AMENDMENT
to the Risk Premium Reinsurance Agreement (the "Agreement")
effective September 1, 1983, between
CENTURY LIFE OF AMERICA of Waverly, Iowa,
hereinafter referred to as the "REINSURED,"
and
THE LINCOLN NATIONAL LIFE INSURANCE COMPANY of Fort ▇▇▇▇▇, Indiana,
hereinafter referred to as the "LINCOLN."
1. The REINSURED'S plans to be reinsured under the Agreement on and
after the first day of July, 1991, shall be those specified in the Appendix I,
attached hereto.
2. The reinsurance percentages for the REINSURED'S cost of insurance
rates shall be as described in Schedule D, Part IX, attached hereto, and shall
apply to reinsurance of the REINSURED'S Ultimate Term Rider (Forms 6017, 6018,
6019, and 6020) plan ceded under the Agreement on and after the first day of
July, 1991; such premium rates shall apply only to reinsurance which when added
to all other reinsurance ceded by the REINSURED to the LINCOLN under all
agreements does not exceed $5,000,000 on any one life, and reinsurance ceded on
the basis of such premium rates shall
(a) be subject to a minimum cession of $5,000,
(b) not be eligible for experience refunds,
(c) not be eligible for production or persistency bonuses,
(d) not be eligible for premium tax reimbursement, and
(e) not be reduced as set forth in the "INCREASE IN LIMIT OF
RETENTION" article until it has been in force for at least ten
years or, in the case of continuations, until the number of
years the original policy and its continuation have been in
force is at least equal to the greater of ten years and the time
period specified for reinsurance of the original policy.
3. The REINSURED shall-notify the LINCOLN in writing of any
modification the REINSURED makes to the gross premium rates it charges the
insured or to any factor which increases the cost or reduces the return to the
policyholder for policies reinsured under the Agreement. Such notification shall
occur within thirty days following the effective date of such modification. In
such event, the LINCOLN reserves the right to modify the reinsurance premium
rates proportionately. Any such change to the reinsurance premium rates shall be
effective on the same date as the corresponding change made by the REINSURED.
4. The provisions of this amendment shall be subject to all the terms
and conditions of the Agreement of which this amendment is a part which do not
conflict with the terms hereof.
IN WITNESS WHEREOF the parties hereto have caused this amendment to
be executed in duplicate on the dates shown below.
CENTURY LIFE OF AMERICA
Signed at Waverly, Iowa
-----------------------
By /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇ By /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
---------------------------- -----------------------------
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
Title Vice President & Valuation Title Sr. Vice President -
-------------------------- ---------------------------
Actuary General Counsel & Secretary
Date November 4, 1991 Date November 4, 1991
-------------------------- ----------------------------
THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
Signed at Fort ▇▇▇▇▇, Indiana
By /s/ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ By /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇
--------------------------- -----------------------------
Vice President Assistant Secretary
Date 11/13/91 Date November 13, 1991
-------------------------- ----------------------------
APPENDIX I
Insurance Subject to Reinsurance under this Agreement
The REINSURED'S entire excess of its issues of the following plans bearing
register dates in the range shown below to insureds having surnames beginning
with the letters of the alphabet shown below.
A. Automatic Reinsurance
One hundred percent of the reinsurance the REINSURED cedes automatically of
the insurance specified below shall be ceded under this agreement.
Reinsurance Dates Letters
Plan Renewal Basis from through from through
---- ------------- ---- ------- ---- -------
Universal Life Plan 20 Years 9-01-83 - A K
Univers-All Life II 20 Years 5-01-84 - A K
Univers-All-III
(Form 2222) 10 Years 1-01-86 - A K
Variable Universal
Life (Form 2221 0985) 10 Years 2-01-86 - A K
Other Insured Rider 10 Years 2-01-86 - A K*
Automatic Increase
Rider 10 Years 2-01-86 - A K
Univers-All Life III
Employee Benefits
(Unisex) (Form 2212) 10 Years 11-01-86 - A K
Flexible Premium
Adjustable Life
(Form UL88 & UL88EB) 10 Years 8-01-88 2-28-89 A K
Flexible Premium Variable
Adjustable Life
(VUL88 & VUL88EB) 10 Years 8-01-88 2-28-89 A K
Flexible Premium Adjustable
Life (UL2000 &
UL2000EB) 10 Years 3-01-89 - A K
Flexible Premium Variable
Adjustable Life
(VUL2000 &
VUL2000EB) 10 Years 3-01-89 - A K
Flexible Advantage
Life 10 Years 7-01-90 - A K
Level Term Rider 10 years 7-01-90 - A K
Ultimate Term Rider 10 Years 7-01-91 - A K
*Other Insured Rider issues shall be based on the primary insured's surname.
