Examples of MONTHLY REINSURANCE PREMIUM in a sentence
On or before the REMITTANCE DATE, CEDING COMPANY shall forward to REINSURER its statement of account and data requirements as set forth in Schedule F together with its remittance of the MONTHLY REINSURANCE PREMIUM as shown therein, as well as any premium adjustments from the prior period.
MONTHLY REINSURANCE PREMIUM means the sum, for all ACTIVE CONTRACTS reinsured under this Agreement, of the product of (i) the MONTHLY REINSURANCE PREMIUM RATE and (ii) the average of (a) the REINSURED ACCOUNT VALUE as of the current month’s MONTHLY VALUATION DATE and (b) the REINSURED ACCOUNT VALUE as of the previous month’s MONTHLY VALUATION DATE.
MONTHLY REINSURANCE PREMIUM RATE means the REINSURANCE PREMIUM RATE divided by 12.
Any disbursal request made by the Borrower shall form an integral part of this Terms & Conditions.
The EXPERIENCE REFUND ACCOUNT shall be calculated on each MONTHLY VALUATION DATE as the sum of the EXPERIENCE REFUND ACCOUNT on the previous MONTHLY VALUATION DATE plus interest on the EXPERIENCE REFUND ACCOUNT on the previous MONTHLY VALUATION DATE plus MONTHLY REINSURANCE PREMIUM less MONTHLY GMDB CLAIM less MONTHLY REINSURANCE RETENTION.