Subject Written Premium definition

Subject Written Premium means direct written premium net of specific, aggregate and property catastrophe excess of loss reinsurance costs. It is expressly agreed that the Management Fee Percentage payable to the manager shall be reduced by any expenses attributable to boards, bureaus and taxes that are required to be paid by Company. The provisional Management Fee Percentage shall be 34%. Such Management Fee Percentage shall be subject to adjustment until all losses for a given year have been settled (or deemed settled as set forth below). Within sixty (60) days following the end of each year, Company shall calculate the Net Loss Ratio for each year that remains open and shall forward copies of such calculations to Manager. The Management Fee Percentage shall be increased nine-tenths of a percentage point for every percentage point by which the Net Loss Ratio is below 61% up to a maximum Management Fee Percentage of 36%, and decreased nine-tenths of a percentage point for every percentage point by which the Net Loss Ratio exceeds 61%, subject to a minimum Management Fee Percentage of 31% as follows: Net Loss Ratio Management Fee Percentage 64.33% or higher 31.0 64 31.3 63 32.2 62 33.1 61 34.0 60 349 59 35.8 58.78 or lower 36.0 The parties will settle amounts due within ten (10) days thereafter. The Net Loss Ratio for each year shall be deemed to be finalized six (6) years following the close of such year or at any time before six (6) years by mutual agreement of the parties. For the purposes of this paragraph 4, "Net Loss Ratio" shall mean, for any period of time, the ratio of Net Losses incurred during such period to Net Premium Earned for such period, where “Net Losses” means, for any period of time, any and all amounts that the Company is required to pay to or on behalf of insureds for insurance claims made under its Policies including loss adjustment expenses, after the application of any applicable reinsurance.
Sample 1
Subject Written Premium means the net written premium of the COMPANY in respect of business reinsured under this Agreement. Net Written Premium
Sample 1
Subject Written Premium means gross written premium of the Company for the classes of business reinsured hereunder, less cancellations and return premiums, and less 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. D. “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.
Sample 1

Examples of Subject Written Premium in a sentence

  • Manager shall receive a management fee quarterly for the foregoing services (“Management Fees”) during each calendar year of this agreement (or part thereof) equal to (A) the management fee percentage for such year (as set forth below) (the “Management Fee Percentage”) times (B) the amount of Subject Written Premium on Policies managed by Manager for Company, net of return premiums.

  • Ceding Commission shall be 25% of Gross Subject Written Premium collected by the Company and ceded to Reinsurers.

  • Within 45 days after the close of each calendar year, the Company shall render to the Reinsurer a report of the Company's Subject Written Premium during the year.

  • Manager shall receive a management fee quarterly for the foregoing services ("Management Fees") during each calendar year of this agreement (or part thereof) equal to (A) the management fee percentage for such year (as set forth below) (the "Management Fee Percentage") times (B) the amount of Subject Written Premium on Policies managed by Manager for Company, net of return premiums.

  • As promptly as possible after the effective date of this Contract, but no later than 30 days thereafter, the Company shall remit to the Trust Account, established in accordance with the Trust Account Article, the Reinsurer’s share of the unearned portion of the Subject Written Premium, less provisional commission thereon and less the Catastrophe Cost Allowance thereon applicable to subject business in force at the effective time and date of this Contract.

  • It is understood and agreed that unearned premium at the termination date applicable to in force policies, including extensions, discovery periods or other similar extended reporting endorsements or provisions attached thereto, shall be deducted from the Net Subject Written Premium Income for the purpose of the premium rating hereunder.

  • The Company shall be permitted to deduct 100% of the cost of excess reinsurance from the Gross Subject Written Premium ceded hereunder.

  • The contribution of this interaction to the overall binding is reinforced by the contact between the northern part of the pyridine linker and the hydrophobic part of the side chain of lysine β254 as well as the indole moiety being sandwiched between hydrophobic parts of the side chains of lysine β352 and that of asparagine β258.

  • One member from the New Hampshire Association of Emergency Medical Technicians, appointed by such association.

  • For each 1.00% point difference in Loss Ratio below 55.00% the ceding commission is adjusted upward by 0.95% of the Net Subject Written Premium with a maximum ceding commission of 38.05% at a 45.00% or lower Loss Ratio.


