Annual Premium Clause Samples
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Annual Premium. Except as provided in (2) below, all post-development costs of an insurance program shall be funded by annual premiums charged to the members participating in the program each policy year, and by interest earnings on the funds so accumulated. Such premiums shall be determined by the Board of Directors or the program’s governing committee upon the basis of a cost allocation plan and rating formula developed by PRISM with the assistance of a casualty actuary, risk management consultant, or other qualified person. The premium for each participating member shall include that participant’s share of expected program losses including a margin for contingencies as determined by the Board of Directors, program reinsurance costs, and program administrative costs for the year, plus that participant’s share of PRISM general expense allocated to the program by the Board of Directors.
Annual Premium. The named insureds designated in a certifi- cate shall pay to the companies the annual premium for each calendar year or part thereof. Such annual premium shall be determined by the companies and stated in a written no- ▇▇▇▇ mailed to the first named insured shown in Item 1 of a certificate, and shall be due and payable as stated in such notice.
Annual Premium. Premiums will be limited to a minimum of $25.00 per payroll for 24 payrolls, $600.00 annual minimum. If an annual premium is not divisible by 24 to an exact cent, the remaining cents will be waived and will not be deducted or remitted by the Board of Education. No premiums or part thereof shall be used for any purpose other than the purchase of deferred annuity and/or custodial account.
Annual Premium. Except as provided in (3) below, all post-development costs of an insurance program shall be funded by annual premiums charged to the members participating in the program each policy year, and by interest earnings on the funds so accumulated. Such premiums shall be determined by the Board of Directors upon the basis of a cost allocation plan and rating formula developed by the Authority with the assistance of a casualty actuary, risk management consultant, or other qualified person. The premium for each participating member shall include that participant’s share of expected program losses including a margin for contingencies as determined by the Board, program reinsurance costs, and program administrative costs for the year, plus that participant’s share of Authority general expense allocated to the program by the Board.
Annual Premium. The annual premium equivalent rate (“annual premium”) is the amount of money necessary, as recommended by the Board’s insurance broker, to fund total projected annual plan claims and costs.
Annual Premium. It is agreed that the Annual Premium due the companies for the period designated above is: $4,650.00
Annual Premium. PRISM ARC shall determine the annual premium charge for each Participant in accordance with the standard formula and methodology developed by PRISM. Such premium charge shall include the cost for the Participant’s share of retained losses, transferred losses (through reinsurance and/or excess insurance), and program and general administrative expenses.
Annual Premium. Except as provided in Section D below, costs of the program shall be funded by annual premiums charged to the Member Districts participating in the program each program year and by interest earnings on funds accumulated. Such premiums shall be determined by the Board of Directors upon the basis of a cost allocation plan and experience rating formula developed by the System with the assistance of a casualty actuary, risk management consultant, or other qualified person. The premium for each Member District shall include that Member District’s share of expected program losses, excess insurance or reinsurance costs, administrative costs and program development costs, if applicable. Premiums shall be billed by the System at the beginning of each quarter and shall be payable within thirty (30) days of the billing date(s). At the end of each policy year, Member District payroll shall be audited by the System. Any deficiency in the premium shall be paid by the Member District within thirty (30) days from the date of billing. Any premium refund due the Member District shall be made within thirty (30) days.
Annual Premium. The participating members, in accordance with the provisions of Article 14(b)(2) of the Agreement, shall be assessed an annual premium for the purpose of funding the Program. Annual premiums shall include the participating member’s share of expected losses for the policy period, including Incurred But Not Reported (IBNR) losses, as well as margin for contingencies based upon a confidence level as determined by the Board of Directors of PRISM (hereinafter Board), and adjustments, if any, for a surplus or deficit from all program policy periods. In addition, the premium shall include program reinsurance costs and program administrative costs, plus PRISM’s general expense allocated to the Program by the Board for the next policy period.
Annual Premium. The Member shall pay an annual premium, together with any premium surcharges, for the reinsurance coverage provided by the Association at the rate determined by the Board of Directors of the Association (“Board of Directors”) and approved by the Minnesota Commissioner of Labor and Industry (“Commissioner”). Estimated premium shall be calculated in accordance with procedures established in the Operating Rule for Determination of Exposure Base. The estimated exposure base for a Member may be revised after six months of the coverage year if the member verifies that its current annualized six month exposure base is at least fifteen percent higher or lower than its estimated exposure base. When the actual exposure base figures for the billing year become available, the actual premium shall be calculated. A premium adjustment shall be made as provided in Part Five D. of this Agreement. Ref: Minn. Stat. § 79.35(d). Plan, Article VI.D. Operating Rule for Determination of Exposure Base