Master Servicer, which consent shall not be unreasonably withheld.

  • Administration and Servicing of Mortgage Loans 45 Section 3.01. Master Servicer to Act as Servicer...................................45 Section 3.02. Subservicing Agreements Between Master Servicer and Subservicers; Enforcement of Subservicers' and Sellers' Obligations.........46