Ultimate Liability definition

Ultimate Liability means the total maximum liability of an Accredited PEO or PEO Group from the source of liability being considered. For purposes of these Standards and Procedures, primary sources of PEO liability include the payment of wages, payroll taxes, workers’ compensation and group life and health insurance premiums and/or claims, contributions to employee welfare and retirement plans, and general trade payables. Ultimate Liability shall include both (a) amounts currently due and payable as of the reporting date, and (b) all amounts due and payable in the future for obligations incurred as of the reporting date. Generally Accepted Accounting Principles and generally accepted actuarial standards shall be used in determining Ultimate Liability, including in the case of insurance claims, appropriate consideration of incurred but not reported insurance claims, claims development, and effects of inflation on claims cost.
Sample 1
Ultimate Liability. Any liability (actual, prospective or contingent) and also any claim and every other loss expense damage or cost of whatsoever nature and howsoever arising which at any time may be incurred by the Company in any way in connection with the Facility.
Sample 1

Examples of Ultimate Liability in a sentence

  • The Ultimate Liability Arising from Claims made under Insurance Contracts The estimation of ultimate liability arising from the claims made under insurance contracts is the Group’s most critical accounting estimate.

  • The Ultimate Liability arising from Benefit Payments Under Insurance Contracts The determination of the liabilities under long-term insurance contracts is dependent on the estimates made by the group.

  • The Ultimate Liability Arising from Claims Made under Insurance Contracts The estimation of ultimate liability arising from the claims made under insurance contracts is the Group’s most critical accounting estimate.

  • After the Distribution Date, claims determined by Yellow to fall within the self-insurance pool that arise out of, in connection with or with reference to activity of SCST and its Subsidiaries prior to the Distribution Date (together the "SCST Excess Liability") shall be paid first by Yellow after the Distribution Date up to the Net Ultimate Liability of Yellow.

  • The policy(ies) or plan(s) of workers’ compensation insurance are Fully Insured by a licensed insurance carrier(s) and the Accredited PEO provides ESAC the annual confirmation of the carrier’s estimate of the PEO’s Ultimate Liability for both the current and all prior policy years.

  • From the total derived in the preceding paragraph, there shall be subtracted a sum equal to a calculation made by Yellow of the actual claim payments made by Yellow to resolve claims involving SCST and its Subsidiaries within the self-insurance retention pool from its inception to the Distribution Date (the sum derived from this calculation hereinafter being referred to as the "Net Ultimate Liability of Yellow" and the calculation being detailed in paragraph 2.5.2.2 of the Disclosure Letter).

  • Generally Accepted Accounting Principles and generally accepted actuarial standards shall be used in determining Ultimate Liability, including in the case of insurance claims, appropriate consideration of incurred but not reported insurance claims, claims development, and effects of inflation on claims cost.

  • Ultimate Liability shall include both (a) amounts currently due and payable as of the reporting date, and (b) all amounts due and payable in the future for obligations incurred as of the reporting date.

  • Risk adjustments across a portfolio of contractsUsing the parameterised probability distribution and an assumed policyholder mix, it is possible to simulate the distribution of the Ultimate Liability aggregated across a large number of contracts.

  • Use tools familiar to all team members, such as Overleaf, Google Docs and Zoom.Familiarize yourselves with the syllabus.

Related to Ultimate Liability

  • Maximum Liability has the meaning assigned to such term in Section 10.10.

  • Proportionate Liability means the proportion of any judgment that, had the Settling Defendants not settled, the Ontario Court or Quebec Court, as applicable, would have apportioned to the Releasees.

  • Products Liability means:Your legal liability in respect of Personal Injury and/or Property Damage caused by or arising out of any Products or the reliance upon a representation or warranty made at any time with respect to such products; but only where such Personal Injury and/or Property Damage occurs away from premises owned or leased by or rented to You and after physical possession of such products has been relinquished to others.

  • BRRD Liability means a liability in respect of which the relevant Write Down and Conversion Powers in the applicable Bail-in Legislation may be exercised.

  • Product Liability means any liability, claim or expense, including but not limited to attorneys’ fees and medical expenses, arising in whole or in part out of a breach of any express or implied product warranty by the Company, strict liability in tort, negligent manufacture of product, negligent provision of services, product recall, or any other allegation of liability arising from the design, testing, manufacture, packaging, labeling (including instructions for use), or sale of products.

