Actual Premium definition

Actual Premium means the premium that would have been paid by the named insured if the named insured had declared or reported the actual number of vehicles to which this policy applied at the date of loss, where that actual number of vehicles is greater than the number of vehicles declared on this policy and for which premium has been paid and “paid premium” means the premium paid to the Corporation by the named insured for this policy at its inception or last renewal or any alteration made therein in accordance with condition 7 for the number of vehicles declared on this policy. The co-insurance to be paid by the named insured for each distinct loss or occurrence to which this policy applies shall be calculated by subtracting the amount of co-insurance paid by the Corporation for the same claim from the amount of the applicable net claim.

Actual Premium means the premium that would have been paid by the insured if the insured had declared or reported the actual number of vehicles to which this policy applied at the date of loss, where that actual number of vehicles is greater than the number of vehicles declared on the policy and for which premium has been paid. “Paid Premium” means the premium paid to the Corporation by the insured for this policy at its inception or last renewal or any alteration made therein in accordance with condition 6 for the number of vehicles declared on the policy. The co-insurance to be paid by the insured for each distinct loss or occurrence to which this policy applies shall be calculated by subtracting the amount of co- insurance paid by the Corporation for the same claim from the amount of the applicable net claim.

Actual Premium. As respects each contract year, the COMPANY shall calculate Actual Premium which shall equal the sum of the Minimum Premium (in B. above) plus 100% of LOSSES INCURRED (net of the $8,000,000 ULTIMATE NET LOSS plus pro rata LOSS ADJUSTMENT EXPENSE deductible) subject to the Minimum Premium (in B. above) and the Maximum Premium (in C. above). The COMPANY shall calculate and report any downward Actual Premium for each contract year within 60 days after the end of 36 months from the beginning of each contract year, and within 60 days after the end of each 12-month period thereafter until all ULTIMATE NET LOSES and pro rata LOSS ADJUSTMENT EXPENSES subject hereto have been settled. The COMPANY shall calculate and report any upward Actual Premium for each agreement period within 60 days after the end of 12 months from the beginning of each contract year, and within 60 days after the end of each 12-month period thereafter until all ULTIMATE NET LOSSES and pro rata LOSS ADJUSTMENT EXPENSES subject hereto have been settled. The REINSURER shall pay the COMPANY any reported downward Actual premium less amounts previously paid in respect of Deposit Premium and prior net Actual Premium payments upon 15 days of receipt of the COMPANY'S report or 75 days in arrears of the respective year end reporting date, whichever is later. The COMPANY shall pay the REINSURERS any reported upward Actual Premium less amounts previously paid in respect of Deposit Premium and prior net Actual Premium payments upon the reporting of such Actual Premium development to REINSURERS.

Examples of Actual Premium in a sentence

• Monthly Premium Cost payable to the Insurance Provider of your choice TDSB Funding (Payment-in-lieu reimbursement) Maximum (2020-2021) 50% of the Actual Premium Cost TDSB Actual Payout = the Lesser of (a) or (b) Scenario 1$300.00$248.78*$150.00$150.00Scenario 2$500.00$248.78*$250.00$248.78 *Please note: the maximum reimbursement amount listed above is subject to change upon ratification of the local collective agreement and any retroactive payments will be processed accordingly.

• Directors Obligation Insurance Premium: Actual Premium as may be determined by the Insurance Company.

• Group medi claim/accidental insurance/life insurance / keyman insurance Premium: Actual Premium as may be determined by the Insurance Company.

• Group Mediclaim/accidental insurance/life insurance / keyman insurance Premium: Actual Premium as may be determined by the Insurance Company.

• Actual Premium Right Of Way Acquisition Costs as set forth in Article VIII.

• Actual Premium Rates for Credit Insurance Ins 1201.10 (a)-(b) (a) The actual premium rates applicable upon the effective date of this part shall be those shown in Ins 1201.19.

• Actual Premium Rates for Credit Insurance for: Credit unions, commercial and savings banks, finance companies, motor vehicle dealers, and other sales finance.

• The difference in Actual Premium and Deposit Premium shall be met by adjustment premium to be paid to the Company or by a premium refund to the Insured as the case may be.

• In comparison, the year 9 renewal customer has an APTP ratio of1.25 (average year9 renewal business APTP ratio), which means their Actual Premium is €875.

• Monthly Premium Cost payable to the Insurance Provider of your choice TDSB Funding (Payment-in-lieu reimbursement) Maximum (2020-2021) 50% of the Actual Premium Cost TDSB Actual Payout = the Lesser of (a) or (b) Scenario 1$300.00$248.78* *Please note: the maximum reimbursement amount listed above is subject to change upon ratification of the local collective agreement and any retroactive payments will be processed accordingly.

More Definitions of Actual Premium

Actual Premium. As respects each contract year, the Company shall calculate Actual Premium which shall equal the sum of the Minimum Premium (in B. above) plus 100% of Losses Incurred (net of the $13,000,000 Ultimate Net Loss plus pro rata Loss Adjustment Expense deductible) subject to the Minimum Premium (in B. above) and the Maximum Premium (in C. above). The Company shall calculate and report any decrease in Actual Premium for each contract year within 60 days after the end of 36 months from the beginning of each contract year, and within 60 days after the end of each 12-month period thereafter until all Ultimate Net Losses and pro rata Loss Adjustment Expenses subject hereto have been settled. The Company shall calculate and report any increase in Actual Premium for each agreement period within 60 days after the end of 12 months from the beginning of each contract year, and within 60 days after the end of each 12-month period thereafter until all Ultimate Net Losses and pro rata Loss Adjustment Expenses subject hereto have been settled. 10 The Reinsurer shall pay the Company any reported decrease in Actual Premium less amounts previously paid in respect of Deposit Premium and prior net Actual Premium payments upon 15 days of receipt of the Company's report or 75 days in arrears of the respective year end reporting date, whichever is later.