Amendment #2
to the
AUTOMATIC AND FACULTATIVE
YEARLY RENEWABLE TERM REINSURANCE AGREEMENT
EFFECTIVE December 15, 2003
Between
PRUCO LIFE INSURANCE COMPANY
(THE COMPANY)
And
SCOTTISH RE (U.S.), INC.
(THE REINSURER)
The parties hereby agree to the following:
1. SCHEDULE A, Section 2, AUTOMATIC PORTION REINSURED, shall be replaced by the following:
The portion reinsured with THE REINSURER under this Agreement is known as the YRT Percentage. The YRT
Percentage varies depending on the effective date of the policy as described in the remainder of this
section.
For Policies With Effective Dates Prior to January 19, 2005
US/Canadian Residents
THE REINSURER will automatically reinsure under this Agreement, an amount equal to the YRT Percentage
(8.88%) times 50% of the policy risk amount, up to the First Layer of Coverage amounts shown in Schedule
A, Section 5 below.
Example - If the policy risk amount is $40 million, then the automatic portion reinsured under this
Agreement would be $1.776 million (i.e., 8.88% times ($40 million times 50%)).
Non US/Canadian Residents
THE REINSURER will automatically reinsure 0% if the policy risk amount under this Agreement.
For Policies With Effective Dates On or After January 19, 2005
US/Canadian Residents
THE REINSURER will automatically reinsure under this Agreement, an amount equal to the YRT Percentage
(7.50%) times 50% of the policy risk amount, up to the First Layer of Coverage amounts shown in Schedule
A, Section 5 below.
Example - If the policy risk amount is $40 million, then the automatic portion reinsured under this
Agreement would be $1.5 million (i.e., 7.50% times ($40 million times 50%)).
Non US/Canadian Residents
THE REINSURER will automatically reinsure 0% if the policy risk amount under this Agreement.
2. SCHEDULE A, Section 5, AUTOMATIC ACCEPTANCE LIMIT, shall be replaced by the following:
For any policy to be reinsured under automatic reinsurance, the face amount will not exceed the
Automatic Issue Limits shown in the following tables:
US/Canadian Residents - No Foreign Travel - Non-Smoker
=========================== ========================= ============================= ============================
Issue Age of Insured No Substandard Rating Class A - D Class E - H
--------------------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
Ages: 18 - 65 $60,000,000 $55,000,000 $40,000,000
--------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
66 - 70 $49,000,000 $44,000,000 $35,500,000
--------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
71 - 75 $40,000,000 $40,000,000 $23,500,000
----------- --------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
76 - 77 $26,500,000 $23,500,000 $16,000,000
----------- --------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
78 - 80 $22,000,000 $19,000,000 $11,500,000
----------- --------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
81 - 85 $13,500,000 $11,500,000 None
----------- --------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
86 - 90 $5,350,000 $4,350,000 None
=========== =============== ========================= ============================= ============================
US/Canadian Residents - No Foreign Travel - Smoker
=========================== ========================= ============================= ============================
Issue Age of Insured No Substandard Rating Class A - D Class E - H
--------------------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
Ages: 18 - 65 $50,000,000 $50,000,000 $40,000,000
--------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
66 - 70 $40,000,000 $40,000,000 $34,500,000
--------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
71 - 75 $40,000,000 $40,000,000 $23,500,000
----------- --------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
76 - 77 $23,500,000 $23,500,000 $15,000,000
----------- --------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
78 - 80 $19,000,000 $19,000,000 $10,500,000
----------- --------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
81 - 85 $11,500,000 $10,500,000 None
----------- --------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
86 - 90 $4,350,000 $3,350,000 None
=========== =============== ========================= ============================= ============================
US/Canadian Residents - Foreign Travel
===================== ===================== ================= =====================
Pref. Best - Class C Class D - E Class F - H
--------------------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
Ages: 18 - 70 $ 6,666,000 $ 5,000,000 None
--------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
71 - 75 $ 5,000,000 $ 3,333,000 None
----------- --------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
▇▇ - ▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇
=========== ========= ===================== ================= =====================
Non US/Canadian Residents
===================== ===================== ================= =====================
Pref. Best - Class C Class D - E Class F - H
--------------------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
Ages: 18 - 70 $ 20,000,000 $ 15,000,000 None
--------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
71 - 75 $ 15,000,000 $ 10,000,000 None
----------- --------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
▇▇ - ▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇
=========== ========= ===================== ================= =====================
Y-MPVUL-2003-SCOTTISH (PRUCO'S 50%)-PLAZ-AMENDMENT-2
For any policy to be reinsured under automatic reinsurance, the amounts subject to reinsurance are the
