Examples of Quota Share in a sentence
The Reinsurer shall allow the Company a ceding commission of (or a proportionate share of such amount in the event of a Quota Share Reduction) per annum, to be taken as a deduction from the first monthly premium payment to the Reinsurer at the commencement of this Contract and at each annual anniversary thereof, to cover the Company's operational costs directly allocable to writing the business subject hereto.
Each 100% Quota Share Affiliated Company cedes its net underwriting activity to the Lead Company.
The Insurer has secured, at the Effective Date, reinsurance coverage under the Quota Share Contract for one hundred percent (100%) of its liabilities under this Policy with Reinsurers.
Any changes to the participation percentages of the Reinsurers under the Quota Share Contract, including the addition of any new reinsurers, after the Effective Date must be approved in writing by the Insured.
As such, at twelve (12) months after the Effective Date and for each month thereafter up to, but not including, the twenty-fourth (24th) month, the Limit of Liability shall also be reduced to the Remaining Limit of Liability at such date, after applying the reduction specified in this Article IV.(d) plus Aggregate Losses in excess of the Aggregate Retention as reduced by any applicable Quota Share Reduction.