Loss Fund. (1) US Risk shall establish an account for payment of Claims by US Risk pursuant to this Agreement (referred to as the “Loss Fund Account”). US Risk shall issue checks drawn on the Loss Fund Account for payment of Claims. US Risk is obligated to advance funds to pay Claims. US Risk is not obligated to advance funds for any obligation unrelated to those under this Agreement.
Loss Fund. The initial amount of the Loss Fund is stated in the Specifications. We reserve the right to adjust the amount of the Loss Fund at any time, but at a minimum, annually. The formula for adjustment of the Loss Fund amount is stated in the Specifications.
Loss Fund. Client will establish and maintain a bank account for the payment of claims and claim expenses (“Funding Account”). Client warrants it will maintain a sufficient balance in the Funding Account to meet or exceed all expected paid claims and claim expenses for at least two months. Further, Client agrees that the Funding Account will have ‘positive pay’ or other automatic fraud detection services available. Servicing Company will have check drafting authority on Client’s bank account to fund the Program’s medical and indemnity claims and claim expenses. Client will pay all Program expenses, such as taxes (if any), reinsurance premiums, excess insurance premium, audit fees, and actuary fees separately. Servicing Company will provide Client with at least 24 hour notice for any check draft in excess of $10,000.00. At no time will Servicing Company use its own funds to pay or guarantee funding of claims, allocated loss adjustment expenses, assessments, Program expenses or any other expenses of the Client. Claim expenses include allocated loss adjustment expenses including, but not limited to, legal services and defense costs, independent medical evaluations, photocopy and medical reports, police reports, surveillance, court reporter fees, transcript fees, copies of depositions, expert witness fees, rehabilitation services, assessments, and managed care.
Loss Fund. A fund or funds of money established by the Board to pay covered losses and loss adjustment expenses.
