Terminal Liability definition

Terminal Liability means the upper limit of the State’s liability, following the termination of the Contract, for payment to Contractor of Terminal Liability Administrative Fees, Terminal Benefits Expense, and Unrecovered Deficits that exist on the date the Contract terminates. Contractor shall determine the Terminal Liability by first adding together the number of Contract holders in effect for each month for each coverage classification during the twelve (12) calendar months preceding the effective date of termination of the Agreement. The result of this calculation will be multiplied by the Terminal Liability Unit Rates per coverage classification shown on Exhibit A (or subsequent Revisions or Amendments to Exhibit A, if any, duly executed by the parties to this Agreement). Claims, administrative fees, and any remaining Unrecovered Deficit amounts in excess of the amount resulting from this calculation will be the responsibility of Contractor.
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Examples of Terminal Liability in a sentence

  • Employer may choose to purchase, at the time of execution of this Addendum, Terminal Liability Coverage; provided, that there is no Individual Pooling Limit with respect to Runout Claims.

  • Unless Employer purchases Terminal Liability Coverage as set forth in Article 5.6 below, Employer shall have the total obligation for Runout Claims.

  • Terminal Liability Coverage Charges will be included with the Pooling Charges and paid by the Employer in accordance with Article 3.2.

  • Pooling Charges The amount payable by the Employer to BCBSKC for limiting the Employer’s claims obligation under the terms of the Cumulative Monthly Claims Limit and Individual Pooling Limit, and, if applicable, for Terminal Liability Coverage.

  • The Policyholder agrees to pay additional premium for the Terminal Liability Option.

  • The Terminal Liability Option is not available if the Policy terminates due to non‐ payment of premium.

  • The Terminal Liability Option will apply only if the Company administers Claims under the Plan during the Terminal Period.

  • This provision applies only if Terminal Liability Option (TLO) for Aggregate Stop Loss Coverage is elected per Item C.5 of the Stop Loss Application.

  • If Aggregate Stop Loss Premium is paid on an annual basis, the Terminal Liability Option premium is calculated by taking one‐fourth (1/4) of the annual Aggregate Stop Loss Premium as shown in Item C.6. of the Stop Loss Application.

  • For the avoidance of doubt, the parties agree that the Sellers shall have no liability or obligation to provide indemnification in respect of any liability up to the amount reflected in Net Working Capital, including the Bridgeport Terminal Liability.