PREMIUM ADJUSTMENT. If THE COMPANY overpays a reinsurance premium and THE REINSURER accepts the overpayment, THE REINSURER’s acceptance will not constitute or create a reinsurance liability or increase in any existing reinsurance liability. Instead, THE REINSURER will be liable to THE COMPANY for a credit in the amount of the overpayment. If a reinsured policy terminates, THE REINSURER will refund the excess reinsurance premium. This refund will be on a prorated basis without interest from the date of termination of the policy to the date to which a reinsurance premium has been paid.
PREMIUM ADJUSTMENT. Reinsurance premiums for the interval during which the policy was lapsed will be paid to THE REINSURER by THE COMPANY.
PREMIUM ADJUSTMENT. The reinsurance premiums for the interval during which the policy was lapsed will be paid to REINSURER on the same basis as CEDING COMPANY charged its policy owner for the reinstatement. However, REINSURER is not responsible for claims, under Section 14 of this Agreement, that occur when the policy is lapsed.
PREMIUM ADJUSTMENT. 7 13. PREMIUM TAX REIMBURSEMENT.................................................7
PREMIUM ADJUSTMENT. The Advance Premium stated in Item 5 of the application is computed on the estimated total “cost of hire” for the Policy Period. The words “cost of hire” as used herein mean the entire amount incurred for “Hired Automobiles” and drivers when such automobiles are hired with drivers or the amount incurred for hired automobiles and the wages paid to drivers when such drivers are employees of the Insured. The Advance Premium stated in Item 6 of the application is computed on the estimated total “contract cost” for the Policy Period. The words “contract cost” as used herein mean the entire amount paid by the Insured for “Automobiles Operated under Contract” to the owners thereof. The Advance Premiums are subject to adjustment at the end of the Policy Period when the Insured shall deliver to the Insurer a written statement of the total amounts expended for cost of hire during the Policy Period. If such amounts exceed the estimates stated in the application, the Insured shall immediately pay additional premium at the rates stated therein; if less, the Insurer shall return to the Insured the unearned premium when determined but the Insurer shall, in any event, receive or retain not less than the Minimum Retained Premium stated therein. The Insurer shall have the right and opportunity, whenever the Insurer so desires, to examine the books and records of the Insured to the extent they relate to the premium bases or the subject matter of this policy. The following statutory conditions are applicable in all Provinces of Canada (other than Quebec), except that Statutory Condition 2 is amended in certain Provinces as stated on the reverse side of this page. STATUTORY CONDITIONS In these Statutory Conditions, unless the context otherwise requires, the word “insured” means a person insured by this contract whether named or not with respect to Section B of S.P.F. No. 1 and S.P.F. No. 4 only Statutory Conditions 1, 8 and 9 shall apply.
PREMIUM ADJUSTMENT. If within 12 months after the expiration of this Policy the Insured shall file with the Insurer a premium adjustment application form showing:
PREMIUM ADJUSTMENT. Where the Premium paid by You at the inception of this Policy is calculated on Your estimated Gross Revenue or other estimated amount provided by You to Us, You must, within 30 (thirty) calendar days after the termination of the Period of Insurance, provide Us the actual amount realised during the Period of Insurance so that We may calculate any adjustment Premium that may be payable. Prevention of Accidents You must take reasonable precautions to prevent Personal Injury or Property Damage as if You were not covered by this Policy. Such precautions include but are not limited to
PREMIUM ADJUSTMENT. If the premium for this Policy has been calculated on estimates by You, You shall within 30 days after expiry of the Period of Insurance provide Us with such particulars and information relevant to the Policy as We may reasonably require. The premium for the period shall be adjusted and any difference paid by or allowed to You as the case may be. Provided that the adjusted premium shall not be lower than the minimum premium normally charged by Us. Reasonable Precautions
PREMIUM ADJUSTMENT. This clause is applicable if a specific amount of insurance is shown on the “Declaration Page” for “Stock”. If within 6 months after the expiry or anniversary date of each period of insurance, the Insured shall file with the Insurer a Premium Adjustment Application Form showing, for the said period, the actual cash value of the “Stock” insured on the last day of each month at each location as commented upon by the Insured’s Accountant, the actual premium for the said period shall then be calculated at the rate applying to each location for the average amount of the total values declared. If the premium paid by the Insured for such “Stock” exceeds the actual premium thus calculated, the Insurer shall refund to the Insured any excess paid, subject to a maximum refund of 50% of the premium paid. In the event of any monthly-declared values being in excess of the amount of insurance, the amount of the excess shall not be included in the premium adjustment calculations.
PREMIUM ADJUSTMENT. We will add to the insurance benefits any part of the last premium paid that applies to a period beyond the policy month in which the Insured dies. If the Insured dies during the grace period of an unpaid premium, we will deduct from the benefits the part of the overdue premium for one policy month.
