Annual Premium definition
Examples of Annual Premium in a sentence
If the annual premiums of such insurance coverage exceed the Maximum Annual Premium, then the Surviving Corporation will be obligated to obtain a policy with the greatest coverage available for a cost not exceeding the Maximum Annual Premium from an insurance carrier with the same or better credit rating as the Company’s current directors’ and officers’ liability insurance carrier.
In the event that the premium is calculated as an Annual Premium payable weekly, the premium Paid will apply to every week the employee is employed by the employer which will include the period the employee is on annual leave or sick leave.
If the annual premiums of such insurance coverage exceed the Maximum Annual Premium, then the Surviving Corporation will be obligated to obtain a policy with the greatest coverage available for a cost not exceeding the Maximum Annual Premium from an insurance carrier with the same or better credit rating as the Company’s directors’ and officers’ liability insurance carrier on the date hereof.
Prior to the Effective Time, the Company may purchase a prepaid “tail” policy with respect to the D&O Insurance from an insurance carrier with the same or better credit rating as the Company’s current directors’ and officers’ liability insurance carrier so long as the annual cost for such “tail” policy does not exceed the Maximum Annual Premium.
In consideration of all the provisions of this policy, the Annual Premium under all policies of the Named Insured with the Underwriter shall be determined in accordance with the Rating & Premium Plan.