Experience Refund. Any amount due from the Reinsurer to the Company in excess of those provided for in Section 7 of this Agreement which is based solely on the experience of the Reinsured Policies.
Experience Refund has the meaning set forth in Schedule F-2.
Experience Refund shall have the meaning specified in Exhibit IV.
Examples of Experience Refund in a sentence
Any Earned Profits will be used to first reduce the Loss Carry Forward balance, if any, before being used to pay an Experience Refund.
The Experience Refund shall be calculated pursuant to Schedule B.
This shall include, but not be limited to the payment of the Expense Allowance, Claims and the Experience Refund to the Cedant.
The Risk Charge will be deducted from the Experience Refund, if any.
If the Experience Refund is eliminated in accordance with Article VIII - Article VIII - Experience Refund, subsequent Risk Charges will no longer be calculated or payable.
More Definitions of Experience Refund
Experience Refund. The Reinsurer shall pay each Reinsured an experience refund calculated quarterly as seventy five percent (75%) times (investment income earned - investment income credited - allocated expenses - loss carry-forward) but not less than zero. For this purpose, the loss carry-forward shall be calculated quarterly as (prior quarter loss carry-forward times (1 + calculated portfolio rate for the quarter) + investment income credited + allocated expenses - investment income earned) but not less than zero. ADMINISTRATIVE SERVICES AGREEMENT --------------------------------- THIS AGREEMENT is made as of January 1, 2006, between FIRST METLIFE INVESTORS INSURANCE COMPANY (the "Company"), 000 Xxxx Xxxxxx, Xxx Xxxx, XX 00000, a life insurance corporation organized and existing under the laws of the State of New York, and METROPOLITAN LIFE INSURANCE COMPANY (the "Administrator"), 000 Xxxx Xxxxxx, Xxx Xxxx, XX 00000, a life insurance corporation organized and existing under the laws of the State of New York. THE BACKGROUND OF THIS AGREEMENT is that the parties desire that the Administrator shall administer the Company's retained asset account supplemental contract liabilities (each a "TCA"), which TCA liabilities are the subject of a Reinsurance Agreement between the parties of even date herewith.
Experience Refund has the meaning set forth in Section 8.1(c)
Experience Refund is defined as the amount paid by the Reinsurer to the Cedant pursuant to Article VIII - Experience Refund.
Experience Refund means, for any Accounting Period, the amount computed and recorded in Line AM of Schedule B, for such Accounting Period.
Experience Refund. If the Reinsurer’s Net Profit for an Accounting Period is greater than zero (0) and the Company is not, and was not, in violation of one or more of the Financial Covenants at any time during that Accounting Period or any prior Accounting Periods, an Experience Refund equal to: (i) the Reinsurer’s Net Profit on the Subject Business for the Accounting Period; less (ii) the difference between (a) the LCF on the last day of the immediately preceding Accounting Period, accumulated with interest, and (b) the lesser of the Coinsurance Reserves and the Target LCF listed on Schedule C1 attached hereto on the last day of the current Accounting Period shall be paid by the Reinsurer to the Company as part of the settlement for that Accounting Period in accordance with Schedule D, if such amount is positive. If the Reinsurer’s Net Profit for an Accounting Period is greater than zero (0) and the Company is or was in violation of one or more of the Financial Covenants at any time during that Accounting Period or any prior Accounting Periods, an Experience Refund equal to (i) the Reinsurer’s Net Profit on the Subject Business for the Accounting Period; less (ii) the difference between (a) the LCF on the last day of the immediately preceding Accounting Period, accumulated with interest and (b) the lesser of the Coinsurance Reserves and the Alternative Target LCF listed on Schedule C2 attached hereto on the last day of the current Accounting Period shall be paid by the Reinsurer to the Company as part of the settlement for that Accounting Period in accordance with Schedule D, if such amount is positive. At the sole option of the Reinsurer, the Experience Refund may be recalculated at the end of any Accounting Period to include Experience Refunds for all Accounting Periods in the current calendar year. For the avoidance of doubt, this may require the Company to return (a portion of) previous Experience Refunds to pay for current period losses. Upon any such recalculation of the Experience Refund, the Net Cash Settlement will be recalculated accordingly and the parties agree to immediately pay each other amounts due based upon such recalculation. Upon repayment in full of LCF, the Experience Refund for each reporting period thereafter shall be equal to 50% of the Reinsurer’s Net Profit.
Experience Refund means the portion of the reinsurance premium that is returned to the Reinsured when claims experience is better than expected when the premium was calculated. The experience refund, if any, shall be calculated as shown in Schedule B3.
Experience Refund. Means an amount as defined in Article VII, Paragraph 2.