Direct Earned Premium definition

Direct Earned Premium means revenue recognized during the period of measurement for written insurance contracts, prior to any ceding, as determined in accordance with SAP.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Direct Earned Premium means premium as defined in RCW 48.43.005, plus any rate credits or recoupment less any refunds, for the applicable period, whether received before, during or after the applicable period.

Direct Earned Premium shall have the meaning set forth in Section 102 of TRIA.

Examples of Direct Earned Premium in a sentence

• The Company will pay the Reinsurers 1.25% of the Direct Earned Premium on the policies at the inception of this Addendum, or written or renewed with an effective date thereafter.

• Annually, within ninety days of the end of each Agreement Year, the Company will report Direct Earned Premium earned during the Agreement Year, apply a treaty rate as reflected above to such Direct Earned Premium to determine the developed reinsurance premium, and remit to the Reinsurer the difference between the developed reinsurance premium and the Deposit Premium, if any.

• The Company will pay the Reinsurer 2.00% of the Direct Earned Premium on all in force, new and renewal policies written for the period January 1, 1999 to January 1, 2000, and 3.0% of the Direct Earned Premium on all in force, new and renewal policies written on and after January 1, 2000.

• The Company will pay the Reinsurers 1.20 % of the Direct Earned Premium on the policies in force at the inception of this Agreement, or written or renewed with an effective date thereafter.

More Definitions of Direct Earned Premium

Direct Earned Premium means a direct earned premium for commercial property, commercial casualty, workers’ compensa- tion, or group life insurance issued by any insurer for insurance against losses occur- ring at the locations described in subpara- graphs (A) and (B) of paragraph (10).

Direct Earned Premium as used in this Agreement is defined as the earned portion of the premium for inforce, new and renewal Policies ceded to this Agreement adjusted for experience modification, discounts, credits, surcharges, expense constants and deductible credits, plus or minus premium arising from audit adjustments, minus cancellation and return premium, minus premiums paid for facultative reinsurance which inures to the benefit of this Agreement.

Direct Earned Premium as used in this agreement is defined as: Manual Premium (Payroll/100) x Voluntary Rate + Increased Limits Factor (Manual Premium x Factor) -Deductible Credit (Manual Premium x Credit) Subject Premium x Managed Care Factor (1 - Managed Care Credit) x Safety Factor (1 - Safety Credit) x Drug Free Workplace Factor (1 - DFW Credit) x Experience Modification Factor Total Modified Premium + Aircraft Seat Surcharge *-Other Credits that are Subject to Premium Discounts or are a Part of Standard Premium - Contracting Classification Premium Adjustment Program (Modified Premium x CCPAP Credit) Standard Premium -Premium Discounts (Stock Volume Discount) *Direct Earned Premium *As defined and/or modified by NCCI or the Florida Department of Insurance