LOSS CORRIDOR definition
LOSS CORRIDOR. The Company shall retain 100% of the losses between 64.0% and 82.0% loss ratio. PROFIT COMMISSION: At commutation of each underwriting year of account, the Company shall be entitled to a Profit Commission equal to 100% of the following balance (if positive): Gross Ceded Reinsurance Premium LESS, Ceding Commission LESS, 3.50% of Gross Ceded Premium for Reinsurers' Expenses (subject to a minimum of $500,000) LESS, Paid Losses and Loss Adjustment Expenses PLUS, Salvage and Subrogation PLUS, Interest credited on funds withheld (at the 90-day Treasury-▇▇▇▇ rate). Commutation is at the Company's option any time after six (6) months from inception of each underwriting year of account. However, a given underwriting year of account shall not be commuted unless all prior underwriting years of account have been commuted. Payment by the Reinsurer of Profit Commission balance above, shall constitute a complete and final release of the Reinsurer from any further liability whether known or unknown. Calculation of this Profit Commission adjustment shall apply collectively for all Companies reinsured under this Agreement, and not individually.
LOSS CORRIDOR means the circumstances set forth in paragraph (2) of this Endorsement under which the Insured has agreed to self-insure, and therefore pay, a portion of Claim Payments.
LOSS CORRIDOR. The Company will retain 100.0% of the liability for loss and loss expense above an 81.0% Loss Ratio, up to a 93.0% Loss Ratio. The Reinsurers will be liable for their proportionate share of any loss and loss expense above a 93.0% Loss Ratio, up to the Reinsurers' Loss Cap.
Examples of LOSS CORRIDOR in a sentence
AGENT AGGREGATE STOP LOSS CORRIDOR AGGREGATE STOP LOSS FACTOR AGGREGATE STOP LOSS PERCENTAGE CLAIMS ADMINISTRATOR CONNECTICARE INSURANCE COMPANY, INC.