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Title: |
Risk Premium Reinsurance Agreement |
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Date: |
2003 |
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Preview shows 15KB of 74KB total |
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$44 |
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ID: |
#2500297 |
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RISK PREMIUM REINSURANCE AGREEMENT
between
USAA LIFE INSURANCE COMPANY
(hereinafter called the "Ceding Company")
San Antonio, Texas, USA
and
RGA REINSURANCE COMPANY
(hereinafter called the "Reinsurer")
St. Louis, Missouri, USA
THIS AGREEMENT IS EFFECTIVE JUNE 1, 1998
================================================================================
{PAGE}
TABLE OF CONTENTS
=================
{TABLE}
{CAPTION}
ARTICLE TITLE PAGE
------- ----- ----
{S} {C} {C}
I PARTIES TO THE AGREEMENT 3
II COMMENCEMENT, TERMINATION AND CONTINUANCE OF REINSURANCE 3
III SCOPE 4
IV COVERAGE 5
V LIABILITY 6
VI RETENTION AND RECAPTURE 7
VII REINSURANCE PREMIUMS AND ALLOWANCES 7
VIII RESERVES 8
IX TERMINATIONS AND REDUCTIONS 8
X POLICY ALTERATIONS 8
XI POLICY ADMINISTRATION AND PREMIUM ACCOUNTING 9
XII CLAIMS 10
XIII ARBITRATION 11
XIV INSOLVENCY 13
XV RIGHT TO INSPECT 13
XVI UNINTENTIONAL ERRORS, MISUNDERSTANDINGS OR OMISSIONS 13
XVII CHOICE OF LAW, FORUM AND LANGUAGE 14
XVIII ALTERATIONS TO THE AGREEMENT 14
XIX EXECUTION OF THE AGREEMENT 15
SCHEDULES
---------
I REINSURANCE SPECIFICATIONS 16
II RETENTION 20
III BUSINESS COVERED 21
IV REINSURANCE PREMIUMS 22
V LIMITS 27
VI SAMPLE STATEMENT SPECIFICATIONS 28
VII SAMPLE POLICY EXHIBIT 29
VIII DEFINITIONS 30
{/TABLE}
2
{PAGE}
ARTICLE I
PARTIES TO THE AGREEMENT
------------------------
Reinsurance required by the Ceding Company will be assumed by the Reinsurer as
described in the terms of this Agreement.
This is an Agreement solely between the Reinsurer and the Ceding Company. In no
instance will anyone other than the Reinsurer or the Ceding Company have any
rights under this Agreement, and the Ceding Company is and will remain solely
liable to any insured, policyowner, or beneficiary under the Original Policies
reinsured hereunder.
The current general and special policy conditions, the premium schedules, and
underwriting guidelines of the Ceding Company, applying to the business covered
by this Agreement as set out in the Schedules, will form an integral part of
this Agreement. Additions or alterations to any of these conditions or
schedules will be reported to the Reinsurer without delay. In the case of
significant changes, both parties to the Agreement must agree to the new
reinsurance conditions.
ARTICLE II
COMMENCEMENT, TERMINATION AND CONTINUANCE OF REINSURANCE
--------------------------------------------------------
1. AGREEMENT COMMENCEMENT
----------------------
Notwithstanding the date on which this Agreement is signed, this
Agreement will take effect as from the date shown in the attached
Schedule I, and applies to new business taking effect on and after
this date.
2. AGREEMENT TERMINATION
---------------------
This Agreement will be in effect for an indefinite period and may be
terminated as to new reinsurance at any time by either party giving
ninety (90) days written notice of termination. The day the notice is
mailed to the other party's Home Office, or, if the mail is not used,
the day it is delivered to the other party's Home Office or to an
Officer of the other party will be the first day of the ninety (90)
day period.
During the ninety(90) day period, this Agreement will continue to
operate in accordance with its terms.
3. POLICY TERMINATION
------------------
If the Policy is terminated by death, lapse, surrender or otherwise,
the reinsurance will terminate on the same date. If premiums have
been paid on the reinsurance for a period beyond the termination
date, refunds will follow the terms as shown in Schedule I.
If the Policy continues in force without payment of premium during
any days of grace pending its surrender, whether such continuance be
as a result of a Policy provision or a practice of the Ceding
Company, the reinsurance will also continue without payment of
premium and will terminate on the same date as the Ceding Company's
risk terminates.
If the Policy continues in force because of the operation of an
Automatic Premium Loan provision, or other such provision by which
the Ceding Company receives compensation for its risk, then the
reinsurance will also continue and the Ceding Company will pay the
Reinsurer the reinsurance premium for the period to the date of
termination.
