Unearned Premium Reserves or “UPR” means that portion of premiums written that has not yet been recognized as revenue. Unearned premium reserves are recognized as revenue over the policy term in accordance with the expected pattern of loss emergence as derived from actuarial analysis of historical loss development.
Unearned Premium Reserves means reserves that are established to account for that portion of the premium paid in the plan year that is intended to provide coverage during a period which extends beyond the plan year.
Unearned Premium Reserves means the gross liability as of the Effective Time for the amount of collected Premium corresponding to the unexpired portion of all Included Existing Contracts, less the corresponding Unearned Acquisition Costs and Unearned In-Force Inuring Reinsurance Costs on such collected Premium, in each case calculated using the daily pro rata method in a manner consistent with the Ceding Companies’ quarterly financial statements dated as of September 30, 2013, prepared in accordance with statutory accounting practices and subject to any applicable Premium, commission or brokerage adjustments prior to or after the Effective Time pursuant to the underlying terms and conditions of any Insurance Contract or agent or broker contract related thereto, which adjustments shall be accounted for and settled as between the Parties as part of the monthly reporting pursuant to Section 3.4.
Examples of Unearned Premium Reserves in a sentence
Unearned premium reserves are established to cover the unexpired portion of premiums written.
Unearned premium reserves are required for all contracts with respect to the period of coverage for which premiums, other than premiums paid in advance, have been paid beyond the date of valuation.
Unearned premium reserves are established relative to the unexpired contract period.
Unearned premium reserves are required for all contracts with respect to the period of coverage for which premiums, other than premiums paid in advance, have been paid beyond the date of valuation;2.
Unearned premium reserves and contin- gency loss reserves shall be computed and maintained on risks insured after the effective date of this section as required by subs.(8) and (9).(12) LAWS OR REGULATIONS OF OTHER JURISDICTIONS.
More Definitions of Unearned Premium Reserves
Unearned Premium Reserves means the reserves established by the Companies for their liability for return of the portion of premiums related to the unexpired term of the Insurance Contracts as of the Effective Time.
Unearned Premium Reserves means the gross liability as of the Effective Date for the amount of collected Premium corresponding to the unexpired portion of all Existing Contracts, less the UEP Ceding Commission, whether or not paid as of the Effective Date, in each case as calculated a manner consistent with the Company’s quarterly financial statements dated as of December 31, 2012, prepared in accordance with statutory accounting practices and subject to any applicable Premium, commission or brokerage adjustments prior to or after the Effective Date pursuant to the underlying terms and conditions of any Insurance Contract or agent or broker contract related thereto, which adjustments shall be accounted for and settled as between the Parties as part of the monthly reporting pursuant to Section 3.4.
Unearned Premium Reserves means the gross liability as of the Effective Time for the amount of Premium corresponding to the unexpired portion of all Existing Contracts, whether or not such Premium has been collected, less the corresponding Unearned Acquisition Costs and Unearned In-Force Inuring Reinsurance Costs, whether or not paid as of the Effective Time, in each case calculated using the daily pro rata method in a manner consistent with the Company’s quarterly financial statements dated as of June 30, 2008, prepared in accordance with statutory accounting practices and subject to any applicable Premium, commission or brokerage adjustments prior to or after the Effective Time pursuant to the underlying terms and conditions of any Reinsurance Contract, which adjustments shall be accounted for and settled as between the Parties as part of the monthly reporting pursuant to Section 3.4.
Unearned Premium Reserves means the gross liability as of the Assumption Effective Date for the amount of Premium corresponding to the unexpired portion of the Policies, whether or not such Premium has been collected, less the corresponding Unearned Acquisition Costs, in each case calculated using a daily pro rata method.
Unearned Premium Reserves means the unearned premium reserve of Trinity with respect to the Reinsured Policies, calculated in accordance with statutory accounting principles and practices prescribed or permitted by the Texas Insurance Department.
Unearned Premium Reserves means Ceded Premium less collected Ceded Premium.
Unearned Premium Reserves means the gross liability as of the Assumption Effective Date for the amount of collected Premium and receivables for uncollected Premium corresponding to the unexpired portion of all Assumed Policies, calculated using the daily pro rata method, prepared in accordance with statutory accounting practices, and subject to any applicable Premium, commission or brokerage adjustments prior to or after the Assumption Effective Date pursuant to the underlying terms and conditions of the Assumed Policies or agent or broker contracts related thereto, which adjustments shall be accounted for and settled as between the Parties pursuant to Section 3.1(a) and Section 3.4.