Loss Claim definition
Examples of Loss Claim in a sentence
Requests for compensation for extraordinary loss or injury require additional certifications and documentation, as set out in the document titled “Extraordinary Injury Or Loss Claim Form” attached hereto as Exhibit D.
The Ceding Insurer may give one or more written notices to the Reinsurer, the Indenture Trustee, the Claims Reviewer and the Loss Reserve Specialist of the occurrence of one or more Covered Events, and, if accompanied by a Proof of Loss Claim, may request therein that the Claims Reviewer provide a Notice of Loss Payment Amount with respect to one or more Covered Events.
Each such Loss Claim must be received by Treasury not later than 5 p.m. New York City time 30 calendar days following the end of the applicable Calendar Quarter (or if such day is not a Business Day, the next succeeding Business Day).
Any Net Payable Loss will be based on Paid Losses and 30-Day Amounts only and will be the amount calculated under a Proof of Loss Claim which has been subjected to the Claims Procedures by the Claims Reviewer subject to limited exceptions, except for payments due on the Final Loss Payment Date, in which case the final settlement of all liabilities in respect of such Loss Event under the Reinsurance Agreement may include payment for any Loss Reserves on the Final Loss Payment Date.
In the event that the aggregate amount of all Settlement Payments does not exceed the Net Settlement Fund, then each Settlement Class Member who is entitled to receive payment for Ordinary and Extraordinary Loss Claim, a Lost Time Claim and/or an Alternative Cash Payment Claim shall receive additional funds increased on a pro rata basis (in other words, the same additional amount is added to each claimant’s payment) so that the Net Settlement Fund is depleted.
For each Proof of Loss Claim (or a final Proof of Loss Claim) together with such other documentation and procedures required by this Article 5, the Reinsurer will pay to the Ceding Insurer on the next applicable Payment Date, an amount equal to the Ultimate Net Loss.
If a Proof of Loss Claim is submitted less than 32 Business Days prior to a Payment Date, no Loss Payment or 30-Day Reimbursement Amount will be paid until the immediately following Payment Date.
Moreover, a Settlement Class Member cannot recover an aggregate amount of more than Five Thousand Dollars and No Cents ($5,000.00) for their combined Out-of-Pocket Loss Claim and Lost Time Claim.
Such written notice will set forth a reference to the event or events forming the basis of such Loss or Loss Claim and the estimated amount involved, unless such amount is uncertain or contingent, in which event the Indemnified Party will give a later written notice when the amount becomes fixed.
Furthermore, for the purpose of calculating the Actual Payable Loss set forth in the True-Up Interest Statement, Net Payable Loss will be calculated based on the Paid Losses set forth in the most recently provided Proof of Loss Claim with respect to each applicable Loss Event and subjected to the Claims Procedures by the Claims Reviewer and Loss Reserves reviewed by the Loss Reserve Specialist.