Actual Premium definition

Actual Premium means the premium that would have been paid by the insured if the insured had declared or reported the actual number of vehicles to which this policy applied at the date of loss, where that actual number of vehicles is greater than the number of vehicles declared on the policy and for which premium has been paid. “Paid Premium” means the premium paid to the Corporation by the insured for this policy at its inception or last renewal or any alteration made therein in accordance with condition 6 for the number of vehicles declared on the policy. The co-insurance to be paid by the insured for each distinct loss or occurrence to which this policy applies shall be calculated by subtracting the amount of co- insurance paid by the Corporation for the same claim from the amount of the applicable net claim.
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Actual Premium means the premium that would have been paid by the named insured if the named insured had declared or reported the actual number of vehicles to which this policy applied at the date of loss, where that actual number of vehicles is greater than the number of vehicles declared on this policy and for which premium has been paid and “paid premium” means the premium paid to the Corporation by the named insured for this policy at its inception or last renewal or any alteration made therein in accordance with condition 7 for the number of vehicles declared on this policy. The co-insurance to be paid by the named insured for each distinct loss or occurrence to which this policy applies shall be calculated by subtracting the amount of co-insurance paid by the Corporation for the same claim from the amount of the applicable net claim.
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Actual Premium. As respects each contract year, the COMPANY shall calculate Actual Premium which shall equal the sum of the Minimum Premium (in B. above) plus 100% of LOSSES INCURRED (net of the $8,000,000 ULTIMATE NET LOSS plus pro rata LOSS ADJUSTMENT EXPENSE deductible) subject to the Minimum Premium (in B. above) and the Maximum Premium (in C. above). The COMPANY shall calculate and report any downward Actual Premium for each contract year within 60 days after the end of 36 months from the beginning of each contract year, and within 60 days after the end of each 12-month period thereafter until all ULTIMATE NET LOSES and pro rata LOSS ADJUSTMENT EXPENSES subject hereto have been settled. The COMPANY shall calculate and report any upward Actual Premium for each agreement period within 60 days after the end of 12 months from the beginning of each contract year, and within 60 days after the end of each 12-month period thereafter until all ULTIMATE NET LOSSES and pro rata LOSS ADJUSTMENT EXPENSES subject hereto have been settled. The REINSURER shall pay the COMPANY any reported downward Actual premium less amounts previously paid in respect of Deposit Premium and prior net Actual Premium payments upon 15 days of receipt of the COMPANY'S report or 75 days in arrears of the respective year end reporting date, whichever is later. The COMPANY shall pay the REINSURERS any reported upward Actual Premium less amounts previously paid in respect of Deposit Premium and prior net Actual Premium payments upon the reporting of such Actual Premium development to REINSURERS.
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Examples of Actual Premium in a sentence

  • On this basis, it appears that where the Actual Premium paid is not increasing with tenure, consumers would not observe that price walking is being applied.

  • Minimum Premium: As respects each contract year, the COMPANY shall pay REINSURERS Actual Premium as per D.

  • In comparison, the renewal customer has an APTP ratio of 1.13 (average renewal business APTP ratio), which means their Actual Premium is€791.

  • The new business customer has an APTP ratio of 0.98 (average new business APTP ratio), which means their Actual Premium is €686.

  • Rather than look at the difference in absolute value between Actual Premium and Technical Premium, we have focussed on the ratio of the two values, i.e., the Actual Premium divided by the Technical Premium.

  • This result is consistent with the curvature difference at the origin between the Parzen and QS kernels.Compared with the ttest, the t∗ever, as with other tests that use consistent LRV estimates, the t^ptest has an obvious power advantage.

  • Figure 7: Variation of the average Actual Premium, average Technical Premium, and the average APTP with policyholder age for home insurance.

  • In comparison, the year 9 renewal customer has an APTP ratio of1.25 (average year9 renewal business APTP ratio), which means their Actual Premium is €875.

  • The Company shall calculate and report any increase in Actual Premium for each agreement period within 60 days after the end of 12 months from the beginning of each contract year, and within 60 days after the end of each 12-month period thereafter until all Ultimate Net Losses and pro rata Loss Adjustment Expenses subject hereto have been settled.

  • These may include legal constraints, such as the restriction on gender-based pricing in the Actual Premium, and IT systems constraints.12 In the case of intermediated policies that could be linked to insurers participating in the Review, we use a calculated premium.


More Definitions of Actual Premium

Actual Premium means, with respect to an Identified Policy, an amount equal to the premium actually paid by the Seller from the applicable Purchase Confirmation Date until the applicable Change Date.
Sample 1
Actual Premium. As respects each contract year, the Company shall calculate Actual Premium which shall equal the sum of the Minimum Premium (in B. above) plus 100% of Losses Incurred (net of the $13,000,000 Ultimate Net Loss plus pro rata Loss Adjustment Expense deductible) subject to the Minimum Premium (in B. above) and the Maximum Premium (in C. above). The Company shall calculate and report any decrease in Actual Premium for each contract year within 60 days after the end of 36 months from the beginning of each contract year, and within 60 days after the end of each 12-month period thereafter until all Ultimate Net Losses and pro rata Loss Adjustment Expenses subject hereto have been settled. The Company shall calculate and report any increase in Actual Premium for each agreement period within 60 days after the end of 12 months from the beginning of each contract year, and within 60 days after the end of each 12-month period thereafter until all Ultimate Net Losses and pro rata Loss Adjustment Expenses subject hereto have been settled. 10 The Reinsurer shall pay the Company any reported decrease in Actual Premium less amounts previously paid in respect of Deposit Premium and prior net Actual Premium payments upon 15 days of receipt of the Company's report or 75 days in arrears of the respective year end reporting date, whichever is later.
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Related to Actual Premium

  • Total Premiums Paid means total of all the premiums received, excluding any extra premium, any rider premium and taxes.

  • Annualised Premium means the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any as specified in the Schedule.

  • Monthly Salary Rate means the amount agreed to by the Owner that can be used on Applications for Payment throughout the Construction Phase to account for the services of Construction Manager’s salaried personnel assigned to the Project. A Monthly Salary Rate must be established for each salaried person and must be approved in writing by the Owner in advance of any Application for Payment for that person. The Monthly Salary Rate is for convenience only and any payments made for Construction Manager’s personnel are subject to audit to determine the actual cost of the wages and allowable employer contributions incurred by the Construction Manager for services performed for the Project.