First Year Premium definition

First Year Premium from the Composite Totals- Life "First Year Premium" as of 12/31/99, as stated in the UT69-003 Report. b. Domestic Single Premiums shall be determined by subtracting both the International U.L. and the International Non-U.L. "Single Premium" from the Composite Totals-Life "Single Premium" as of 12/31/99, as stated in the UT69-003 Report. The Domestic Single Premiums will then be multiplied by 5% to determine the amount of Domestic Single Premiums to be included in the bonus calculation. This amount will then be added to the Domestic First-Year Premiums to determine the Total Collected Premiums.
View Source

Examples of First Year Premium in a sentence

  • In addition to commission payable, the Company may award to the writing agency Annual First Year Premium (AFYP) production credit.

  • We may also pay you the Cash Surrender Value and terminate this contract before the Annuity Date under the following circumstances: (1) when (a) the Contract Value as of the most recent Valuation Date and (b) the total premiums paid minus any partial withdrawals are each less than the amount specified on the Contract Schedule as the Minimum Remaining Contract Value After Withdrawal; or (2) when you do not pay premiums at least equal to the Minimum First Year Premium before the first Contract Anniversary.

  • Annual First Year Premium (AFYP) is a measurement of production that is equal to the required first-year premium on an annual payment mode.

  • International First Year Premiums shall be determined from Report No. UT69-3BON, "International Bonus", "First Year Premium" as of 12/31/01.

  • DI Bonus - First Year Premium Agents will earn the following additional percentage of collected first year premium provided that, in the year prior to the year the DI Bonus is earned, they produce $40,000 NFYAP and have DI Persistency of at least 70%: 5% of collected first year premium up to $40,000, and 10% of the excess, for Provision Policies - 2% of collected first year premium up to $40,000, and 7% of the excess.

  • The data source used for determining the Total Collected Premiums will be the Report No. UT69-3BON, International Bonus, using the fields "First Year Premium" and "Single Premium".

  • Variable Universal Life ----------------------- Direct Production - Commission Rates Increases Above Previous New Policies High Specified Amount First Year Premium Up to Target Premium 80.0% 50.0% First Year Premium in Excess of Target Premium 5.0% 2.0% Renewal Premium 2.0% 2.0% For the purposes of this schedule, First Year Premium shall mean the premium produced during the first 12 months following the effective date of the policy increase in Specified Amount.

Related to First Year Premium

  • Base Year Value means the assessed value of eligible property January 1 preceding the execution of the agreement plus the agreed upon value of eligible property improvements made after January 1 but before the execution of the agreement.

  • 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;

  • First Year means the intake group of Students for the most junior class or year in a school.

  • Regular Premium means the amount exclusive of applicable taxes, if any, payable by the Policyholder at regular intervals during the Premium Paying Term, in amount and at the Premium Payment Frequency, both, as specified in the Schedule.

  • Net earned premium as used herein is defined as the Company's gross earned premium collected on the classes of business subject to this Contract, less only the earned portion of premiums, if any, ceded by the Company for reinsurance which inures to the benefit of this Contract and less dividends incurred.