Surplus Contributions definition

Surplus Contributions. Along with your policy premium, you will pay surplus contributions to Vault during the first five years of your membership. These surplus contributions lower Vault’s cost of capital, which allows it to offer more competitively priced insurance to its members. These contributions will be collected along with your policy premium during the first five years of your membership and are set at 10% of total annual homeowner insurance premium and 4% of total annual premium for all other policies.
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Surplus Contributions. Along with your policy premium, you will pay surplus contributions to KIN, which lower KIN’s cost of capital and allow it to offer more competitively priced insurance to its subscribers. These contributions will be collected along with your policy premium and are set at 10% of total annual homeowners insurance premium and 4% of total annual premium for all other policies. For any given year, KRM will have the discretion to lower the required surplus contribution, based on the capital needs of KIN. Management of KIN: You will be appointing and designating KRM to be the attorney-in-fact for KIN. KRM is a for-profit limited liability company and a wholly-owned subsidiary of Kin Insurance, Inc. (“Kin Insurance”), an independent insurance agency organized under the laws of the State of Delaware and based in Chicago, Illinois. As the attorney-in-fact, KRM will manage all of the insurance operations of KIN on behalf of you and all of the other subscribers.
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Surplus Contributions. Along with your policy premium, you will pay surplus contributions to Vault during your membership. These surplus contributions lower Vault’s cost of capital, which allows it to offer more competitively priced insurance to its members. These contributions will be collected along with your policy premium during your membership and are set at 10% of total annual homeowner insurance premium and 4% of total annual premium for all other policies.
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Examples of Surplus Contributions in a sentence

  • All other Surplus Contributions, including those made for previous policy terms, will be retained by Vault for the benefit of all remaining subscribers.

  • In the event of a mid-term policy cancellation, VRM will return any Surplus Contributions (without interest) applicable to the cancelled policy term, pro-rated based on the fraction of the policy term that has elapsed and subject to the restrictions set forth in Section 6 and any applicable law.

  • You understand and agree that the amounts paid as Surplus Contributions will be credited as policyholder surplus for the benefit and protection of all Vault subscribers and that Surplus Contributions made to Vault are not premiums for insurance.

  • Your Surplus Contributions are made for the benefit of all of Vault’s subscribers and may only be returned in limited circumstances.

  • You understand and agree that any other return of Surplus Contributions will be subject to the approval of VRM, the Florida Office of Insurance Regulation (the “FL OIR”) and the restrictions set forth in Section 6.

  • If payment to more than one terminated Subscriber is delayed pursuant to the requirement set forth in this Section, the total amount which may be paid to terminated Subscribers will be paid pro rata to all such terminated Subscribers, who meet the conditions to receive distributions from savings or Surplus Contributions set forth in this document, on an equitable basis as determined by PRM, in its sole discretion, and as allowed by law.

  • In the event the SAC determines that additional Surplus Contributions will be required of subscribers, KIN will notify the Subscriber in advance and such additional Surplus Contributions will only be due for policies that the Subscriber elects to renew.

  • Subscriber understands and agrees that the amounts paid as Surplus Contributions will be credited as policyholder surplus for the benefit and protection of all PURE subscribers and that Surplus Contributions made to PURE are not premiums for insurance.

  • The Subscriber understands and agrees that the amounts paid as Surplus Contributions will be credited as policyholder surplus for the benefit and protection of all KIN subscribers, are not premiums for insurance, and may only be returned in limited circumstances.

  • All other Surplus Contributions, including those made for previous policy terms, will be retained by KIN for the benefit of all remaining subscribers.


More Definitions of Surplus Contributions

Surplus Contributions. Each Subscriber makes surplus contributions during the first five (5) full years of continuous PURE membership and those contributions reduce the cost of PURE’s capital. Surplus contributions are set at 10% of total annual Homeowners and Watercraft premiums, and 4% of total annual premiums for all other policies. Surplus contributions are billed and collected with your premium. Subscribers should not expect a return of surplus contributions other than on a pro-rata basis for policies cancelled mid-term. Any return of surplus contributions is subject to the approval of PRM and the Florida Office of Insurance Regulation (OIR). Subscriber Savings Accounts (SSAs): SSAs are notional accounts held for each active PURE subscriber. PURE is committed to return its underwriting profit back to subscribers by allocating it to SSAs and will look to return at least a portion of any surplus growth in years without underwriting profit. Funds allocated to SSAs remain on PURE’s balance sheet and are available as part of its overall claims paying ability. Funds may be allocated to SSAs subject to the prior written approval of the Florida Office of Insurance Regulation (OIR). Unlike surplus contributions, PURE subscribers should expect a return of their ending SSA balance upon their full withdrawal from PURE membership. For more information, visit ▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇/▇▇▇.
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Related to Surplus Contributions

  • Catch-Up Contributions means Salary Reduction Contributions made to the Plan that are in excess of an otherwise applicable Plan limit and that are made by Participants who are Age 50 or over by the end of their taxable years. An “otherwise applicable Plan limit” is a limit in the Plan that applies to Salary Reduction Contributions without regard to Catch-up Contributions, such as the limits on Annual Additions, the dollar limitation on Salary Reduction Contributions under Code Section 402(g) (not counting Catch-up Contributions) and the limit imposed by the Actual Deferral Percentage (ADP) test under Code Section 401(k)(3). Catch-up Contributions for a Participant for a taxable year may not exceed the dollar limit on Catch-up Contributions under Code Section 414(v)(2)(B)(i) for the taxable year. The dollar limit on Catch-up Contributions under Code Section 414(v)(2)(B)(i) is $1,000 for taxable years beginning in 2002, increasing by $1,000 for each year thereafter up to $5,000 for taxable years beginning in 2006 and later years. After 2006, the $5,000 limit will be adjusted by the Secretary of the Treasury for cost-of-living increases under Code Section 414(v)(2)(C). Any such adjustments will be in multiples of $500.

  • Excess Contributions means, with respect to any Plan Year, the excess of:

  • Accumulated contributions means the sum of all

  • In-kind contributions means services and goods as approved by the department that are provided by a grant recipient toward completion of a department-approved local snowmobile program under section 82107.

  • Contributions means the payroll deductions and other additional payments specifically provided for in the Offering that a Participant contributes to fund the exercise of a Purchase Right. A Participant may make additional payments into his or her account if specifically provided for in the Offering, and then only if the Participant has not already had the maximum permitted amount withheld during the Offering through payroll deductions.