More Definitions of Subject Written Premium

Subject Written Premium means the gross written premium of the COMPANY for the POLICIES reinsured hereunder, including any premium paid by original insureds in respect of any EXTENDED REPORTING PERIODS or DISCOVERY PERIODS and any reinstatement premium payable by the original insureds, less returned premium for cancellations, premium audits and reductions, and less premium for inuring reinsurance as set forth in the Warranties Article.
Sample 1

Related to Subject Written Premium

  • Net Written Premium means direct premium written on the Policies covered by this Agreement plus additions, less refunds and return premium for cancellations and reductions (but not dividends) and less premium paid or payable for reinsurance that inures to the benefit of the Participating Companies.

  • Net direct written premiums means direct gross premiums written in this state on insurance policies subject to this chapter, less return premiums and dividends paid or credited to policyholders on such direct business. “Net direct written premiums” does not include premiums on a contract between insurers or reinsurers.

  • Auction Premium means the difference in price (if any) between the Starting Price and the Clearing Price;

  • formal written price quotation means quotations referred to in paragraph 12 (1) (c) of this Policy;

  • Extra Premium means an additional amount charged by Us, as per Our Underwriting Policy, which is determined on the basis of disclosures made by You in the Proposal Form or any other information received by Us including medical examination report of the Life Insured.

  • Net Premium means the premium, net of reinsurance premiums paid, HRA and GME payments, and MCO tax expenses.

  • Maximum Premium has the meaning set forth in Section 7.06(b).

  • Draw Down Pricing Period means, with respect to each Draw Down, a period of eight (8) consecutive Trading Days beginning on the first Trading Day specified in a Draw Down Notice.

  • Tranche Write-down Amount With respect to each Payment Date, the excess, if any, of the Principal Loss Amount for such Payment Date over the Principal Recovery Amount for such Payment Date. With respect to each Payment Date, the Class Notional Amount for the Class A-H Reference Tranche will be increased by the excess, if any, of the Tranche Write-down Amount for such Payment Date over the Credit Event Amount for such Payment Date.

  • Prewritten program means a computer program that is prepared, held or existing for general or

  • Prepayment Premium Period means the period during which, if a prepayment of principal occurs, a prepayment premium will be payable by Borrower to Lender. The Prepayment Premium Period is the period from and including the date of this Note until but not including the first day of the Window Period.

  • Discounted Term Loan Prepayment has the meaning assigned to such term in Section 2.11(a)(ii)(A).

  • Written protocol means a physician’s order for one or more patients that contains, at a minimum, the following:

  • Maximum Face Amount means, with respect to any outstanding Letter of Credit, the face amount of such Letter of Credit including all automatic increases provided for in such Letter of Credit, whether or not any such automatic increase has become effective.

  • Day-ahead Loss Price means the Loss Price resulting from the Day-ahead Energy Market.

  • Life-cycle cost means the expected total cost of ownership during the life of a product, including disposal costs.

  • Prepayment Premium means, with respect to the Mortgage Loan, any prepayment premium, spread maintenance premium, yield maintenance premium or similar fee required to be paid in connection with a prepayment of the Mortgage Loan pursuant to the Mortgage Loan Documents, including any exit fee.

  • Redemption Premium means (i) in the case of the Events of Default described in Section 4(a)(i) - (vi) and (ix) - (xii), 125% or (ii) in the case of the Events of Default described in Section 4(a)(vii) - (viii), 100%.

  • Annual Premium means an amount specified in the Schedule, which is payable under the annual Premium payment mode under this Policy, excluding Extra Premium, if any and excluding service tax or any other taxes, cesses or levies, if any;

  • Replacement Cost means the cost to repair or rebuild the improvements owned by Lessor at the time of the occurrence to their condition existing immediately prior thereto, including demolition, debris removal and upgrading required by the operation of applicable building codes, ordinances or laws, and without deduction for depreciation.

  • Risk Premium means a percentage determined on an Adjustment Day for the Adjustment Period beginning on such Adjustment Day, which indicate the price of the risks taken over by the Issuer. The determination will be made by the Issuer in its reasonable discretion (billiges Ermessen § 315 German Civil Code (BGB)). The respective

  • Total maximum daily load or "TMDL" means the sum of the individual wasteload allocations for point sources, load allocations (LAs) for nonpoint sources, natural background loading and a margin of safety. TMDLs can be expressed in terms of either mass per time, toxicity, or other appropriate measure. The TMDL process provides for point versus nonpoint source trade-offs.

  • Additional Transportation Cost means the actual cost incurred for one-way Economy Transportation by Common Carrier reduced by the value of an unused travel ticket.

  • Buyers Premium means a Commission payable by The Buyer to the Auctioneer. The Auctioneer, when acting as Agent for The Seller, may also receive

  • Applicable Prepayment Premium has the meaning specified therefor in the Fee Letter.

  • Annualised Premium means the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any as specified in the Schedule.