Reinsurance Business :: GCSE Business Marketing Coursework

Reinsurance Business ARTICLE I PARTIES TO AGREEMENTThis concord is solely between the club and the Reinsurer and the performance of obligations of each(prenominal) party low this Agreement sh alone be rendered solely to the other party. In no instances sh tout ensemble anyone other than the conjunction or the Reinsurer urinate any rights under this Agreement except recognizing the Company has the sole responsibility for the evaluation and accommodation of the Underwriting Manager, Managed Care Concepts of Delaware, Inc. (MCCI). Further, it is agreed that Associated adventure and Health Reinsurance Underwriters (AAHRU), a participating Reinsurer, is deemed to be the Lead Reinsurer. In that capacity, any and all actions of the Lead Reinsurer shall be do in the best interest of this Agreement and binding upon the other reinsurers. Should the Company appoint a new Underwriting Manager, the Reinsurer must approve any exchange in the Underwriting Manager, otherwise the Reins urer has the right to cancel at the time of change.This Agreement shall be binding upon the parties, their heirs, and successors, if any. ARTICLE II BASIS OF REINSURANCEOn and afterward the effective date of this Agreement, the Company shall cede and the Reinsurer shall accept as reinsurance, a Quota Share portion, as shown within ARTICLE XXXII EXECUTION, of the liability on policies, binders, contracts or agreements of insurance, hereinafter referred to as policies, issued or renewed by the Company on or after the effective date of this Agreement and underwritten for and on behalf of the Company by the Underwriting Manager and classified as underlying College Accident and Sickness Medical Expense Insurance, as described belowBasic College Accident and Sickness Medical Expense InsuranceExcess of all other valid and collectible insurance issued to the eligible scholarly persons (various classes including, home(prenominal) undergraduate, domestic graduate and foreign students) and their eligible dependents. If the eligible student does not have primary insurance, this plan will be primary. Some plans may be written on a primary basis for which benefits will past be coordinated with any other plan in which the student is cover as a dependent. Premiums must be paid originally insurance is in force and valid. The maximum benefit per individual covered insured is $500,000. ARTICLE III RETENTION AND LIMITThe Reinsurer agrees to accept a fixed proportion of 85% of the first $500,000 per person per risk for all business subject to this Agreement.