Premium Recalculation Sample Clauses

The Premium Recalculation clause establishes the process for adjusting the amount of premium paid under an agreement based on certain predefined factors or events. Typically, this clause outlines the circumstances under which the premium may be reviewed—such as changes in risk exposure, claims experience, or regulatory requirements—and details the method for calculating any increase or decrease. Its core practical function is to ensure that the premium remains fair and reflective of the actual risk or coverage provided, thereby protecting both parties from significant financial imbalances over the term of the contract.
Premium Recalculation. 1. If the CEDING COMPANY is unable to offer the Enhanced Benefit before August 1, 2000, for Venture Vantage, or before June 1, 2000 for Venture Strategy, but does offer it before January 1, 2001, the REINSURER will provide coverage under this Agreement but reserves the right to recalculate the reinsurance premiums applicable to this benefit. The recalculated premiums may not increase above 20% of the values shown in Exhibit II. 2. The CEDING COMPANY must notify the REINSURER at least two weeks prior to the scheduled rollout date of the Enhanced Benefit in order for the REINSURER to determine final prices for the Enhanced Benefit.
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Premium Recalculation. If the CEDING COMPANY is unable to offer the Enhanced Benefit before August 1, 2000, for Venture Vantage, or before June 1, 2000 for Venture Strategy, but does offer it before January 1, 2001, the REINSURER will provide coverage under this Agreement but reserves the right to recalculate the reinsurance premiums applicable to this benefit. The recalculated premiums may not increase above 20% of the values shown in Exhibit II. - The CEDING COMPANY must notify the REINSURER at least two weeks prior to the scheduled rollout date of the Enhanced Benefit in order for the REINSURER to determine final prices for the Enhanced Benefit. - The CEDING COMPANY may allow contracts issued on or after May 1, 2000, to elect the Enhanced Benefit once it becomes available. These elections must be made within thirty (30) days of the rollout date, but not after December 31, 2000, in order to be covered under this Agreement. The benefit will be retroactive to the issue date of the contract. - For the months elapsed since the inception of the Agreement until the month of the inforce election, any necessary "true-up" will be paid or credited. If the volume of inforce elections exceeds one-hundred-million dollars ($100,000,000) of net considerations, the REINSURER reserves the right to recalculate the reinsurance premiums at this time to be applied to any additional inforce elections. The recalculated premiums have no guaranteed limits above which they will not increase. Manu LIC NA Agreement No. 2000- 14 DB Effective May 1, 2000 Page 8
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Related to Premium Recalculation

  • Subsequent Recalculation In the event the Internal Revenue Service adjusts the computation of the Company under Section 5.2 herein so that the Executive did not receive the greatest net benefit, the Company shall reimburse the Executive for the full amount necessary to make the Executive whole, plus a market rate of interest, as determined by the Committee, within 30 days after such adjustment.

  • Payment Calculation District shall pay Contractor at a rate of $ per . District shall pay Contractor as described in attached Exhibit A

  • Calculation Any figure or percentage referred to in this Agreement shall be carried to seven decimal places.

  • Interest Calculation Interest on the outstanding principal balance of the Loan shall be calculated by multiplying (a) the actual number of days elapsed in the period for which the calculation is being made by (b) a daily rate based on a three hundred sixty (360) day year by (c) the outstanding principal balance.

  • Average Log Length and Payment Reduction If the average log length for all logs delivered under this contract is less than the average log length specified in the table in clause G-024.2, The amount of allowable payment reduction shall be calculated by multiplying the payment rate in P-028.2 by the total volume delivered, and the difference between the average length of logs delivered and the average log length specified in G-024.2, times 1% as follows: Log Length Payment Reduction = (B x V x L) x (.01) Where: B = Bid rate from P-028.2 clause V = total delivered log Volume L = Length in feet below specified average (rounded to nearest Average log length payment reductions calculated by the Purchaser must be approved by the State, prior to payment for the final billing period. Third-party scaling organization information is required to determine ▇▇▇▇▇▇▇▇ mbf and Average log length for payment reduction purposes. Average log length is determined on a piece count basis. Value of log length price reduction will be derived from the applicable sort value as described in this contract. Scale information for determining Average log length for payment reduction eligibility must be obtained from roll-out scale. Truck-ramp, sample scaling, and/or bundle scaling information is not acceptable for determining eligibility. Purchaser’s exclusive remedy for below average log lengths shall be the payment reduction described in this clause, notwithstanding other provisions in the Uniform Commercial Code.