Future Premiums definition
Future Premiums means all original gross premiums relating to Policies that are part of the Subject Business earned on or after January 1, 2006, including all renewal, additional, adjustment, amendment, reinstatement and other such premiums, less all brokerage, fees, commissions or other deductions and less cancellations, returned premiums and premiums on the Inuring AXA RE Retrocession Agreements.
Future Premiums means such premiums as, according to the rate of interest and the rate of mortality assumed in the company’s actuarial valuation, are sufficient to provide for the risk incurred by the company in issuing the policies in force on the date in respect of which the valuation is made, exclusive of any addition thereto for office expenses and other charges;
Examples of Future Premiums in a sentence
Further, it is agreed that the Initial Premium does not include any Future Premiums.
The Retrocessionaire shall bear the risk of uncollected Future Premiums.
Following a FW Canadian Cash Call of the FW Canadian Account Balance, the Retrocessionaire shall be entitled to cash payment in the amount of Future Premiums actually received by the Retrocedant after such FW Canadian Cash Call.
Following a ▇▇ ▇▇▇▇ Call of all FW Subaccount Balances, the Retrocessionaire shall be entitled to cash payment in the amount of Future Premiums actually received by the Retrocedant after such ▇▇ ▇▇▇▇ Call.