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The provision applies in the case of reinsurance of risks other than life insurance, annuity or noncancellable accident and health insurance risks.
Also, it's important to talk to clients about guaranteed renewable products, rather than a noncancellable, to reduce cost and save money.
Providing noncancellable, investment-grade insurance capacity for this sort of risk was something that had never been done before.
All noncancellable obligations must be capitalized" is not quite so grand as the thousands of pages of rules and interpretations that say the same thing.
Look for noncancellable, guaranteed renewable coverage.
We renewed prior to September 11 with a three-year, noncancellable policy.
The contract offers three levels of protection-Income I, II or III--on a noncancellable or guaranteed-renewable basis.
1) The lease term includes the period through the date a bargain purchase option becomes exercisable, including (i) the fixed, noncancellable term, (ii) any periods covered by bargain renewal options, (iii) all periods for which failure to renew imposes a penalty such that as of lease inception, renewal appears reasonably assured, (iv) any periods covered by ordinary renewal options during which the lessee is expected to be a lender or guarantor of debt to the lessor related to the leased property, (v) all periods covered by ordinary renewal options preceding any bargain purchase option, and (vi) all periods representing renewals or extensions at the lessor's option.
AcSEC understands that, although the terms of contractual arrangements between a television network and an entity in the film industry for delivery of an episodic television series may be binding and noncancellable in form, in practice these contracts often are amended or canceled in the initial years of the series.
Our focus is on noncancellable, long-term financial leases because they are most nearly the equivalent of debt financing.
acquires equipment under a noncancellable lease at an annual rental of $30,000, payable in advance for five years.
10) One market study indicates that females purchase only 22 percent of all individual, noncancellable LTD policies (Edmonston and Scott, 1987).