Unearned Premium definition

Unearned Premium means the share of the members' premiums applicable to the unexpired portion of the policy terms.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Unearned Premium means reserves for unearned premium net of estimated accrued unearned premium.

Unearned Premium means the premium for the unexpired period of a policy which has been terminated prior to the expiration of the period for which premium has been paid and does not mean premium which is returnable to the insured for any other reason. (Source: P.A. 100-1190, eff. 4-5-19.)

Examples of Unearned Premium in a sentence

• Payment or tender of any Unearned Premium by the Underwriters shall not be a condition precedent to the effectiveness of Cancellation but such payment shall be made as soon as practicable.

• Within 60 days following the end of each fiscal year, the Company shall furnish the Retrocessionaire with a statement showing the Unearned Premium, the total reserves for outstanding Losses, including Loss Adjustment Expenses, and any other information which the Retrocessionaire may require for its annual financial statements.

• The Trustee shall pay a Matured Claim for Unearned Premium after receipt of a Claim for Losses which has not yet become a Matured Claim for any reason.

• The Unearned Premium Reserve shall be deducted from the Coinsurance Premium.

• Any amount in excess of the amount necessary to satisfy Trustee Priority Claims shall be available for the payment of Matured Claims, provided, however, that Losses shall always take priority over Unearned Premium in the payment of Claims so that the Trustee shall pay all Matured Claims for Losses in full prior to payment of any part of a Matured Claim for Unearned Premium.

More Definitions of Unearned Premium

Unearned Premium means that portion of a premium as calculated by the liquidator that had not been earned because of the cancellation of the insolvent insurer's policy and is that premium remaining for the unexpired term of the insolvent insurer's policy. "Unearned premium" does not include an amount sought as return of a premium under a policy providing retroactive insurance of a known loss or return of a premium under a retrospectively rated policy or a policy subject to a contingent surcharge or a policy in which the final determination of the premium cost is computed after expiration of the policy and is calculated on the basis of actual loss experienced during the policy period.

Unearned Premium means, with respect to any Receivable, the portion, if any, of any insurance premium financed under the related Premium Finance Agreement that is considered unearned and is required under applicable law and/or the terms of the related insurance policy to be returned by the insurance company directly, or indirectly through an insurance broker or agent, to an Originator upon issuance to the related Obligor of a notice of cancellation of the related insurance policy, if such insurance policy is cancelable.

Unearned Premium means that portion of the total Premium paid under a Covered Policy issued by an Insolvent Insurer for which the Policyholder has not received coverage provided for in the Covered Policy;

Unearned Premium the Unearned Premium, obtained in the limits of the Insurance Period by a concrete date represents the difference between the consolidated premium corresponding to his/her entire Insurance Period and Earned Premium;

Unearned Premium means that portion of an insurance premium covering

Unearned Premium means an insurance premium that is paid by the policyholder in advance which the registered insurer or registered reinsurer has not earned; and

Unearned Premium means that part of the original premium, including a deposit, not yet earned by the insurer and therefore due the insured if a policy is canceled.