Common use of CESSION STATEMENTS Clause in Contracts

CESSION STATEMENTS. Account Current Statements will be rendered 30 days after the close of the month or as soon as reasonably practicable thereafter, as shown in the attached form or in such other simplified form as prepared by the Company. 1. Gross Premiums Written ____________ EQUALS 2. Excess Reinsurance ____________ 3. Subject Premium ____________ LESS 4. Taxes, Board, Bureaus and Residual Market Charges; and ____________ 5. Claims Service Fees; and ____________ 6. Profit and Administration; and ____________ 7. Direct Commission; and ____________ 8. Sub-total (4,5,6,7) ____________ EQUALS 9. Gross Ceded Premium ____________ (line 3 less line 8) 10. Federal Excise Tax ____________ (line 3 x 1%) 11. Net Ceded Premium ____________ (line 9 less line 10) LESS 12. Escrow Fund Reimbursement; and ____________ 13. Paid Losses ____________ EQUALS 14. Balance Due To (From) Reinsurer ____________

CESSION STATEMENTS. Account Current Statements will be rendered 30 days after the close of the month or as soon as reasonably practicable thereafter, as shown in the attached form or in such other simplified form as prepared by the Company. 1. Gross Premiums Written ____________ EQUALS 2. Excess Reinsurance ____________ 3. Subject Premium ____________ LESS 4. Taxes, Board, Bureaus and Residual Market Charges; and _____________ Residual Market Charges; and 5. Claims Service Fees; and ____________ 6. Profit and Administration; and ____________ 7. Direct Commission; and ____________ 8. Sub-total (4,5,6,7) ____________ EQUALS 9. Gross Ceded Premium ____________ (line 3 less line 8) 10. Federal Excise Tax ____________ (line 3 x 1%) 11. Net Ceded Premium ____________ (line 9 less line 10) LESS 12. Escrow Fund Reimbursement; and ____________ 13. Paid Losses ____________ EQUALS 14. Balance Due To (From) Reinsurer ____________