First Layer of Coverage amounts shown in the following tables:
US/Canadian Residents - No Foreign Travel
=========================== ========================= =============================
Issue Age of Insured Pref. Best - Class D Class E - H
--------------------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
Ages: 18 - 65 $50,000,000 $35,000,000
--------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
66 - 70 $40,000,000 $25,000,000
--------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
71 - 75 $35,000,000 $15,000,000
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
76 - 77 $15,000,000 $10,000,000
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
78 - 80 $10,000,000 $ 5,000,000
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
81 - 85 $ 5,000,000 None
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
86 - 90 $ 1,500,000 None
=========== =============== ========================= =============================
US/Canadian Residents - Foreign Travel
===================== ===================== ================= =====================
Pref. Best - Class C Class D - E Class F - H
--------------------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
Ages: 18 - 70 $ 6,666,000 $ 5,000,000 None
--------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
71 - 75 $ 5,000,000 $ 3,333,000 None
----------- --------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
▇▇ - ▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇
=========== ========= ===================== ================= =====================
Non US/Canadian Residents
===================== ===================== ================= =====================
Pref. Best - Class C Class D - E Class F - H
--------------------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
Ages: 18 - 70 $ 20,000,000 $ 15,000,000 None
--------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
71 - 75 $ 15,000,000 $ 10,000,000 None
----------- --------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
▇▇ - ▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇
=========== ========= ===================== ================= =====================
For any policy to be reinsured under automatic reinsurance, the amounts reinsured with THE REINSURER on
that life under this Agreement will not exceed the amounts in the following tables:
For Policies With Effective Dates Prior to January 19, 2005
US/Canadian Residents - No Foreign Travel
=========================== ========================= =============================
Issue Age of Insured Pref. Best - Class D Class E - H
--------------------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
Ages: 18 - 65 $2,220,000 $1,554,000
--------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
66 - 70 $1,776,000 $1,110,000
--------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
71 - 75 $1,554,000 $666,000
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
76 - 77 $666,000 $444,000
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
78 - 80 $444,000 $222,000
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
81 - 85 $222,000 None
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
86 - 90 $66,600 None
=========== =============== ========================= =============================
US/Canadian Residents - Foreign Travel
===================== ===================== ================== ====================
Pref. Best - Class C Class D - E Class F - H
--------------------- --------------------- ------------------ --------------------
----------- --------- --------------------- ------------------ --------------------
Ages: 18 - 70 $295,970 $222,000 None
--------- --------------------- ------------------ --------------------
----------- --------- --------------------- ------------------ --------------------
71 - 75 $222,000 $147,985 None
----------- --------- --------------------- ------------------ --------------------
----------- --------- --------------------- ------------------ --------------------
▇▇ - ▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇
=========== ========= ===================== ================== ====================
Y-MPVUL-2003-SCOTTISH (PRUCO'S 50%)-PLAZ-AMENDMENT-2
For Policies With Effective Dates On or After January 19, 2005
US/Canadian Residents - No Foreign Travel
=========================== ========================= =============================
Issue Age of Insured Pref. Best - Class D Class E - H
--------------------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
Ages: 18 - 65 $1,875,000 $1,312,500
--------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
66 - 70 $1,500,000 $937,500
--------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
71 - 75 $1,312,500 $562,500
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
76 - 77 $562,500 $375,000
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
78 - 80 $375,000 $187,500
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
81 - 85 $187,500 None
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
86 - 90 $56,250 None
=========== =============== ========================= =============================
Y-MPVUL-2003-SCOTTISH (PRUCO'S 50%)-PLAZ-AMENDMENT-2
In witness of the above, THE COMPANY and THE REINSURER have by their respective officers executed and delivered
this Agreement in duplicate on the dates indicated below, with an effective date of
January 19, 2005.
------------------------------------------------------------ -------------------------------------------------------
PRUCO LIFE INSURANCE COMPANY SCOTTISH RE (U.S.), INC.
