Gross Net Written Premium Income definition

Gross Net Written Premium Income means gross written premium of the Company for the classes of business reinsured hereunder, less return premiums, and less written premiums ceded by the Company for reinsurance that inures to the benefit of this Contract.

Gross Net Written Premium Income means gross written premium of the Company for the classes of business reinsured hereunder, less written portion of premiums ceded by the Company for reinsurance that inures to the benefit of this Contract.

Gross Net Written Premium Income shall for all purposes of this Contract, be understood to mean the full gross amount of the premiums charged by the Reassured to their original insureds less cancellation and return premiums, and less premiums paid for reinsurances which inure to the benefit of this Contract.

Examples of Gross Net Written Premium Income in a sentence

• The Company shall cede to the Reinsurer its share of (1) the unearned premium on Policies in force as of the inception of this Contract and (2) the Gross Net Written Premium Income (without duplication of unearned premium) on all Policies written or renewed with effective dates on or after the inception of this Contract.

• The Reinsurer shall allow the Company a provisional ceding commission of 26.50% of the Gross Net Written Premium Income ceded hereunder.

• The maximum Original Gross Net Written Premium Income accepted by the Reassured for classes of business subject to this Contract shall not exceed $43,000,000 in all for the Contract Period.

• The premium to be paid to the Reinsurer for each layer of Property Catastrophe Excess of Loss Reinsurance provided by this Contract shall be calculated by multiplying the "Premium Rate" stated in Item 6 of Exhibit A to the Gross Net Written Premium Income corresponding to each such excess layer.

• For adjustment purposes hereon, the above rate is calculated on the sum of Intermed Insurance Company's Gross Net Earned Premium Income for original policies up to US$1,000,000 or so deemed, and Interlex Insurance Company's Gross Net Written Premium Income for original policies up to US$1,000,000 or so deemed, including Premium in respect of Defence Costs Allowance Rider on policy limits up to $1,000,000.

More Definitions of Gross Net Written Premium Income

Gross Net Written Premium Income means all premium actually received or due in respect of Policies (whether direct or assumed) written during the Term.

Gross Net Written Premium Income means gross written premium of the Company for the classes of business reinsured hereunder (excluding Policy and billing fees, if any), less return premiums, and less premiums ceded by the Company for reinsurance that inures to the benefit of this Contract.

Gross Net Written Premium Income. (GNWPI) shall mean the gross premium and additional premium written for the business reinsured hereunder, less cancellation and return premiums, and less premiums paid for other reinsurance which inures to the benefit of this Contract, if any.

Gross Net Written Premium Income wherever used herein, means the gross premium written by the Company in respect of Captive/Rent-a-Captive Programmes and Large Deductible Risks that attach during the period of this Agreement on business subject to this Agreement, before the application of any credits allowed to insureds in respect of deductibles and self-insured retentions, less returns and cancellation premiums and less written premiums paid for reinsurances, recoveries under which inure to the benefit of this Agreement.

Gross Net Written Premium Income shall, for all purposes of this Contract, be understood to mean the full gross amount of the premiums charged by the Reassured to their original insureds for original policy limits of up to US$1,000,000 or so deemed, including Premium in respect of Defence Costs Allowance Rider on policy limits up to US$1,000,000 as per the Reassured's Primary Excess of Loss Contract, less cancellations and return premiums, and less premiums paid for reinsurances, recoveries under which would inure to the benefit of this Contract, which is allocated by the Reassured as written during the Contract Year under consideration.

Gross Net Written Premium Income means the gross written premium accounted for by the Company under all surety business reinsured hereunder during the term of this specific Contract, less deductions for return premiums and cancellations, and less premiums, if any, paid by the Company for facultative reinsurances or treaty reinsurances, recoveries from which would inure to the benefit of the Reinsurers hereon.

Gross Net Written Premium Income is defined as gross written premiums less return premiums and less premiums paid for reinsurances, recoveries under which inure to the benefit of this Contract. For each layer of Property Catastrophe Excess of Loss Reinsurance provided by this Contract for the first Annual Period, the Company shall pay to the Reinsurer the corresponding annual deposit premium stated in Item 4 of Exhibit A in quarterly installments of the amount stated in Item 5 of Exhibit A, due January 1, 2000, April 1, 2000, July 1, 2000 and October 1, 2000. For the second Annual Period, the annual deposit premium shall be calculated at one hundred percent (100%) of the estimated reinsurance premium and shall be payable in quarterly installments of twenty-five percent (25%) of the annual deposit premium, due at January 1, 2001, April 1, 2001, July 1, 2001 and October 1, 2001. Within ninety (90) days following the expiration of each Annual Period of this Contract, the Company shall render to the Reinsurer a statement of premium due for each excess layer calculated in accordance with the first paragraph of this Article. An adjustment of premium shall thereupon be made in accordance with the statement submitted by the Company, subject to the corresponding annual minimum premium stated in Item 7 of Exhibit A being due the Reinsurer for the first Annual Period. For the second Annual Period, the annual minimum premium shall be calculated at eighty percent (80%) of the annual deposit premium.