Experience account definition

Experience account means an account in the unemployment compensation fund showing an employer's experience with respect to contribution payments and benefit charges under this act, determined and recorded in the manner provided in this act. A reference in this act to an employer's "experience record" or "rating account" shall be construed to include reference to the employer's experience account.

Experience account means accounting entries which shall be created and maintained by Continental which shall detail the amount of Reserves allocable to each Fund Year.

Experience account has the meaning set forth in Section 8.1(a).

Examples of Experience account in a sentence

• In the event that the Reinsurer learns about a violation of these Covenants after the Expiration Date of this Agreement, the remaining unpaid Total Aggregate Limit, notwithstanding any provision to the contrary contained herein, shall be reduced to an amount equal to the positive balance in the Experience Account (or zero if the Experience Account Balance is negative) upon written notice by the Reinsurer to the Reinsured by registered or certified mail.

• If at the time of commutation the amount of unpaid Ultimate Net Loss is less than or equal to the Experience Account Balance, the Retrocessionaire agrees to pay all unpaid Ultimate Net Loss as of the date of commutation.

• In such event within 45 Business Days of such cancellation, the Reinsurer shall pay the Company a Profit Commission equal to the positive Experience Account Balance, as of the end of the prior month, if any.

• In such event, within 45 Business Days of Commutation the Reinsurer shall pay the Company a Profit Commission equal to the Experience Account Balance as of the end of the prior month, if positive.

• In the event that the Reinsured does not adhere to these Covenants, the Reinsurer shall have the right to immediately cancel this Agreement by mailing the Reinsured a written notice of cancellation and the remaining unpaid Total Aggregate Limit, notwithstanding any provision to the contrary contained herein, shall be immediately reduced to an amount equal to the positive balance in the Experience Account (or zero if the Experience Account Balance is negative) as of the date of cancellation.

More Definitions of Experience account

Experience account means an account in the unemployment compensation fund showing an employer’s experience with respect to contribution payments and benefit charges under this act, determined and recorded in the manner provided in this act. A reference in this act to an employer’s “experience record” or “rating account” shall be construed to include reference to the employer’s experience account.

Experience account means record of amounts payable by the cedant to the reinsurer under a reinsurance contract; and

Experience account means with respect to the profit sharing commission, the result derived from the calculation of income minus outgo.

Experience account. A notional "Experience Account" shall be created by the Reinsurer as at the Effective Date of this Agreement and shall be maintained by the Reinsurer until all obligations of the Reinsurer hereunder have been satisfied or discharged in full. The balance of the Experience Account shall be calculated by the Reinsurer and as of any date shall be equal to:

Experience account shall have the meaning specified in Section 10.1(a).

Experience account. An Experience Account shall be established by the Reinsurer and maintained during the term of this Agreement. The Experience Account shall consist of (a) ninety percent (90%) of the Reinsurance Premium received, less (b) actual losses paid by the Reinsurer, plus (c) interest on the average account balance calculated and credited at each December 31 at the rate of ninety percent (90%) of the last published One Year U.S. Treasury Xxxx Rate (as published in The Wall Street Journal) on the date the Reinsurance Premium is received by the Reinsurer and annually thereafter.

Experience account shall have the meaning specified in Section 10.1(a). “