------------------------------------------------------------ -------------------------------------------------------
------------------------------------------------------------ -------------------------------------------------------
By:________________________________ By:______________________________
------------------------------------------------------------ -------------------------------------------------------
------------------------------------------------------------ -------------------------------------------------------
Title:_______________________________ Title:_____________________________
------------------------------------------------------------ -------------------------------------------------------
------------------------------------------------------------ -------------------------------------------------------
Date:_______________________________ Date:_____________________________
------------------------------------------------------------ -------------------------------------------------------
----------------------------------------------------------- --------------------------------------------------------
By:________________________________ By:______________________________
----------------------------------------------------------- --------------------------------------------------------
----------------------------------------------------------- --------------------------------------------------------
Title:_______________________________ Title:_____________________________
----------------------------------------------------------- --------------------------------------------------------
----------------------------------------------------------- --------------------------------------------------------
Date:_______________________________ Date:_____________________________
----------------------------------------------------------- --------------------------------------------------------
Y-MPVUL-2003-SCOTTISH (PRUCO'S 50%)-PLAZ-AMENDMENT-2
Amendment #3
to the
AUTOMATIC AND FACULTATIVE
YEARLY RENEWABLE TERM REINSURANCE AGREEMENT
EFFECTIVE December 15, 2003
Between
PRUCO LIFE INSURANCE COMPANY
(THE COMPANY)
And
SCOTTISH RE (U.S.), INC.
(THE REINSURER)
The parties hereby agree to the following:
1. SCHEDULE A, Section 2, AUTOMATIC PORTION REINSURED, shall be replaced by the following:
The portion reinsured with THE REINSURER under this Agreement is known as the YRT Percentage. The YRT
Percentage varies depending on the effective date of the policy as described in the remainder of this
section.
For Policies With Effective Dates Prior to January 19, 2005
US/Canadian Residents
For policy risk amounts where the M Life Insurance Company has capacity to retain a 10% share of the
mortality risk under the Modco Agreement described in the Preamble, THE REINSURER will automatically
reinsure under this Agreement an amount equal to 8.88% times 50% of the policy risk amount. Once the M
Life Insurance Company has reached its retention limit, THE REINSURER will automatically reinsure under
this Agreement an amount equal to 11.12% times 50% of the policy risk amount. For policies effective
prior to January 1, 2006, M Life Insurance Company's retention limit is $400,000 per life. For policies
effective prior to January 19, 2005, the YRT Percentage refers to 8.88% or 11.12%.
For policy risk amounts where the M Life Insurance Company has capacity, THE COMPANY will also reinsure
under one or more Other YRT Agreements with THIRD-PARTY REINSURERS amounts up to 71.12% times 50% of the
policy risk amount. For policy risk amounts where the M Life Insurance Company has exceeded its
retention limit, THE COMPANY will reinsure under one or more Other YRT Agreements with THIRD-PARTY
REINSURERS amounts up to 88.88% times 50% of the policy risk amount. The total policy risk amount to be
reinsured through this Agreement and all Other YRT Agreements will not exceed 50% of the First Layer of
Coverage amounts shown in Schedule A, Section 5.
Example 1 - (M Life has full capacity of $400,000 available) - If the policy risk amount is $4
million, the M Life Insurance Company will retain $400,000 (i.e., 10% times $4 million) under the
Modco Agreement and THE REINSURER will reinsure $177,600 (i.e., 8.88% times 50% times $4 million)
under this Agreement.
Example 2 - (M Life has capacity of $200,000 available) - If the policy risk amount is $4 million,
the M Life Insurance Company will retain $200,000 (i.e., 10% of the first $2 million) under the
Modco Agreement and THE REINSURER will reinsure $200,000 (i.e., 8.88% times 50% of the first $2
million plus 11.12% times 50% of the policy risk amount in excess of $2 million) under this
Agreement.
Example 3 - (M Life has no capacity) - If the policy risk amount is $4 million, THE REINSURER will
reinsure $222,400 (i.e., 11.12% times 50% of the policy risk amount) under this Agreement.
Non US/Canadian Residents
THE REINSURER will automatically reinsure under this Agreement an amount equal to 0% of the policy risk
amount.
For Policies With Effective Dates On or After January 19, 2005
US/Canadian Residents
For policy risk amounts where the M Life Insurance Company has capacity to retain a 10% share of the
mortality risk under the Modco Agreement described in the Preamble, THE REINSURER will automatically
reinsure under this Agreement an amount equal to 10.00% times 50% of the policy risk amount. Once the M
Life Insurance Company has reached its retention limit, THE REINSURER will automatically reinsure under
this Agreement an amount equal to 12.50% times 50% of the policy risk amount. For policies effective
prior to January 1, 2006, M Life Insurance Company's retention limit is $400,000 per life. For policies
effective January 1, 2006 or later, M Life Insurance Company's retention limit is $1 million per life.
For policies effective prior to January 1, 2006, M Life Insurance Company's retention limit is $400,000
per life. For policies effective on or after January 19, 2005 and prior to September 28, 2006, the YRT
Percentage refers to 10.00% or 12.50%.
