Assumed Premium definition

Assumed Premium means Initial Assumed Premium as adjusted by a monthly remittance and bordereau process developed by the Insurer and CITIZENS to account for policy cancellations, return premiums, policyholder requested coverage changes, and Returned Policies after the Assumption Date, with the positive and negative adjustments.
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Assumed Premium means the Initial Assumed Premium after being adjusted by the Bordereau Process.
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Assumed Premium means the reinsurance premium ceded by a Fronting Insurer to the Segregated Account for reinsurance of the Insurance Program’s risks pursuant to the terms and conditions of one or more Reinsurance Agreements.
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Examples of Assumed Premium in a sentence

  • If CITIZENS bears the cost for any expenditures, the Insurer agrees that its portion of such costs may be withheld from any Assumed Premium paid to Insurer by CITIZENS pursuant to this Agreement or any amendments or addenda to this Agreement.

  • In the event CITIZENS, for whatever reason, does not withhold the Insurer’s portion of such cost from any Assumed Premium paid to Insurer, Insurer agrees to pay said sum to CITIZENS within thirty (30) days of its receipt of a billing statement from CITIZENS.

  • D) The Insurer agrees that no bonus, incentive plan, or consideration beyond the Assumed Premium will be paid by TWIA for the Insurer’s removal of Removed Policies.

  • Assumed Premium minus the applicable Ceding Commission shall be reported via the Bordereau Process to the Insurer within 15 days following the end of each month.

  • In the event CITIZENS, for whatever reason, does not withhold the Insurer's portion of such cost from any Assumed Premium paid to Insurer, Insurer agrees to pay said sum to CITIZENS within thirty (30) days of its receipt of a billing statement from CITIZENS.

  • The Shareholder hereby represents and warrants that it has neither received nor relied on any tax or legal advice from Artex SAC or its representatives regarding the tax treatment of insurance premiums, other payments or distributions under this Agreement, or the Retrocession Agreement, and further recognises that the tax treatment of Net Assumed Premium, Investment Income and distributions is an issue which the Shareholder shall determine on their own behalf.

  • The Carrier agrees that its portion of such cost may be withheld from any Assumed Premium paid to Carrier by CITIZENS pursuant to this Agreement or any amendments or addenda to this Agreement.

  • In the event CITIZENS, for whatever reason, does not withhold the Carrier's portion of such cost from any Assumed Premium paid to Carrier, Carrier agrees to pay said sum to CITIZENS within thirty (30) days of its receipt of a billing statement from CITIZENS.