  • AND LIABILITY LIMITS State Street shall assume no responsibility for lost interest with respect to the refundable amount of any unauthorized payment order, unless State Street is notified of the unauthorized payment order within thirty (30) days of notification by State Street of the acceptance of such payment order. In no event shall State Street be liable for special, indirect or consequential damages, even if advised of the possibility of such damages and even for failure to execute a payment order.

  • Indemnification Obligations means each of the Debtors’ indemnification obligations in place as of the Effective Date, whether in the bylaws, certificates of incorporation or formation, limited liability company agreements, other organizational or formation documents, board resolutions, management or indemnification agreements, or employment or other contracts, for their current and former directors, officers, managers, employees, attorneys, accountants, investment bankers, and other professionals and agents of the Debtors, as applicable.

  • Product Liability Claim means a Claim of a Third Party (other than a Claim arising out of use of the Product in a clinical trial) that (i) arises as a result of the use of the Product during the Term that results in personal injury or death or (ii) is in anticipation of or intended to prevent or forestall personal injury or death as a result of the use of the Product during the Term.

  • Indemnification Obligation means any existing or future obligation of any Debtor to indemnify current and former directors, officers, members, managers, agents or employees of any of the Debtors who served in such capacity, with respect to or based upon such service or any act or omission taken or not taken in any of such capacities, or for or on behalf of any Debtor, whether pursuant to agreement, the Debtors’ respective memoranda, articles or certificates of incorporation or formation, corporate charters, bylaws, operating agreements, limited liability company agreements, or similar corporate or organizational documents or other applicable contract or law in effect as of the Effective Date, excluding any obligation to indemnify any of the foregoing parties with respect to any act or omission for or on behalf of the Debtors arising out of any act or omission determined by a Final Order to constitute actual fraud, willful misconduct, or gross negligence.

  • Indemnity Obligations means all obligations of the Company to Indemnitee under this Agreement, including the Company’s obligations to provide indemnification to Indemnitee and advance Expenses to Indemnitee under this Agreement.

  • Product Liabilities means all claims, Liabilities and Proceedings related to or arising from actual or alleged harm, injury, damage or death to persons, animals, property or business, irrespective of the legal theory asserted, and resulting from or alleged to result from the use, sale or manufacture of the Products.

  • Actual Damages has the meaning set forth in Section 12.4(C).

  • Hovercraft Liability This policy does not cover "hovercraft liability".

  • Special Damages shall have the meaning as set forth in Section 5.07.

  • Net Liability as used herein is defined as the Company's gross liability remaining after cessions, if any, to other pro rata reinsurers.

  • Third Party Liability means the liability of ARTC and/or the Operator to any third party (not being a related entity as defined in the Corporations Act 2001) who suffers any personal injury, property or economic loss or damage as a consequence of an Incident.

  • Legal Liability means responsibility which courts recognize and enforce between persons who sue one another.

  • Defects Liability Expiry Certificate means the certificate to be issued by the Client to the Contractor, in accordance with the Contract.

  • Limit of Liability means, with respect to any Insuring Agreement, the limit of liability of the Underwriter for any Single Loss covered by such Insuring Agreement as set forth under the heading “Limit of Liability” in Item 3 of the Declarations or in any Rider for such Insuring Agreement.

  • Direct Damage has the meaning given to it in clause 26.2;

  • Excluded Liability means any liability that is excluded under the Bail-In Legislation from the scope of any Bail-In Action including, without limitation, any liability excluded pursuant to Article 44 of the Bank Recovery and Resolution Directive.

  • Punitive Damages are those damages awarded as a penalty, the amount of which is neither governed nor fixed by statute.

  • Loss or Damage means any loss or damage to the Vehicle, including that caused by theft of the Vehicle or by adverse weather events, that requires repair or replacement including the loss of use of the Vehicle (demurrage), legal expenses, assessment fees, towing and recovery costs, storage, service charges and any appraisal fees of the Vehicle;

  • Litigation support contractor means a contractor (including its experts, technical consultants, subcontractors, and suppliers) providing litigation support under a contract that contains the clause at 252.204-7014, Limitations on the Use or Disclosure of Information by Litigation Support Contractors.

  • Aircraft Liability This policy does not cover "aircraft liability".

  • Loss of Activities of Daily Living means that, due to an Injury or Sickness, the Insured Employee has lost the ability to safely and completely perform two or more of the following six Activities of Daily Living without another person's active, hands-on help with all or most of the activity.