For policy risk amounts where the M Life Insurance Company has capacity, THE COMPANY will also reinsure
under one or more Other YRT Agreements with THIRD-PARTY REINSURERS amounts up to 70.00% times 50% of the
policy risk amount. For policy risk amounts where the M Life Insurance Company has exceeded its
retention limit, THE COMPANY will reinsure under one or more Other YRT Agreements with THIRD-PARTY
REINSURERS amounts up to 87.50% times 50% of the policy risk amount. The total policy risk amount to be
reinsured through this Agreement and all Other YRT Agreements will not exceed 50% of the First Layer of
Coverage amounts shown in Schedule A, Section 5.
Example 4 - (M Life has full capacity of $1 million available) - If the policy risk amount is $10
million, the M Life Insurance Company will retain $1 million (i.e., 10% times $10 million) under
the Modco Agreement and THE REINSURER will reinsure $ 500,000 (i.e., 10.00% times 50% times $10
million) under this Agreement.
Example 5 - (M Life has capacity of $200,000 available) - If the policy risk amount is $10 million,
the M Life Insurance Company will retain $200,000 (i.e., 10% of the first $2 million) under the
Modco Agreement and THE REINSURER will reinsure $600,000 (i.e., 10.00% times 50% of the first $2
million plus 12.50% times 50% of the policy risk amount in excess of $2 million) under this
Agreement.
Example 6 - (M Life has no capacity) - If the policy risk amount is $10 million, THE REINSURER will
reinsure $ 625,000 (i.e., 12.50% times 50% of the policy risk amount) under this Agreement.
Y-MPVUL-2003-SCOTTISH (M LIFE'S 50%)-PLAZ-AMENDMENT-3
Non US/Canadian Residents
THE REINSURER will automatically reinsure under this Agreement an amount equal to 0% of the policy risk
amount.
2. SCHEDULE A, Section 5, AUTOMATIC ACCEPTANCE LIMIT, shall be replaced by the following:
For any policy to be reinsured under automatic reinsurance, the face amount will not exceed the
Automatic Issue Limits shown in the following tables:
US/Canadian Residents - No Foreign Travel - Non-Smoker
=========================== ========================= ============================= ============================
Issue Age of Insured No Substandard Rating Class A - D Class E - H
--------------------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
Ages: 18 - 65 $60,000,000 $55,000,000 $40,000,000
--------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
66 - 70 $49,000,000 $44,000,000 $35,500,000
--------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
71 - 75 $40,000,000 $40,000,000 $23,500,000
----------- --------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
76 - 77 $26,500,000 $23,500,000 $16,000,000
----------- --------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
78 - 80 $22,000,000 $19,000,000 $11,500,000
----------- --------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
81 - 85 $13,500,000 $11,500,000 None
----------- --------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
86 - 90 $5,350,000 $4,350,000 None
=========== =============== ========================= ============================= ============================
US/Canadian Residents - No Foreign Travel - Smoker
=========================== ========================= ============================= ============================
Issue Age of Insured No Substandard Rating Class A - D Class E - H
--------------------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
Ages: 18 - 65 $50,000,000 $50,000,000 $40,000,000
--------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
66 - 70 $40,000,000 $40,000,000 $34,500,000
--------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
71 - 75 $40,000,000 $40,000,000 $23,500,000
----------- --------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
76 - 77 $23,500,000 $23,500,000 $15,000,000
----------- --------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
78 - 80 $19,000,000 $19,000,000 $10,500,000
----------- --------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
81 - 85 $11,500,000 $10,500,000 None
----------- --------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
86 - 90 $4,350,000 $3,350,000 None
=========== =============== ========================= ============================= ============================
US/Canadian Residents - Foreign Travel
===================== ===================== ================= =====================
Pref. Best - Class C Class D - E Class F - H
--------------------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
Ages: 18 - 70 $ 6,666,000 $ 5,000,000 None
--------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
71 - 75 $ 5,000,000 $ 3,333,000 None
----------- --------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
▇▇ - ▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇
=========== ========= ===================== ================= =====================
Non US/Canadian Residents
===================== ===================== ================= =====================
Pref. Best - Class C Class D - E Class F - H
--------------------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
Ages: 18 - 70 $ 20,000,000 $ 15,000,000 None
--------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
71 - 75 $ 15,000,000 $ 10,000,000 None
----------- --------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
▇▇ - ▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇
=========== ========= ===================== ================= =====================
For any policy to be reinsured under automatic reinsurance, the amounts subject to reinsurance are the
First Layer of Coverage amounts shown in the following tables:
Y-MPVUL-2003-SCOTTISH (M LIFE'S 50%)-PLAZ-AMENDMENT-3
US/Canadian Residents - No Foreign Travel
=========================== ========================= =============================
Issue Age of Insured Pref. Best - Class D Class E - H
--------------------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
Ages: 18 - 65 $50,000,000 $35,000,000
--------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
66 - 70 $40,000,000 $25,000,000
--------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
71 - 75 $35,000,000 $15,000,000
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
