ULAE definition

ULAE means unallocated loss adjustment expenses and similar unallocated expenses, including the salaries, benefits and expenses of Aspen’s (or any of its Affiliates’) employees and other overhead and office expenses (except for fees of staff counsel expressly included in the definition of “Allocated Loss Adjustment Expenses”).

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ULAE means all expenses incurred in connection with the adjusting, recording and paying of claims under the Policies, other than ALAE.

ULAE has the meaning set forth in Section 4.26(b).

Examples of ULAE in a sentence

• The calculation of the Indicated Reserve Amount will be prepared in conformity with GAAP as in effect on the Closing Date consistently applied and the books and records of the Subject Entities (with the exception of ULAE which shall be calculated in accordance with Section 15.02), and will present fairly the loss and loss adjustment expense reserves of the Insurance Companies as of the Settlement Date (or earlier date thereof).

• Claim related compensation based on ULAE reserved on the effective date of this agreement will be paid by the Company to the Manager on a monthly basis where each monthly amount is based on actuarial work established at year end 2010 projecting the claim payment triangles for business in force on December 31, 2010, totaling the amount provided for in Endorsement D.

• Commission add-on to be at the following percentages, for the premium amounts that fall in the following ranges: First $100,000 of premium: 10% $100,000 to $1,000,000 of premium: 5% Over $1,000,000: 3% Premium includes excess / reinsurance costs as well as pooling layer costs, but excludes EIA fees and ULAE under the PWC Program.

• The unreported patterns and loss ratios in use by each Insurance Company for accident year 2010 are set forth in Schedule 6.17(c-2), the reserves for adjusting or ULAE will be determined for pending claims using the costs per claims are set forth in Schedule 6.17(c-3) and the IBNR for ULAE will be recorded as a percentage of Gross Premiums Earned (GPE) as set forth in Schedule 6.17(c-4).

• ULAE are comprised of those loss adjustment expenses other than ALAE as defined above.

More Definitions of ULAE

ULAE. The unallocated loss adjustment expenses incurred by MSRE or its Agents in the investigation, adjustment, appraisal, or defense of all claims that pertain to the Business Covered, including declaratory judgment expenses, but excluding office expenses and the salaries of any director, officer, employee, and/or Agent of MSRE that are not directly related to the loss adjustment process as regards a specific claim or action with respect to the Business Covered. “Ultimate Combined Ratio” The sum of two ratios, the Ultimate Expense Ratio and the Ultimate Loss Ratio. “Ultimate Expense Ratio” The ratio calculated by dividing all other expenses related to the MSRE Assumptions not included in the Ultimate Loss Ratio by total earned premiums related to the proportion of policies assumed by PRe under this Agreement.

ULAE means those expenses necessary for the adjustment of losses other than expenses allocated to a particular claim.

ULAE means unallocated loss adjustment expenses and similar unallocated expenses, including the salaries, benefits and expenses of AXIS’s (or any of its Affiliates’) employees and other overhead and office expenses. “Ultimate Net Loss” means the sum of (a) Covered Losses actually paid or booked for payment by or on behalf of AXIS, less (b) Recoverables collected by or on behalf of AXIS, less (c) Third Party Reinsurance Recoverables, in each case after the Effective Date. The Reinsurer shall be liable only for Ultimate Net Loss arising out of or related to any Reinsured Policy written on or prior to December 31, 2021 and not for any Ultimate Net Loss arising out of or related to any renewal or reinstated limits of a Reinsured Policy after such date. The terms “controller”, “data subject”, “personal data breach”, “processing”, and “supervisory authority” shall have the same meanings ascribed to them under applicable Privacy Laws.

ULAE means unallocated loss adjustment expenses.

ULAE means the costs of "in-house counsel," claims staff or other overhead or general expenses of the Company or its agents, including the claims services provided by Solutions (or any third party replacing Solutions ) and any other costs incurred by the Company in connection with the investigation, adjustment, settlement, litigation or arbitration of claims or losses but not included in ALAE.

ULAE means unallocated loss adjustment expenses and similar unallocated expenses, including the salaries, benefits and expenses of Aspen’s (or any of its Affiliates’) employees and other overhead and office expenses (except for fees of staff counsel expressly included in the definition of “Allocated Loss Adjustment Expenses”). “ULAE Reimbursement Amount” means an amount determined pursuant to Schedule 1.2 hereto. “Ultimate Net Loss” means the sum of (a) Covered Losses actually paid by or on behalf of ▇▇▇▇▇, less (b) Recoverables collected by or on behalf of Aspen, less (c) Third Party Reinsurance Recoverables, less (d) Premiums collected by or on behalf of Aspen on or after the Effective Date. The terms “controller”, “data subject”, “personal data breach”, “processing”, and “supervisory authority” shall have the same meanings ascribed to them under the GDPR.

ULAE means expenses which cannot be allocated to a specific Covered Claim