Ohio Amended and Restated Principal Underwriting Agreement regarding Issuance of variable annuity contracts and life insurance

• Category: Corporations - Public - Agreements - Underwriting
• State: Multi-State
• Control #: US-EG-9360
• Format: Word; Rich Text

Description

Underwriting Agreement between Lincoln Life and Annuity Company of New York and Lincoln Financial Advisors Corporation regarding the issuance of public certain variable annuity contracts and variable life insurance Ohio Amended and Restated Principal Underwriting Agreement is a legal document that outlines the terms and conditions applicable to the issuance of variable annuity contracts and life insurance in the state of Ohio. This agreement serves as a binding contract between the insurance company and the underwriter, ensuring compliance with regulatory requirements and processes. The Ohio Amended and Restated Principal Underwriting Agreement encompasses several types based on the specific aspects of variable annuity contracts and life insurance, which are as follows: 1. Variable Annuity Underwriting Agreement: This type of agreement is specifically tailored to govern the underwriting process of variable annuity contracts in Ohio. It ensures adherence to the regulations set forth by the Ohio Department of Insurance and provides guidelines for the evaluation of applicants, determination of premiums, and issuance of policies. 2. Life Insurance Underwriting Agreement: This agreement focuses on the underwriting procedures and guidelines for the issuance of life insurance policies in Ohio. It details the evaluation criteria for applicants, medical underwriting practices, risk assessment, premium calculations, and policy issuance procedures to ensure compliance with Ohio state laws and regulations. Key terms within the Ohio Amended and Restated Principal Underwriting Agreement include: — Ohio Department of Insurance: Refers to the regulatory authority responsible for overseeing insurance operations within the state of Ohio. Compliance with their guidelines is a fundamental requirement under this agreement. — Underwriter: A company or individual responsible for assessing the risk associated with the issuance of variable annuity contracts and life insurance policies. The underwriter evaluates the applicant's eligibility and determines the terms and conditions of coverage. — Applicant Evaluation: The agreement outlines the factors that the underwriter must consider during the evaluation process, such as the applicant's age, health status, medical history, and financial standing. It also addresses the disclosure requirements for applicants to ensure accuracy in the underwriting process. — Premium Calculation: This section details the methodology for determining the premiums payable by the policyholders. It may include variables like the applicant's age, gender, health status, desired coverage amount, and investment options for variable annuities. — Policy Issuance: The agreement provides guidelines for the process of issuing variable annuity contracts and life insurance policies, ensuring accuracy, transparency, and compliance with applicable laws and regulations. In summary, the Ohio Amended and Restated Principal Underwriting Agreement sets the framework for the issuance of variable annuity contracts and life insurance policies in Ohio. It defines the relationship between the insurance company and the underwriter, outlines the underwriting process, and ensures compliance with the regulatory requirements established by the Ohio Department of Insurance.

Ohio Amended and Restated Principal Underwriting Agreement is a legal document that outlines the terms and conditions applicable to the issuance of variable annuity contracts and life insurance in the state of Ohio. This agreement serves as a binding contract between the insurance company and the underwriter, ensuring compliance with regulatory requirements and processes. The Ohio Amended and Restated Principal Underwriting Agreement encompasses several types based on the specific aspects of variable annuity contracts and life insurance, which are as follows: 1. Variable Annuity Underwriting Agreement: This type of agreement is specifically tailored to govern the underwriting process of variable annuity contracts in Ohio. It ensures adherence to the regulations set forth by the Ohio Department of Insurance and provides guidelines for the evaluation of applicants, determination of premiums, and issuance of policies. 2. Life Insurance Underwriting Agreement: This agreement focuses on the underwriting procedures and guidelines for the issuance of life insurance policies in Ohio. It details the evaluation criteria for applicants, medical underwriting practices, risk assessment, premium calculations, and policy issuance procedures to ensure compliance with Ohio state laws and regulations. Key terms within the Ohio Amended and Restated Principal Underwriting Agreement include: — Ohio Department of Insurance: Refers to the regulatory authority responsible for overseeing insurance operations within the state of Ohio. Compliance with their guidelines is a fundamental requirement under this agreement. — Underwriter: A company or individual responsible for assessing the risk associated with the issuance of variable annuity contracts and life insurance policies. The underwriter evaluates the applicant's eligibility and determines the terms and conditions of coverage. — Applicant Evaluation: The agreement outlines the factors that the underwriter must consider during the evaluation process, such as the applicant's age, health status, medical history, and financial standing. It also addresses the disclosure requirements for applicants to ensure accuracy in the underwriting process. — Premium Calculation: This section details the methodology for determining the premiums payable by the policyholders. It may include variables like the applicant's age, gender, health status, desired coverage amount, and investment options for variable annuities. — Policy Issuance: The agreement provides guidelines for the process of issuing variable annuity contracts and life insurance policies, ensuring accuracy, transparency, and compliance with applicable laws and regulations. In summary, the Ohio Amended and Restated Principal Underwriting Agreement sets the framework for the issuance of variable annuity contracts and life insurance policies in Ohio. It defines the relationship between the insurance company and the underwriter, outlines the underwriting process, and ensures compliance with the regulatory requirements established by the Ohio Department of Insurance.