76 - 77 $15,000,000 $10,000,000
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
78 - 80 $10,000,000 $ 5,000,000
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
81 - 85 $ 5,000,000 None
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
86 - 90 $ 1,500,000 None
=========== =============== ========================= =============================
US/Canadian Residents - Foreign Travel
===================== ===================== ================= =====================
Pref. Best - Class C Class D - E Class F - H
--------------------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
Ages: 18 - 70 $ 6,666,000 $ 5,000,000 None
--------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
71 - 75 $ 5,000,000 $ 3,333,000 None
----------- --------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
▇▇ - ▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇
=========== ========= ===================== ================= =====================
Non US/Canadian Residents
===================== ===================== ================= =====================
Pref. Best - Class C Class D - E Class F - H
--------------------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
Ages: 18 - 70 $ 20,000,000 $ 15,000,000 None
--------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
71 - 75 $ 15,000,000 $ 10,000,000 None
----------- --------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
▇▇ - ▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇
=========== ========= ===================== ================= =====================
For any policy to be reinsured under automatic reinsurance, the amounts reinsured with THE REINSURER on
that life under this Agreement will not exceed the amounts in the following tables:
For Policies With Effective Dates Prior to January 19, 2005
US/Canadian Residents - No Foreign Travel
=========================== ========================= =============================
Issue Age of Insured Pref. Best - Class D Class E - H
--------------------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
Ages: 18 - 65 $2,780,000 $1,946,000
--------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
66 - 70 $2,224,000 $1,390,000
--------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
71 - 75 $1,946,000 $834,000
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
76 - 77 $834,000 $556,000
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
78 - 80 $556,000 $278,000
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
81 - 85 $278,000 None
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
86 - 90 $83,400 None
=========== =============== ========================= =============================
US/Canadian Residents - Foreign Travel
===================== ===================== ================== ====================
Pref. Best - Class C Class D - E Class F - H
--------------------- --------------------- ------------------ --------------------
----------- --------- --------------------- ------------------ --------------------
Ages: 18 - 70 $370,630 $278,000 None
--------- --------------------- ------------------ --------------------
----------- --------- --------------------- ------------------ --------------------
71 - 75 $278,000 $185,315 None
----------- --------- --------------------- ------------------ --------------------
----------- --------- --------------------- ------------------ --------------------
▇▇ - ▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇
=========== ========= ===================== ================== ====================
Y-MPVUL-2003-SCOTTISH (M LIFE'S 50%)-PLAZ-AMENDMENT-3
For Policies With Effective Dates On or After January 19, 2005
US/Canadian Residents - No Foreign Travel
=========================== ========================= =============================
Issue Age of Insured Pref. Best - Class D Class E - H
--------------------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
Ages: 18 - 65 $3,125,000 $2,187,500
--------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
66 - 70 $2,500,000 $1,562,500
--------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
71 - 75 $2,187,500 $937,500
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
76 - 77 $937,500 $625,000
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
78 - 80 $625,000 $312,500
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
81 - 85 $312,500 None
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
86 - 90 $93,750 None
=========== =============== ========================= =============================
US/Canadian Residents - Foreign Travel
===================== ===================== ================== ====================
Pref. Best - Class C Class D - E Class F - H
--------------------- --------------------- ------------------ --------------------
----------- --------- --------------------- ------------------ --------------------
Ages: 18 - 70 $416,625 $312,500 None
--------- --------------------- ------------------ --------------------
----------- --------- --------------------- ------------------ --------------------
71 - 75 $312,500 $208,313 None
----------- --------- --------------------- ------------------ --------------------
----------- --------- --------------------- ------------------ --------------------
▇▇ - ▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇
=========== ========= ===================== ================== ====================
3. SCHEDULE B, Section 6, NET AMOUNT AT RISK, shall be replaced by the following:
The policy net amount at risk is equal to the excess of the death benefit over the contract fund. The
portion of the net amount at risk reinsured under this Agreement is equal to the product of the YRT
Percentage times 50% of the policy net amount at risk.
Changes in the net amount at risk can result from increases as well as decreases in the face amount.
These changes can also result from changes in the contract fund, i.e., changes due to unit value
fluctuations, the assessment of contract fees and charges, the crediting of interest and the addition or
withdrawal of funds. Changes in the net amount at risk can also result from changes in the death
benefit needed to meet the definition of life insurance once a policy enters the "corridor."
