Experience account definition

Experience account means an account in the unemployment compensation fund showing an employer's experience with respect to contribution payments and benefit charges under this act, determined and recorded in the manner provided in this act. A reference in this act to an employer's "experience record" or "rating account" shall be construed to include reference to the employer's experience account.
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Experience account means accounting entries which shall be created and maintained by Continental which shall detail the amount of Reserves allocable to each Fund Year.
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Experience account has the meaning set forth in Section 8.1(a).
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Examples of Experience account in a sentence

  • In the event that the Reinsurer learns about a violation of these Covenants after the Expiration Date of this Agreement, the remaining unpaid Total Aggregate Limit, notwithstanding any provision to the contrary contained herein, shall be reduced to an amount equal to the positive balance in the Experience Account (or zero if the Experience Account Balance is negative) upon written notice by the Reinsurer to the Reinsured by registered or certified mail.

  • If at the time of commutation the amount of unpaid Ultimate Net Loss is less than or equal to the Experience Account Balance, the Retrocessionaire agrees to pay all unpaid Ultimate Net Loss as of the date of commutation.

  • In such event within 45 Business Days of such cancellation, the Reinsurer shall pay the Company a Profit Commission equal to the positive Experience Account Balance, as of the end of the prior month, if any.

  • In such event, within 45 Business Days of Commutation the Reinsurer shall pay the Company a Profit Commission equal to the Experience Account Balance as of the end of the prior month, if positive.

  • In the event that the Reinsured does not adhere to these Covenants, the Reinsurer shall have the right to immediately cancel this Agreement by mailing the Reinsured a written notice of cancellation and the remaining unpaid Total Aggregate Limit, notwithstanding any provision to the contrary contained herein, shall be immediately reduced to an amount equal to the positive balance in the Experience Account (or zero if the Experience Account Balance is negative) as of the date of cancellation.

  • In the event that the Reinsured does not remit the overdue amounts to the Reinsurer within 15 days of receiving such notification from the Reinsurer, the remaining unpaid Total Aggregate Limit, notwithstanding any provision to the contrary contained herein, shall be immediately reduced to an amount equal to the positive balance in the Experience Account (or zero if the Experience Account Balance is negative) without further notice.

  • Nothing herein shall be construed as prohibiting Xxxxxx Xxxxxxx or its affiliates from acting as an underwriter, dealer or financial advisor or in any other capacity for any other persons (including other registered investment companies or other investment managers).

  • If at the time of commutation the amount of unpaid Ultimate Net Loss is greater than the Experience Account Balance, the unpaid Ultimate Net Loss shall be commuted at an amount to be mutually agreed.

  • In the event that the Reinsured does not remit the overdue amounts to the Reinsurer within 15 days of receiving such notification from the Reinsurer, the Total Aggregate Limit, notwithstanding any provision to the contrary contained herein, shall immediately and without further notice be reduced to an amount equal to the positive balance in the Experience Account (or zero if the Experience Account Balance is negative).

  • The balance of all premium, including retrocession premium due February 15, 1997, if any, shall be withheld by the Corporation in an Experience Account for the purpose of subsequent loss payments and profit sharing.


More Definitions of Experience account

Experience account means record of amounts payable by the cedant to the reinsurer under a reinsurance contract; and
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Experience account means with respect to the profit sharing commission, the result derived from the calculation of income minus outgo.
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Experience account. A notional "Experience Account" shall be created by the Reinsurer as at the Effective Date of this Agreement and shall be maintained by the Reinsurer until all obligations of the Reinsurer hereunder have been satisfied or discharged in full. The balance of the Experience Account shall be calculated by the Reinsurer and as of any date shall be equal to:
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Experience account shall have the meaning specified in Section 10.1(a).
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Experience account. An Experience Account shall be established by the Reinsurer and maintained during the term of this Agreement. The Experience Account shall consist of (a) ninety percent (90%) of the Reinsurance Premium received, less (b) actual losses paid by the Reinsurer, plus (c) interest on the average account balance calculated and credited at each December 31 at the rate of ninety percent (90%) of the last published One Year U.S. Treasury Xxxx Rate (as published in The Wall Street Journal) on the date the Reinsurance Premium is received by the Reinsurer and annually thereafter.
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Experience account shall have the meaning specified in Section 10.1(a). “
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Related to Experience account

  • Force Account means the use of the Recipient's own employees, equipment, or resources for the Project.

  • Investment Account As defined in Section 3.12(a).

  • Active Account means an individual investment account in the Plan with a balance greater than $0.

  • Retention Account means, an interest bearing USD account in the name of the Borrowers opened or (as the context may require) to be opened by the Borrowers with the Bank and includes any sub-accounts thereof and any other account designated in writing by the Bank to be the Retention Account for the purposes of this Agreement;

  • Individual retirement account means a trust, custodial arrangement, or annuity under Section 408(a) or (b), Internal Revenue Code of 1954 (26 U.S.C. Section 408 (1986)).

  • Transaction Account means a cash account established and maintained by Repo Custodian for the Funds to effect repurchase transactions pursuant to the Master Agreement.

  • Retirement Account means any retirement or pension fund or account, listed in Iowa Code section 627.6(8)“f” as exempt from execution, regardless of the amount of contribution, the interest generated, or the total amount in the fund or account.

  • Interest Collection Account A Securities Account created and maintained on the books and records of the Securities Intermediary entitled “Interest Collection Account” in the name of the Borrower and subject to the prior Lien of the Collateral Agent for the benefit of the Secured Parties.

  • Direct Account : means any Account which is not an ISA Account.

  • Concentration Account has the meaning provided in Section 6.13(c).

  • Surplus Account has the meaning assigned to it in Section 3.02(a).

  • Distribution Accounts Collectively, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution Account, the Excess Interest Distribution Account (and in each case any subaccount thereof), all of which may be subaccounts of a single Eligible Account.

  • Collection Account means the account designated as such, established and maintained pursuant to Section 5.1.

  • Business Account means an Account used primarily for business purposes and not for personal, family, or household purposes.

  • Employer Account The Participant's Matching 401(k) Contributions Account, Matching Thrift Contributions Account, Employer Contributions Account, Qualified Matching Contributions Account and Qualified Nonelective Contributions Account, as the case may be.