Eligible Earned Premium definition
Eligible Earned Premium means direct premium earned for Profit Sharing Year less earned premium ceded (less ceding commission earned) for reinsurance.
Eligible Earned Premium is Agency’s voluntary earned premium limited to eligible business “Eligible Incurred Losses” are the losses paid, capped at $100,000, during the profit share period, plus the eligible losses outstanding at the end of the profit sharing period, less the eligible losses outstanding at the beginning of the profit sharing period, less net recoveries from salvage and subrogation thereon, all solely as relating to eligible business. “Eligible Losses Outstanding” are the unsettled claims as estimated by the Company without reduction for reinsurance, all solely as relating to eligible business.
Examples of Eligible Earned Premium in a sentence
Eligible Earned Premium shall mean direct premium earned for Profit Sharing Year which relates to Eligible Business less premium ceded (less ceding commission received) for treaty reinsurance specifically related to Eligible Business purchased by the Company for the Profit Sharing Year.
Eligible Earned Premium shall mean direct premium earned for Profit Sharing Year which relates to Eligible Business less premium ceded (less ceding commission received) for reinsurance.
Commissions shall include the direct commissions and policy fees (if included in Eligible Earned Premium) incurred by Company for the Profit Sharing Year, relating to Eligible Business.