AMENDMENT
to the Risk Premium Reinsurance Agreement between the
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,"
effective September 1, 1983.
1. On and after the first day of March, 1987, the REINSURED may
cede and the LINCOLN shall accept automatically amounts of reinsurance not to
exceed those described in the attached Schedule B.
2. Except for the additional coverage provided in Schedule B,
Part I, the LINCOLN shall have no liability under facultative applications for
reinsurance unless the REINSURED has accepted the LINCOLN'S offer to reinsure.
3. For reinsurance ceded automatically on and after the first
day of March, 1987, under the above-mentioned reinsurance agreement, the sum of
the amount of insurance already in force on the life and the amount applied for
currently, in all companies, shall not exceed the following amounts.
Ages Life Insurance Waiver of Premium Accidental Death
---- -------------- ----------------- ----------------
0-65 $2,000,000 $2,000,000 $200,000
66-70 2,000,000 ▇▇▇▇ ▇▇▇▇
▇▇-▇▇ ▇▇▇,▇▇▇ ▇▇▇▇ ▇▇▇▇
▇▇ is expressly understood and agreed that the provisions of this
amendment shall be subject to all the terms and conditions of the reinsurance
agreement of which this amendment is a part which do not conflict with the terms
hereof.
Revision No. 12
SCHEDULE B
(Effective March 1, 1987)
Maximum Amounts which the REINSURED may cede Automatically
Life
----
Ages Standard-Table J Tables L-P Over Table P
----- ---------------- ------------- ------------
0-70 200% of the life 200% of the life
retention, not to retention, not to
exceed $600,000 exceed $600,000 None
71-75 $50,000 $30,000 None
Over 75 None None None
Waiver of Premium Disability
----------------------------
The REINSURED may cede automatically Waiver of Premium Disability reinsurance in
amount applicable to the amount of Life reinsurance ceded automatically not to
exceed the following:
Ages Standard-Table F Over Table F
------ ---------------- ------------
0-44 $2,000,000 None
45-65 1,000,000 None
Over 65 None None
Accidental Death Benefits
-------------------------
Ages Standard-Table F Over Table F
------ ---------------- ------------
0-65 $100,000 None
Over S5 None None
IN WITNESS WHEREOF the parties hereto have caused this amendment to
be executed in duplicate on the dates shown below.
CENTURY LIFE OF AMERICA
By /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇. By /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
---------------------------- ----------------------------
Date April 9, 1987 Date April 9, 1987
--------------------------- ----------------------
THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
By /s/ ▇▇▇▇▇ ▇▇▇▇▇▇ By /s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇
---------------------------- ----------------------------
Vice President Assistant Secretary
Date 4/14/87 Date 4/14/87
--------------------------- -----------------------
SCHEDULE B, PART I
Conditional Receipt
In addition to the automatic coverage otherwise provided under this
agreement, if the REINSURED shall become liable, as a result of having issued a
conditional receipt, for a death claim of an amount which, together with the
amount retained by the REINSURED under previously-issued policies, if any,
exceeds its own limit of retention applicable to the mortality class, plan of
insurance, and age at issue for which a premium was collected, the LINCOLN shall
accept reinsurance of such excess automatically in an amount not to exceed
$250,000.
This additional automatic coverage shall apply to insurance which is
covered under this agreement (as specified in paragraph 1 of the "REINSURANCE
COVERAGE" article) but which does not meet all the conditions outlined in
paragraph 2 of the "AUTOMATIC AND FACULTATIVE REINSURANCE" article. In any case,
this additional reinsurance shall terminate when facultative reinsurance is
completed.
A copy of any conditional receipt form of the REINSURED issued in
connection with any policy form eligible for reinsurance under this agreement is
attached as Schedule B, Part II. The REINSURED shall notify the LINCOLN
immediately of any change in such form. The liability of the LINCOLN for
additional coverage under this Schedule B shall be applicable only with respect
to conditional receipt forms which have been reviewed and accepted by the
LINCOLN for purposes of such additional coverage.
SCHEDULE B, PART II
[LOGO OF CENTURY CONDITIONAL RECEIPT
COMPANIES OF
AMERICA]
IN NO EVENT SHALL ANY INSURANCE BE EFFECTIVE FOR ANY PERIOD UNLESS THE PROPOSED
INSURED WAS INSURABLE AND ACCEPTABLE AS PROVIDED BELOW.
Received from .................. this............... day of........, 19 ........
........................................ in the amount of S.........in connection
Nature of Payment (Check, etc.)
with an identically numberedapplication for insurance on which the Proposed
Insured is .....................................................................
NO INSURANCE UNLESS CONDITION SATISFIED
It is a condition precedent to insurance hereunder on the person proposed for
insurance that on the EFFECTIVE DATE (as hereinafter defined), such person be
insurable under the Company's rules, limits and standards for the policy or
policies applied and paid for. There will be no insurance hereunder on such
person unless that person satisfies said condition, regardless of whether said
person has been notified he is not insurable, and if said condition is not
satisfied by the person, any payment made by the Applicant for such person shall
be returned.
MINIMUM AMOUNT REQUIRED WITH APPLICATION
This Receipt provides for [] life insurance [] Disability Income insurance
subject to all provisions herein, in accordance with the terms of the policy or
policies applied for, provided the amount paid with the application is at least
equal to the amount of the full first premium according to the mode of premium
payment selected for each policy indicated. This Receipt shall be void if any
check or draft given in exchange for it is not paid when presented for payment.
EFFECTIVE DATE OF INSURANCE
This receipt provides no insurance until the EFFECTIVE DATE which is defined as
the later of (1) date of completion of all parts of the application and
supplements thereto on the person proposed for insurance, or (2) date of
completion of all medical examinations, including a second examination,
electrocardiogram, urine specimen, and chest X-ray where required for the person
by the Company's published underwriting rules because of age and amount of
insurance applied for, or (3) the Date of Issue, if any, requested in the
application.
TERMINATION DATE OF INSURANCE
This receipt provides no insurance after the TERMINATION DATE which is
determined separately for each policy applied for and is defined as the earliest
▇▇▇▇ of the following:
1. The date notice is mailed that the application is not accepted.
2. The date the Company tenders to the Applicant or Owner a policy issued other
than as applied for.
3. The date next prior to the day the policy becomes effective in the event the
policy is issued as applied for.
4. The date 60 days subsequent to the date of the application.
CONDITIONAL INSURANCE PROVIDED
Provided there is no material misrepresentation in the application, this receipt
provides insurance, subject to all provisions herein, in accordance with the
terms of the policy applied for, between the EFFECTIVE DATE and TERMINATION DATE
and subject to the following limitations for any life or accidental death
insurance:
a. If, on the EFFECTIVE DATE, the person proposed for life insurance is
insurable under the Company's rules, limits and standards for the life
insurance applied for and at the rate applied for or a lower rate, then the
insurance under this receipt for such person shall in no case exceed
$250,000 including ail life and accidental death insurance then in force
with the Company.
b. If, on the EFFECTIVE DATE, the person proposed for life insurance is
insurable under the Company's rules, limits and standards for the life
insurance applied for, but only at a rate higher than applied for, then the
amount of insurance under this receipt for such person shall be the smallest
of:
1. The amount of insurance which the first full premium would purchase at the
higher rate;
2. The amount of insurance applied for; or
3. $250,000 less all life and accidental death insurance then in force with
the Company.
AGENT OR BROKER MAY NOT MODIFY
No Agent or Broker of Century Life of America has any power or authority to
change or modify any of the provisions of - this Conditional Receipt.
Dated at .................................. on .................................
City State Date
.....................................................................
Soliciting Agent or Broker