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.
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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.
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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 LOSSES 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.
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Examples of Actual Premium in a sentence

  • Minimum Premium: As respects each contract year, the COMPANY shall pay REINSURERS Actual Premium as per D.

  • If the Actual Premium for an Identified Policy exceeds the Estimated Premium for such Identified Policy, then the Purchaser shall pay to the Seller an amount equal to this excess within three (3) Business Days of the Seller’s written request therefor.

  • As soon as practicable, and in any event no later than October 31, 2011, Embarcadero shall require Milliman to prepare an actuarial report (the "Final Report") setting forth as of September 30, 2011 the estimated ultimate loss (loss and loss adjustment expense) of the 2006 Loss Reserves (the "Anniversary Date Loss Reserves") and actual subject premiums for the 2006 Policies as of September 30, 2011 (the "Anniversary Date Actual Premium").

  • Each Party shall make available to the other Party and the Alternative Accountants such work papers as may be reasonably necessary to calculate the Actual Premium Amounts and Premium Adjustment under this Section 2.5(d)(ii).

  • 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.

  • 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.

  • If the Parties are unable to agree on the Actual Premium Amounts within twenty (20) days of the Assuming Reinsurer's receipt of the True Up Report, "Alternative Accountants," whose decision on the matter shall be binding on the Parties, shall be designated by agreement between the Company and the Assuming Insurer.

  • Redlich, Jr. and the Sullivan Trust shall joi▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ in writing ▇▇ ▇▇▇ease (i) to Purchaser so much of the Loss Reserve Escrow Amount, if any, as is equal to the amount by which the sum of (A) the Anniversary Date Loss Reserves and (B) the 2006 Estimated Subject Premium is greater than the sum of (C) the 2006 Loss Reserves and (D) the Anniversary Date Actual Premium, and (ii) to Christopher R.

  • As respects each contract year, the COMPANY shall pay REINSURERS Actual Premium as per D.

  • Wage per hour Tier # Actual Premium Share $8.24-$10.00 1 $18.80* $10.01-$13.00 2 $20.64* $13.01-up 3 $23.60* * With completion of the medical plan health profile, $10 will be taken off the premium share resulting in the amounts being $8.80, $10.64 and $13.60 for Tier 1, 2 and 3, respectively.


More Definitions of Actual Premium

Actual Premium means, with respect to an Identified Policy, an amount equal to the premium actually paid by the Seller from the applicable Purchase Confirmation Date until the applicable Change Date.
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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.
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Related to Actual Premium

  • Annual Premium means an amount specified in the Schedule, which is payable under the annual Premium payment mode under this Policy, excluding Extra Premium, if any and excluding service tax or any other taxes, cesses or levies, if any;

  • Total Premiums Paid means total of all the premiums received, excluding any extra premium, any rider premium and taxes.

  • Extra Premium means an additional amount charged by Us, as per Our Underwriting Policy, which is determined on the basis of disclosures made by You in the Proposal Form or any other information received by Us including medical examination report of the Life Insured.

  • Spread Maintenance Premium means, with respect to any payment or prepayment, an amount equal to the product of the following: (i) the LIBOR Margin, the Alternate Rate Spread or the Base Rate Spread then applicable to each such future installment of interest, multiplied by (ii) the principal amount of the Loan so prepaid, and multiplied by (iii) a fraction, the numerator of which is the number of days following the date through which interest on the prepaid amount has been paid through and including December 14, 2019, and the denominator of which is 360.

  • Auction Premium means the difference between the clearing price and the reserve price in an auction;