Subject Earned Premium definition

Subject Earned Premium as used herein is equal to the sum of the Net Premiums Written on the business covered hereunder during the period under consideration, plus the unearned premium reserve as respects premiums in force at the beginning of such period, less the unearned premium reserve as respects premiums in force at the end of the period, said unearned premium is to be calculated on a monthly pro rata basis.

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Subject Earned Premium means gross premiums earned on all casualty business in-force, written or renewed by the Reinsured during the Term of this Agreement less return premiums less premiums ceded for all reinsurance which would inure to the benefit of the Reinsurer under this Agreement. For purposes of this Agreement, the projected Subject Earned Premium is equal to $140 million for the Term of this Agreement.

Subject Earned Premium means the Earned Premium times the rates noted below. ASLOB Percentage Homeowners 0 % Farmowners 0 % Commercial Multiple Peril (liability) 0 % Workers Compensation 100 % Other Liability, excluding Umbrella 0 % Products Liability 0 % Private Passenger & Commercial Auto Liability 0 % Private Passenger & Commercial Auto Physical Damage 0 % E. Each claim reduces the amount of indemnity from the time the loss occurred by the sum paid. Any amount exhausted is reinstated form the time the Loss Occurrence begins. Reinstatement will be provided as follows: One at 25%, one at 50% and two at 100% of the original premium. The additional premium will be calculated pro rata of the annual premium, as to the fraction of the limit of liability reinstated and 100% as to the term

Examples of Subject Earned Premium in a sentence

The term Subject Earned Premium shall mean the premiums earned by the Company or the Legal Entities on classes of business covered under this Contract, times the rates below.
The difference between the Annual Deposit premium and the actual Subject Earned Premium was settled to/from the Company.
For purposes of calculating the minimum and deposit premium paid by each company (Bridgefield Casualty Insurance Company and Bridgefield Employers Insurance Company), the minimum and deposit premium was multiplied by the ratio that the Subject Earned Premium of each bore to the total Subject Earned Premium of the Company.
The Company shall pay to the Subscribing Reinsurer a premium calculated by applying to the Subject Earned Premium income of the Company and the Legal Entities, a rate of 0.1849% for business identified as belonging to the Agency Markets strategic business unit as defined in Article I — Business Covered.
For each annual interim rate adjustment during the initial thirty-six month or subsequent three-year rating period, the adjusted rate will be determined by multiplying the REINSURER’s losses incurred to date for this applicable three-year period by 100/90ths, plus incurred But Not Reported losses plus the deficit, if any, from all periods prior to the date of calculation, then dividing the resulting amount by the COMPANY’s Direct Subject Earned Premium to date for the applicable three-year period.

More Definitions of Subject Earned Premium

Subject Earned Premium means the premium earned by the Company on the business reinsured hereunder, after deduction from such premium earned of the portion paid for reinsurance which inures to the benefit of this Contract.

Subject Earned Premium means the Earned Premium times the rates noted below. ASLOB Percentage Workers Compensation including Employers Liability 100 %

Subject Earned Premium means the Earned Premium times the rates noted below. ASLOB Percentage Fire 0 % Allied Lines 0 % Homeowners 0 % Farmowners 0 % Commercial Multiple Peril (Property) 100 % Inland Marine 0 % Earthquake 0 % Auto Physical Damage (Private Passenger) 0 % Auto Physical Damage (Commercial) 0 % Burglary & Theft 0 %

Subject Earned Premium means the gross earned premium, less cancellations and return premiums, and less the earned portion of installment fees, MGA fees, inspection fees, Policy fees, Policy taxes or any other taxes, EMPAT fees, and pass through assessments or any recoupments of assessments. E. “Policy” means any binder, policy, or contract of insurance issued, accepted or held covered provisionally or otherwise, by or on behalf of the Company in respect of Northeast Property. F. “Catastrophe Loss Occurrence” means a Named Storm Loss Event or Earthquake Event. G. “Named Storm Loss Event” means any Named Storm that commences during the Term of this Contract and results in loss under one or more Policies caused by, occasioned by, arising out of or resulting from the Named Storm and may include, by way of example and not limitation, wind, gusts, hail, rain, lightning, tornadoes and cyclones and storm surge, and further includes all ensuing damage (including but not limited to fire following, flood, mold, riots, looting and vandalism). Notwithstanding the foregoing, in the event a Named Storm commences during the term of this Contract but there is no recorded individual loss arising from such Named Storm during the term of this Contract, such Named Storm will be deemed to have commenced no earlier than the date of the first recorded individual loss arising from such Named Storm.

Subject Earned Premium as used herein shall mean gross earned premium of the Company for the classes of business reinsured hereunder, less the earned portion of premiums ceded by the Company for reinsurance which inures to the benefit of this Contract or increases the Company’s available capacity, and less Policy fees and/or service charges.