Changes in the reinsured portion of the net amount at risk will depend on whether the retention limit of
M Life Insurance Company has been reached. These changes will operate as follows:
All examples in this section assume US/Canadian residents and policy effective dates on or after January
1, 2006. For policies effective prior to January 1, 2006, the calculation would be the same except that
the YRT Percentage and M Life Insurance Company's retention limit may be different.
a. Increase in Policy Net Amount at Risk - (Assumes M Life Insurance Company has capacity to retain its 10%
share up to its retention limit) - An amount equal to the YRT Percentage, as defined in
Schedule A, times 50% of the new policy net amount at risk will be reinsured under this
Agreement. In addition, an amount equal to X% times 50% of the new policy net amount at risk
will be reinsured under one or more Other YRT Agreements with THIRD-PARTY REINSURERS, where X
is derived as follows:
1. For the portion of the policy whereby M Life Insurance Company can retain its 10% share up to its
retention limit, X% is equal to 80% minus the YRT Percentage.
2. For the portion of the policy whereby M Life Insurance Company has exceeded its retention limit, X% is
equal to 100% minus the YRT Percentage.
Example 1 - The policy amount is $1 million, the contract fund is $400,000 and the net
amount at risk is $600,000. With respect to 50% of the policy risk amount addressed
by this Agreement, $60,000 is reinsured with M Life Insurance Company under the Modco
Agreement as described in the Preamble, $30,000 (i.e., $600,000 x 10.00% x 50%) is
reinsured under this Agreement, and $210,000 (i.e., $600,000 x (80% - 10.00%) x 50%)
is reinsured under one or more Other YRT Agreements with THIRD-PARTY REINSURERS. With
respect to the remaining 50% of the policy risk amount, $120,000 is retained by THE
COMPANY and $180,000 is ceded to the THIRD-PARTY REINSURERS under other reinsurance
agreements.
There is no other insurance retained by M Life Insurance Company on the same insured.
If the face amount is increased to $2 million, the net amount at risk is increased to
$1.6 million. In this instance, with respect to 50% of the policy risk amount
addressed by this Agreement, $160,000 is reinsured with M Life Insurance Company under
the Modco Agreement as described in the Preamble, $80,000 (i.e., $1.6 million x 10.00%
x 50%) is reinsured under this Agreement, and $560,000 (i.e., $1.6 million x (80% -
10.00%) x 50%) is reinsured under one or more Other YRT Agreements with THIRD-PARTY
REINSURERS. With respect to the remaining 50% of the policy risk amount, $320,000 is
retained by THE COMPANY and $480,000 is ceded to the THIRD-PARTY REINSURERS under
other reinsurance agreements.
Example 2 - The policy amount is $35 million, the contract fund is $5 million and the
net amount at risk is $30 million. With respect to 50% of the policy risk amount
addressed by this Agreement, $1 million is reinsured with M Life Insurance Company
under the Modco Agreement as described in the Preamble, $1,750,000 [i.e., ($10 million
x 10.00% x 50%) + ($20 million x 12.50% x 50%)] is reinsured under this Agreement,
and $12,250,000 [i.e., ($10 million x (80% - 10.00%) x 50%) + ($20 million x (100% -
12.50%) x 50%)] is reinsured under one or more Other YRT Agreements with THIRD-PARTY
REINSURERS. With respect to the remaining 50% of the policy risk amount, $6,000,000
is retained by THE COMPANY and $9,000,000 is ceded to the THIRD-PARTY REINSURERS under
other reinsurance agreements.
If the face amount is increased to $40 million, the net amount at risk is increased to
$35 million. In this instance, with respect to 50% of the policy risk amount
addressed by this Agreement, $1 million is reinsured with M Life Insurance Company
under the Modco Agreement as described in the Preamble, $2,062,500 [i.e., ($10
million x 10.00% x 50%) + ($25 million x 12.50% x 50%)] is reinsured under this
Agreement, and $14,437,500 [i.e., ($10 million x (80% - 10.00%) x 50%) + ($25 million
x (100% - 12.50%) x 50%)] is reinsured under one or more Other YRT Agreements with
THIRD-PARTY REINSURERS. With respect to the remaining 50% of the policy risk amount,
$7,000,000 is retained by THE COMPANY and $10,500,000 is ceded to the THIRD-PARTY
REINSURERS under other reinsurance agreements.
