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.
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.
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.

Examples of Actual Premium in a sentence

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

  • The long- term customer is paying 32% more relative to the expected costs of the policy than the customer renewing for the first time.Figure 4: Variation of the average Actual Premium, average Technical Premium, and the average APTP with tenure on home insurance.

  • 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.

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

  • 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.

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

  • 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.

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

  • Figure 2 shows the spread of the Actual Premium to Technical Premium for new and renewal business (for privatecar and home insurance combined).

  • The year 1 renewal customer has an APTP ratio of 1.09 (averageyear 1 renewal business APTP ratio), which means their Actual Premium is€763.


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; provided, that such amount shall not exceed the Estimated Premium for such Identified Policy unless the Seller has delivered prior written notice of the payment thereof to the Purchaser.
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.

Related to Actual Premium

  • Annual Premium means the premium set by Us and payable for cover under this policy for a full academic year.

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

  • Extra Premium means an additional amount charged by Us, as per Our Underwriting Policy, which is determined on the basis of disclosures made by You in the Proposal Form or any other information received by Us including medical examination report of the Life Insured.

  • Spread Maintenance Premium means, with respect to any payment or prepayment, an amount equal to the product of the following: (i) the LIBOR Margin, the Alternate Rate Spread or the Base Rate Spread then applicable to each such future installment of interest, multiplied by (ii) the principal amount of the Loan so prepaid, and multiplied by (iii) a fraction, the numerator of which is the number of days following the date through which interest on the prepaid amount has been paid through and including December 14, 2019, and the denominator of which is 360.

  • Regular Premium means the amount exclusive of applicable taxes, if any, payable by the Policyholder at regular intervals during the Premium Paying Term, in amount and at the Premium Payment Frequency, both, as specified in the Schedule.

  • Yield Maintenance Premium means the amount (if any) which, when added to the remaining principal amount of the Note or the principal amount of a Defeased Note, as applicable, will be sufficient to purchase U.S. Obligations providing the required Scheduled Defeasance Payments.

  • Base premium rate means, for each class of business as to a rating period, the lowest premium rate charged or that could have been charged under the rating system for that class of business by the small employer carrier to small employers with similar case characteristics for health benefit plans with the same or similar coverage.

  • Maximum Premium has the meaning set forth in Section 7.06(b).

  • Transfer Premium shall also include, but not be limited to, key money, bonus money or other cash consideration paid by Transferee to Tenant in connection with such Transfer, and any payment in excess of fair market value for services rendered by Tenant to Transferee or for assets, fixtures, inventory, equipment, or furniture transferred by Tenant to Transferee in connection with such Transfer. The determination of the amount of Landlord’s applicable share of the Transfer Premium shall be made on a monthly basis as rent or other consideration is received by Tenant under the Transfer.

  • 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.

  • Prepayment Premium means, with respect to the Mortgage Loan, any prepayment premium, spread maintenance premium, yield maintenance premium or similar fee required to be paid in connection with a prepayment of the Mortgage Loan pursuant to the Mortgage Loan Documents, including any exit fee.

  • Insurance Premium means the amount that each Debtor shall pay on a monthly basis to Agos pursuant to the relevant Consumer Loan Agreement, in relation to the insurance premium paid by Agos to the relevant Insurance Company under any Financed Insurance Policy.

  • Net earned premium as used herein is defined as gross earned premium of the Company for the classes of business reinsured hereunder, less the earned portion of premiums ceded by the Company for reinsurance which inures to the benefit of this Contract.

  • Actual/360 Basis The accrual of interest on the basis of the actual number of days elapsed during any relevant accrual period in a year assumed to consist of 360 days.

  • Past Due Rent Payment is defined in Section 2.2(g).

  • Monthly Charges means a finance carrying charge of one and one-half of one percent (1.5%) and a storage and handling charge of one-half of one percent (0.5%), in each case of the Cost of the Inventory and/or Special Inventory and/or of the fees for the Product affected by the reschedule or cancellation (as applicable) per month until such Inventory and/or Special Inventory and/or Product is returned to the vendor, used to manufacture Product or is otherwise purchased by Customer.

  • Special Reimbursement Date means, the special payment date established in connection with a Reimbursement under Special Circumstances as described hereunder “Extraordinary Events and Special Circumstances – Reimbursement Under Special Circumstances and Payment”.

  • Net Premium means the premium, net of reinsurance premiums paid, HRA and GME payments, and MCO tax expenses.

  • Annualized Premium means the due premium contribution as calculated and applicable for a Policy Year. Annualized Premium excludes extra premium, if any

  • Percentage Rent As defined in Subsection 3.1(b).

  • Prepayment Premium Period means the period during which, if a prepayment of principal occurs, a prepayment premium will be payable by Borrower to Lender. The Prepayment Premium Period is the period from and including the date of this Note until but not including the first day of the Window Period.

  • 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.

  • Deposit Premium means the estimated amount determined for each Member Entity necessary to fund each layer of coverage for each Policy Year of each Program of PARSAC.

  • Minimum Disbursement Amount means Twenty-Five Thousand and No/100 Dollars ($25,000).

  • Applicable Monthly Payment For any Mortgage Loan (including an Outside Serviced Mortgage Loan) with respect to any month (including any such Mortgage Loan as to which the related Mortgaged Property has become an REO Property), the Monthly Payment; provided, however, that for purposes of calculating the amount of any P&I Advance required to be made by the Master Servicer or the Trustee, notwithstanding the amount of such Applicable Monthly Payment, interest shall be calculated at the Mortgage Rate less the Servicing Fee Rate and, if applicable, shall be exclusive of Excess Interest; and provided, further, that for purposes of determining the amount of any P&I Advance, the Monthly Payment shall be as reduced pursuant to any modification of a Mortgage Loan pursuant to Section 3.24 of this Agreement or pursuant to the applicable Outside Servicing Agreement, or pursuant to any bankruptcy, insolvency, or other similar proceeding involving the related Mortgagor.

  • Payment month means, for all programs except EA, the calendar month for which benefits are issued.