3
{PAGE}
ARTICLE II
COMMENCEMENT, TERMINATION AND CONTINUANCE OF REINSURANCE (CONTINUED)
--------------------------------------------------------------------
4. CONTINUATION OF REINSURANCE
---------------------------
On termination of this Agreement in accordance with the provisions in
Paragraph two of this Article, the reinsurance ceded will remain in
force subject to the terms and conditions of this Agreement until
their natural expiry.
ARTICLE III
SCOPE
-----
1. RETENTION OF THE CEDING COMPANY
-------------------------------
The type and amount of the Ceding Company's retention on any one life is
as shown in Schedule I. In determining the amounts at risk in each case,
any additional death benefits on the same life (e.g. additional term
insurance or family income benefits) will be taken into account, as will
the amounts at risk under any other existing policies, at the time of
commencement, of the policy ceded under this Agreement.
The Ceding Company may alter its retention in respect of future new
business at any time. The Ceding Company will promptly notify the
Reinsurer of such alteration and its effective date.
2. CURRENCY
--------
All reinsurance to which the provisions of this Agreement apply will be
effected in the same currencies as that expressed in the Original Policies
and as shown in Schedule I.
3. THE REINSURER'S SHARE
---------------------
The Reinsurer's Share is as shown in Schedule I.
4. BASIS OF REINSURANCE
--------------------
Plans of insurance listed in Schedule I will be reinsured on the basis
described in Schedule I, using the rates given in the Rate Table as shown
in Schedule I.
5. REINSURANCE ALLOWANCES
----------------------
The Reinsurer will pay to the Ceding Company the reinsurance allowance,
if any, as shown in Schedule I. If any reinsurance premiums or installments
of reinsurance premiums are returned to the Ceding Company, any
corresponding reinsurance allowance previously credited to the Ceding
Company, will be reimbursed to the Reinsurer.
6. PREMIUM RATE GUARANTEE
----------------------
Premium Rate Guarantees, if any, are as shown in Schedule I.
7. POLICY FEES
-----------
Policy fees, if any, are as shown in Schedule I.
4
{PAGE}
ARTICLE III
SCOPE (CONTINUED)
-----------------
8. TAXES
-----
Taxes, if any, are shown in Schedule I.
9. EXPERIENCE REFUND OR PROFIT COMMISSION
--------------------------------------
If an experience refund or profit commission is payable under this
Agreement, the conditions and formula are as shown in Schedule I.
10. EXPENSE OF THE ORIGINAL POLICY
------------------------------
The Ceding Company will bear the expense of all medical examinations,
inspection fees and other charges incurred in connection with the original
policy.
ARTICLE IV
COVERAGE
--------
AUTOMATIC PROVISIONS
--------------------
For each risk on which reinsurance is ceded, the Ceding Company's
retention at the time of issue will take into account both currently
issued and previously issued policies.
The Ceding Company must cede and the Reinsurer must automatically
accept reinsurance, if all of the following conditions are met for
each life:
1. RETENTION
---------
The Ceding Company has retained its limit of retention as
shown in Schedule I; and
2. PLANS AND RIDERS
----------------
The basic plan or supplementary benefit, if any, is shown in
Schedule I; and
3. AUTOMATIC ACCEPTANCE LIMITS
---------------------------
The underwriting class, age, minimum reinsurance amount,
binding amounts and jumbo limits fall within the automatic
limits as shown in Schedule I; and
4. UNDERWRITING
------------
The risk is underwritten according to the Ceding Company's
Standard Guidelines; and
The Ceding Company has never made facultative application
for reinsurance on the same life to the Reinsurer or any
other Reinsurer; and
5. RESIDENCE
---------
The risk is a resident of the Countries, as shown in
Schedule I.
5
{PAGE}
ARTICLE IV
COVERAGE (CONTINUED)
--------------------
AUTOMATIC PROVISIONS (CONTINUED)
--------------------------------
If, for a given application, the Ceding Company cannot comply with
the automatic reinsurance conditions described above, or if the
Ceding Company submits the application to other Reinsurers for their
facultative assessment, the Ceding Company can submit this
application to the Reinsurer on a facultative basis.
FACULTATIVE PROVISIONS
----------------------
The Ceding Company will send copies of the original applications, all
medical reports, inspection reports, attending physician's statement,
and any additional information pertinent to the insurability of the
risk to the Reinsurer.
The Ceding Company will also notify the Reinsurer of any underwriting
information requested or received after the initial request for
reinsurance is made. For policies which contain automatic increase
provisions, the Ceding Company will inform the Reinsurer of the
initial and ultimate risk amounts for which reinsurance is being
requested, or in the case of indexed amounts, the basis of the
indexing.
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