Example 3 - The policy amount is $10.5 million, the contract fund is $500,000 and
the net amount at risk is $10 million. With respect to 50% of the policy risk amount
addressed by this Agreement, $1 million is reinsured with M Life Insurance Company
under the Modco Agreement as described in the Preamble, $500,000 (i.e., $10 million x
10.00%) x 50%) is reinsured under this Agreement, and $ 3,500,000 (i.e., $10 million
x (80% - 10.00%) x 50%) is reinsured under one or more Other YRT Agreements with
THIRD-PARTY REINSURERS. With respect to the remaining 50% of the policy risk amount,
$2 million is retained by THE COMPANY and $3 million is ceded to the THIRD-PARTY
REINSURERS under other reinsurance agreements.
There is no other insurance retained by M Life Insurance Company on the same insured.
If the face amount is increased to $11 million, the net amount at risk is increased to
$10.5 million. In this instance, with respect to 50% of the policy risk amount
addressed by this Agreement, $1 million is reinsured with M Life Insurance Company
under the Modco Agreement as described in the Preamble, $531,250 [i.e., ($10 million
x 10.00% x 50%) + ($500,000 x 12.50% x 50%)] is reinsured under this Agreement, and
$3,718,750 [i.e., ($10 million x (80% - 22.86%) x 50%) + ($500,000 x (100% - 28.58%)
x 50%)] is reinsured under one or more Other YRT Agreements with THIRD-PARTY
REINSURERS. With respect to the remaining 50% of the policy risk amount, $2,100,000
is retained by THE COMPANY and $3,150,000 is ceded to the THIRD-PARTY REINSURERS
under other reinsurance agreements.
b. Decrease in Policy Net Amount at Risk - (Assumes M Life Insurance Company has capacity to retain its 10%
share up to its retention limit) - An amount equal to the YRT Percentage, as defined in
Schedule A, times 50% of the new policy net amount at risk will be reinsured under this
Agreement. In addition, an amount equal to X% times 50% of the new policy net amount at risk
will be reinsured under one or more Other YRT Agreements with THIRD-PARTY REINSURERS, where X
is derived as defined in Section 6a above.
Example 4 - The policy amount is $2 million, the contract fund is $400,000 and the net
amount at risk is $1.6 million. With respect to 50% of the policy risk amount
addressed by this Agreement, $160,000 is reinsured with M Life Insurance Company
under the Modco Agreement as described in the Preamble, $80,000 (i.e., $1.6 million x
10.00% x 50%) is reinsured under this Agreement, and $560,000 (i.e., $1.6 million x
(80% - 12.50%) x 50%) is reinsured under one or more Other YRT Agreements with
THIRD-PARTY REINSURERS. With respect to the remaining 50% of the policy risk amount,
$320,000 is retained by THE COMPANY and $480,000 is ceded to the THIRD-PARTY
REINSURERS under other reinsurance agreements.
If the face amount is decreased to $1 million, the net amount at risk is decreased to
$600,000. In this instance, with respect to 50% of the policy risk amount addressed
by this Agreement, $60,000 is reinsured with M Life Insurance Company under the Modco
Agreement, as described in the Preamble, $30,000 (i.e., $600,000 x 10.00% x 50%) is
reinsured under this Agreement, and $210,000 (i.e., $600,000 x (80% - 12.50%) x 50%)
is reinsured under one or more Other YRT Agreements with THIRD-PARTY REINSURERS. With
respect to the remaining 50% of the policy risk amount, $120,000 is retained by THE
COMPANY and $180,000 is ceded to the THIRD-PARTY REINSURERS under other reinsurance
agreements.
Example 5 - The policy amount is $40 million, the contract fund is $5 million and the
net amount at risk is $35 million. With respect to 50% of the policy risk amount
addressed by this Agreement, $1 million is reinsured with M Life Insurance Company
under the Modco Agreement as described in the Preamble, $2,062,500 [i.e., ($10
million x 10.00% x 50%) + ($25 million x 12.50% x 50%)] is reinsured under this
Agreement, and $14,437,500 [i.e., ($10 million x (80% - 10.00%) x 50%) + ($25 million
x (100% - 12.50%) x 50%)] is reinsured under one or more Other YRT Agreements with
THIRD-PARTY REINSURERS. With respect to the remaining 50% of the policy risk amount,
$7,000,000 is retained by THE COMPANY and $10,500,000 is ceded to the THIRD-PARTY
REINSURERS under other reinsurance agreements.
If the face amount is decreased to $35 million, the net amount at risk is decreased to
$30 million. In this instance, with respect to 50% of the policy risk amount
addressed by this Agreement, $1 million is reinsured with M Life Insurance Company
under the Modco Agreement as described in the Preamble, $1,750,000 [i.e., ($10
million x 10.00% x 50%) + ($20 million x 12.50% x 50%)] is reinsured under this
Agreement, and $12,250,000 [i.e., ($10 million x (80% - 10.00%) x 50%) + ($20
million x (100% - 12.50%) x 50%)] is reinsured under one or more Other YRT Agreements
with THIRD-PARTY REINSURERS. With respect to the remaining 50% of the policy risk
amount, $6,000,000 is retained by THE COMPANY and $9,000,000 is ceded to the
THIRD-PARTY REINSURERS under other reinsurance agreements.
