RETROSPECTIVE PREMIUM Sample Clauses

RETROSPECTIVE PREMIUM. The named insureds designated in a certifi- cate shall pay to the companies retrospective premium in the event of excess losses due to bodily injury or property damage caused dur- ing their certificate period by a nuclear inci- dent arising out of or in connection with a nuclear reactor described in Item 3 of the certificate or in Item 3 of any other certificate. The amount of retrospective premium-due under each certificate shall be determined by multiplying such excess losses by the ratio of the maximum retrospective premium pay- able with respect to the nuclear incident under the certificate to the total of the max- imum retrospective premiums payable with respect to the nuclear incident under all such certificates. If any portion of the bodily injury or prop- erty damage to which this Master Policy ap- plies is caused during any portion of a certifi- cate period by a nuclear incident, the retro- spective premium the named insureds des- ignated in such certificate are obligated to pay shall be determined as if all bodily injury or property damage to which this Master Pol- icy applies caused by the nuclear incident had been caused during the certificate period of such certificate. The maximum retrospective premium that the named insureds designated in a certificate shall pay to the companies for all excess losses arising out of any one nuclear incident is the amount stated in Item 7 of their certifi- cate. In the event of two more nuclear incidents, the maximum amount of retrospective pre- mium that shall be due from and payable by the named insureds in one calendar year shall not exceed twice the amount stated in Item 7 of their certificate. Any amount in ex- cess thereof shall be paid in subsequent cal- endar years as billed by the companies. In addition, an allowance for applicable premium taxes shall be determined by the companies and paid to them by the named insureds at the time retrospective premiums are due and payable. After a nuclear incident resulting in excess losses, the companies shall mail to the first named insured designated in Item 1 of a cer- tificate written notice of the retrospective premium and allowance for premium taxes then due under such certificate. Such notice shall also constitute notice to all other named insureds designated in such certificate. The named insureds shall pay directly to the Nuclear Energy Liability Insurance Associa- tion the retrospective premium and allow- ance for premium taxes stated in the notice. The n...
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Related to RETROSPECTIVE PREMIUM

  • REINSURANCE PREMIUM The YRT Reinsurance Premium for each coverage shall equal (i) x (ii) x (iii) / 1,000, where:

  • Shift Premium Full-Time and Part-Time Employees shall be paid a shift premium of one dollar ($1.00) per hour for all hours worked where the majority of their scheduled hours fall between 1500 and 0700 hours.

  • Overtime Premium a) Time and one-half (1/2) shall be paid as follows: 1) For all hours worked over 8 (eight) hours per day. 2) For all hours worked over 40 (forty) hours per week. 3) For all hours worked on Sunday, unless part of the employees regularly scheduled workweek. b) Double time plus holiday pay shall be paid for all hours worked on holidays that are defined in this Agreement.

  • Night Shift Premium All hours worked by an employee between ten (10:00) p.m. and seven (7:00) a.m. shall be considered as shift work and paid for at the applicable straight time/overtime rate plus two ($2.00) dollars per hour shift premium for each full hour worked during this period. Night-shift premium shall not be added to the employee’s hourly rate of pay for the purpose of computing overtime pay.

  • Overtime and Premium Pay A nurse shall be paid at the rate of one and one- half (1½) times the nurse’s regular hourly rate of pay for all hours worked in any one category listed below, including statutory overtime pay under 9.4.1 or premium pay under 9.4.2 through

  • Night Premium For all time worked by employees, after 7 p.m. and before 7 a.m., by employees hired on or before August 5, 2005, a premium of twenty-five cents (25¢) per hour shall be paid.

  • Reinsurance Premiums A. The total Reinsurance Premium for the business ceded hereunder is the sum of the GMDB Reinsurance Premium, the EPB Reinsurance Premium and the GMIB Reinsurance Premium, each of which is defined separately in this article. B. The Reinsurance Premium rates and structure described above are subject to change in accordance with the criteria described in Article XV. GMDB AND EPB ------------ C. The total GMDB Reinsurance Premium for the business ceded hereunder is the sum of the GMDB Reinsurance Premium and the EPB Reinsurance Premium, each of which is defined separately in this article. GMDB CESSION PREMIUM -------------------- D. The GMDB Reinsurance Premium is expressed in terms of basis points and is defined in Exhibit II. E. The Cedent shall calculate, for each premium class, the Reinsurer's Percentage of the greater of the average aggregate GMDB value and the average aggregate account value for the reporting month. This value shall be applied to the GMDB Cession Premium rates per premium class on a 1/12th basis. EPB CESSION PREMIUM ------------------- F. The EPB Reinsurance Premium is an asset-based premium rate, expressed in terms of basis points, and is defined in Exhibit II. G. The Cedent shall calculate, for each premium class, the Reinsurer's Percentage of the average aggregate account value for the reporting month. This value shall be applied to the annualized EPB reinsurance premium rates per premium class on a 1/12th basis. The total EPB Cession Premium due for the month is the sum of the premiums calculated for each premium class. SPOUSAL CONTINUANCES -------------------- H. Spousal continuances will be covered under this Agreement to the extent that the surviving spouse satisfies the issue age restrictions and benefit limitations, as described in Schedule A, at time of continuance, and shall be deemed to be terminations followed by subsequent new issues for purposes of calculating Reinsurance Premiums. The new reinsurance premium rate applied shall be based off the attained age of the surviving spouse at the time of election of spousal continuance. After the termination of this Agreement for new cessions, a spousal continuation of a Reinsured Contract may be ceded to this Agreement in accordance with the procedure set forth in Article I, Paragraph D. GMIB ---- I. The GMIB cession premium ("GMIB Reinsurance Premium") is an asset-based premium rate, expressed in terms of basis points, as set forth in Exhibit II, and shall be calculated on an aggregate basis. J. The Cedent shall calculate the Reinsurer's Percentage of the greater of the average aggregate IBB value and the average aggregate account value for the reporting month. This value shall be applied to the annualized GMIB cession premium rates on a 1/12th basis.

  • Premiums The premiums for insurance policies required pursuant to this Article must be paid as a common expense by the Owners' Association.

  • Shift Premiums (a) All employees who are required by the Employer to rotate over two (2) or more shifts shall receive a shift premium of thirty cents ($0.30) for each hour worked on the afternoon or evening shifts only. Shift premium will not be paid for any hour in which an employee receives overtime premium and shift premium will not form part of the employee's straight time hourly rate. (b) In no event shall there be any pyramiding of benefits or payments.

  • PREMIUM TAX The Reinsurer will not reimburse the Ceding Company for premium taxes.

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