B. Facultative Reinsurance
One hundred percent of the reinsurance the REINSURED cedes facultatively of
the insurance specified above to insureds having surnames beginning with the
letters A through Z shall be ceded under this agreement provided the
REINSURED has accepted the LINCOLN'S offer to reinsure.
C. Continuations
Continuations to the insurance specified above shall be ceded under this
agreement provided the original policy was reinsured with the LINCOLN under
this or another agreement. The percentage of reinsurance ceded to LINCOLN
shall equal the percentage of the original policy ceded to LINCOLN.
SCHEDULE D, PART IX
(Effective July 1, 1991)
Reinsurance Premium Rates
Ultimate Term Rider
(Forms 6017, 6018, 6019, and 6020)
The reinsurance premium for the first $5,000,000 of reinsurance on any one life
shall be the attached cost of insurance rates charged the insured per thousand
of the net amount at risk times the following percentages:
Policy Year
Plan Smoking Status 1 2-10 11+
---- -------------- - ---- ---
Ultimate Term Rider
(Forms 6017, 6018,
6019, and 6020) Nonsmoker 0% 80% 90%
Smoker 0 66 90
Substandard Risks
The substandard table-extra reinsurance premiums shall be the number of tables
assessed the risk times 25% of the attached appropriate standard automatic rates
times the above percentages.
For reinsurance in excess of $5,000,000 on any one life the rates labeled "F5H3,
NONSMOKER," "H3, SMOKER," and "H4, SUBSTANDARD," under the Risk Premium
Reinsurance Agreement between the REINSURED and the LINCOLN, effective January
1, 1982, shall apply.
Continuations to Issues Reinsured Hereunder
-------------------------------------------
The reinsurance premium for policies reinsured under this agreement as
continuations shall be the appropriate premium described in this agreement;
unless the reinsurance agreement under which the original policy was reinsured
specifies otherwise, the policy duration and attained age of the insured for
purposes of calculating such premiums, shall be determined as though the
continuations were issued on the same date and at the same issue age as the
original policy.
SCHEDULE D, PART IX (CONTINUED)
Continuations from Issues Reinsured Hereunder
---------------------------------------------
The reinsurance premium for continuations of policies reinsured under this
agreement shall be as described in the agreement which covers the new policy;
unless that agreement specifies otherwise, the policy duration and attained age
of the insured, for purposes of calculating such premiums, shall be determined
as though the continuations were issued on the same date and at the same issue
age as the original policy. If no such agreement is in effect between the
LINCOLN and the REINSURED, reinsurance shall continue hereunder.
Continuation Policy Fee
-----------------------
If the premium scale applicable to a continuation contains a policy fee, a
continuation shall, for purposes of determining the policy fee only and
notwithstanding the method prescribed for calculating the basic premium, be
considered a renewal if the REINSURED has paid the LINCOLN a first-year policy
fee on reinsurance of the original policy and as a new issue if the REINSURED
has not paid the LINCOLN a policy fee on reinsurance of the original policy.
Waiver of Premium Disability, Payor Benefits, and Accidental Death Benefits
---------------------------------------------------------------------------
The premium which the REINSURED charges the insured on the amount reinsured less
total allowances of 75% first year and 10% in renewal years.
ULTIMATE TERM RIDER - CURRENT RATES FOR ALL DURATIONS
