Contest expenses definition
Contest expenses are interest payable as a result of any delay, reasonable attorneys' fees, court costs and investigation expenses of the contest incurred prior to full settlement by the Ceding Company, and do not include salaries of the Ceding Company's employees and officers or the Ceding Company's normal claim administration costs. The Pool member shall not share in noncontractual damages or any legal or investigative expenses related thereto. Noncontractual damages include punitive, exemplary, compensatory or consequential damages assessed on the basis of fault or wrongdoing on the part of the Ceding Company, its agents or representatives. The Pool will refund any unearned premium to the Ceding Company for premiums paid beyond the date of death of any covered insured. The Ceding Company shall notify the Pool member(s) of its intention to contest or compromise a claim involving reinsurance. If the Pool member(s) does not consent to the contest or compromise, the full amount of reinsurance will be paid to the Ceding Company, and will absolve the Pool member(s) of any further liability under said claim. In the event of any adjustment in the amount of any claim due to misstatement of age or sex of the insured, the reinsurance will be reissued as of the original policy date at the correct age. The Pool member(s) and the Ceding Company will participate in such increase or decrease in proportion to the amount retained by the Ceding Company and reinsured by the Pool member(s) prior to the adjustment. A corresponding adjustment in reinsurance premiums will be made consistent with the charges or credit to the policyholder. If a claim is approved for Disability benefits reinsured hereunder, the Ceding Company will continue to pay reinsurance premiums except the premium for disability reinsurance. The Pool member(s) will pay the Ceding Company its proportionate share of reinsured Disability benefits, including the premiums for benefits that remain in effect during disability.
Contest expenses means all fees, cost and other expense of investigating and conducting a Contest that relates to the Insured Tax Benefits, but not in excess of the Contest Expenses Sub-limit specified in Section 1(b) above, and not with respect to any expenses paid or incurred by Insured prior to Insurer's consent to pursue a Contest, which consent shall not unreasonably be withheld.
Contest expenses means the reasonable expense of conducting that part of a Contest that relates to the Insured Tax Benefits including attorney and expert fees. Contest Expenses shall not include any expenses paid or incurred by Insured or Additional Insured prior to Insured's or Additional Insured's Receipt of a 30-Day Letter or similar correspondence relating to a notice of decifiency from applicable state or local taxing authority.
Examples of Contest expenses in a sentence
Any such Contest expenses shall be borne by Buyer and the Sellers in the same proportion as such related Taxes are borne by Buyer and the Sellers in accordance with Section 6.01 and Section 6.02.
Any such Contest expenses shall be shared by the parties to the extent they relate to a Tax matter, shall be borne by Purchaser and Seller Parent in the same proportion as such related Taxes are borne economically by Purchaser and Seller Parent.
Any such Contest expenses shall be shall be borne by the Buyer and Parent in the same proportion as such related Taxes are borne by the Buyer and Parent in accordance with Section 10.1(b).
Any such Contest expenses shall be shared by the parties to the extent they relate to a Tax matter, shall be borne by Purchaser and Seller in the same proportion as such related Taxes are borne economically by Purchaser and Seller.
More Definitions of Contest expenses
Contest expenses are interest payable, reasonable attorneys' fees, court costs and investigation expenses of the contest incurred prior to full settlement by us, and do not include salaries of your employees and officers or your normal claim administration costs. If your contest, compromise, or litigation results in a reduction in your liability, we shall share in the reduction in the proportion that our net liability bears to the sum of the net liability of all reinsurers on the date of the death of the insured.