Example 6 - The policy amount is $11 million, the contract fund is $500,000 and the
net amount at risk is $10.5 million. With respect to 50% of the policy risk amount,
$1 million is reinsured with M Life Insurance Company under the Modco Agreement as
described in the Preamble, $531,250 [i.e., ($10 million x 10.00% x 50%) + ($500,000
x 12.50% x 50%)] is reinsured under this Agreement, and $3,718,750 [i.e., ($10
million x (80% - 10.00%) x 50%) + ($500,000 x (100% - 12.50%) x 50%)] is reinsured
under one or more Other YRT Agreements with THIRD-PARTY REINSURERS. With respect to
the remaining 50% of the policy risk amount, $2,100,000 is retained by THE COMPANY
and $3,150,000 is ceded to the THIRD-PARTY REINSURERS under other reinsurance
agreements.
If the face amount is decreased to $10.5 million, the net amount at risk is decreased
to $10 million. In this instance, with respect to 50% of the policy risk amount, $1
million is reinsured with M Life Insurance Company under the Modco Agreement as
described in the Preamble, $500,000 (i.e., $10 million x 10.00% x 50%) is reinsured
under this Agreement, and $3,500,000 (i.e., $10 million x (80% - 10.00%)x 50%) is
reinsured under one or more Other YRT Agreements with THIRD-PARTY REINSURERS. With
respect to the remaining 50% of the policy risk amount, $2 million is retained by THE
COMPANY and $3 million is ceded to the THIRD-PARTY REINSURERS under other reinsurance
agreements.
c. Termination of a non-MPVUL Policy which Results in Additional Capacity at M Life Insurance Company - The
portion of the policy net amount at risk reinsured under this Agreement will be decreased by
the amount of additional capacity at the M Life Insurance Company made available by the
termination of the non-MPVUL policy.
Example 7 - The policy amount is $2 million, the contract fund is $400,000 and the net
amount at risk is $1.6 million. With respect to 50% of the policy risk amount, $0 is
reinsured with M Life Insurance Company under the Modco Agreement as described in the
Preamble (because the M Life Insurance Company retention limit was reached entirely as
a result of a non-MPVUL policy), $100,000 (i.e., $1.6 million x 12.50% x 50%) is
reinsured under this Agreement, and $700,000 (i.e., $1.6 million x (100% - 12.50%) x
50%) is reinsured under one or more Other YRT Agreements with THIRD-PARTY REINSURERS.
With respect to the remaining 50% of the policy risk amount, $320,000 is retained by
THE COMPANY and $480,000 is ceded to the THIRD-PARTY REINSURERS under other
reinsurance agreements.
If the non-MPVUL policy is terminated, thereby making available an additional 10%
capacity at the M Life Insurance Company, then that capacity will be utilized for the
$2 million MPVUL policy. In that instance, with respect to 50% of the policy risk
amount, $160,000 is reinsured with the M Life Insurance Company under the Modco
Agreement as described in the Preamble, $80,000 (i.e., $1.6 million x 10.00% x 50%)
is reinsured under this Agreement and $560,000 (i.e., $1.6 million x (80% - 10.00%) x
50%) is reinsured under one or more Other YRT Agreements with THIRD-PARTY REINSURERS.
With respect to the remaining 50% of the policy risk amount, $320,000 is retained by
THE COMPANY and $480,000 is ceded to the THIRD-PARTY REINSURERS under other
reinsurance agreements.
Y-MPVUL-2003-SCOTTISH (M LIFE'S 50%)-PLAZ-AMENDMENT-3
In witness of the above, THE COMPANY and THE REINSURER have by their respective officers executed and delivered
this Agreement in duplicate on the dates indicated below, with an effective date of
January 19, 2005.
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PRUCO LIFE INSURANCE COMPANY SCOTTISH RE (U.S.), INC.
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By:________________________________ By:______________________________
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Title:_______________________________ Title:_____________________________
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Date:_______________________________ Date:_____________________________
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By:________________________________ By:______________________________
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Title:_______________________________ Title:_____________________________
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Date:_______________________________ Date:_____________________________
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Y-MPVUL-2003-SCOTTISH (M LIFE'S 50%)-PLAZ-AMENDMENT-3