ATT
AGE MALE FEMALE
=== ==== ======
0 .85 .66
1 .83 .64
2 .79 .60
3 .77 .58
4 .73 .57
5 .68 .55
6 .63 .53
7 .58 .51
8 .55 .50
9 .54 .49
10 .55 .48
11 .60 .50
12 .65 .51
13 .78 .57
14 .92 .61
15 1.09 .67
16 1.27 .72
17 1.42 .75
18 1.55 .76
19 1.62 .78
ATT ------MALE-------- -------FEMALE------
AGE SMOKER NS SMOKER NS
=== ====== ======== ====== ======
20 1.65 1.65 .78 .78
21 1.72 1.59 .80 .76
22 1.79 1.49 .82 .76
23 1.88 1.39 .85 .75
24 1.94 1.30 .88 .74
25 1.96 1.23 .91 .73
26 1.94 1.18 .94 .73
27 1.93 1.16 .98 .75
28 1.93 1.15 1.02 .75
29 1.95 1.13 1.06 .78
30 1.96 1.11 1.08 .78
31 2.00 1.11 1.14 .79
32 2.03 1.11 1.18 .82
33 2.08 1.11 1.25 .85
34 2.16 1.13 1.32 .88
35 2.25 1.15 1.40 .92
36 2.36 1.18 1.50 .96
37 2.51 1.23 1.60 1.00
38 2.67 1.29 1.70 1.05
39 2.87 1.36 1.85 1.13
40 3.08 1.43 2.02 1.22
41 3.33 1.52 2.24 1.33
42 3.62 1.63 2.51 1.45
43 3.91 1.74 2.79 1.60
44 4.23 1.85 3.11 1.76
45 4.61 1.98 3.41 1.89
46 4.97 2.13 3.71 2.03
47 5.39 2.31 4.02 2.20
48 5.83 2.50 4.32 2.38
49 6.29 2.68 4.64 2.55
50 6.79 2.90 4.98 2.76
51 7.31 3.16 5.30 3.00
52 7.88 3.44 5.60 3.19
53 8.48 3.74 5.94 3.40
54 9.10 4.07 6.30 3.65
55 9.73 4.44 6.74 3.94
56 10.37 4.86 7.20 4.25
57 11.00 5.32 7.76 4.62
58 11.66 5.81 8.31 5.02
59 12.35 6.36 8.93 5.44
60 13.08 6.97 9.61 5.93
61 14.17 7.74 10.32 6.44
62 15.37 8.58 11.06 7.01
63 16.68 9.53 11.88 7.61
64 18.11 10.58 12.72 8.28
65 19.64 11.77 13.65 9.02
66 21.10 12.91 14.55 9.76
67 22.88 14.32 15.40 10.51
68 24.58 15.73 16.35 11.35
69 26.38 17.27 17.44 12.32
70 28.62 19.15 18.82 13.52
71 31.01 21.19 20.33 14.82
72 33.60 23.46 21.93 16.21
73 37.54 26.73 23.75 17.81
74 41.37 30.09 25.96 19.74
75 44.78 33.22 28.63 22.08
76* 48.28 36.41 31.64 24.77
77* 52.32 40.07 34.94 27.79
78* 54.94 42.66 38.59 31.18
79* 59.03 46.52 42.71 35.07
80* 63.41 50.77 47.41 39.54
81* 68.40 55.63 52.51 44.50
82* 73.37 60.67 57.91 49.85
83* 77.68 65.26 63.79 55.79
84* 82.63 70.64 69.85 62.04
85* 88.61 77.08 77.86 70.18
86* 95.40 84.56 84.25 77.02
87* 101.07 91.23 92.01 85.30
88* 109.31 100.63 99.66 93.60
89* 116.63 109.25 107.97 102.67
90* 126.49 120.47 117.27 112.78
91* 139.25 134.39 126.51 122.59
92* 150.24 146.56 138.59 135.34
93* 164.14 161.77 149.24 146.89
94* 178.37 177.14 163.74 162.44
* FOR RENEWAL ONLY
UNISEX ULTIMATE TERM RIDER - CURRENT RATES FOR ALL DURATIONS
ATT
AGE ALL
=== ======
0 .81
1 .79
2 .75
3 .73
4 .70
5 .65
6 .61
7 .57
8 .54
9 .53
10 .54
11 .58
12 .62
13 .74
14 .86
15 1.01
16 1.16
17 1.29
18 1.39
19 1.45
ATT
AGE SMOKER NS
=== ========== ========
20 1.48 1.48
21 1.54 1.42
22 1.60 1.34
23 1.67 1.26
24 1.73 1.19
25 1.75 1.13
26 1.74 1.09
27 1.74 1.08
28 1.75 1.07
29 1.77 1.06
30 1.78 1.04
31 1.83 1.05
32 1.86 1.05
33 1.91 1.06
34 1.99 1.08
35 2.08 1.10
36 2.19 1.14
37 2.33 1.18
38 2.48 1.24
39 2.67 1.31
40 2.87 1.39
41 3.11 1.48
42 3.40 1.59
43 3.69 1.71
44 4.01 1.83
45 4.37 1.96
46 4.72 2.11
47 5.12 2.29
48 5.53 2.48
49 5.96 2.65
50 6.43 2.87
51 6.91 3.13
52 7.42 3.39
53 7.97 3.67
54 8.54 3.99
55 9.13 4.34
56 9.74 4.74
57 10.35 5.18
58 10.99 5.65
59 11.67 6.18
60 12.39 6.76
61 13.40 7.48
62 14.51 8.27
63 15.72 9.15
64 17.03 10.12
65 18.44 11.22
66 19.79 12.28
67 21.38 13.56
68 22.93 14.85
69 24.59 16.28
70 26.66 18.02
71 28.87 19.92
72 31.27 22.01
73 34.78 24.95
74 38.29 28.02
75 41.55 30.99
76* 44.95 34.08
77* 48.84 37.61
78* 51.67 40.36
79* 55.77 44.23
80* 60.21 48.52
81* 65.22 53.40
82* 70.28 58.51
83* 74.90 63.37
84* 80.07 68.92
85* 86.46 75.70
86* 93.17 83.05
87* 99.26 90.04
88* 107.38 99.22
89* 114.90 107.93
90* 124.65 118.93
91* 136.70 132.03
92* 147.91 144.32
93* 161.16 158.79
94* 175.44 174.20
* FOR RENEWAL ONLY
