Gross Net Earned Premium Income definition

Gross Net Earned Premium Income means the gross earned premium on business the subject matter hereof less cancellations and return premiums and less premiums paid for reinsurance recoveries under which would inure to the benefit of the Reinsurer. Such Premium Income shall be understood to include:

Gross Net Earned Premium Income wherever used herein, means the gross premium earned by the Company during the period of this Agreement on business subject to this Agreement, before application of any credits allowed to insureds in respect of deductibles and self-insured retentions, less only earned premium paid for reinsurances, recoveries under which inure to the benefit of this Agreement. However, in respect of business, written under the Reinsured’s Retrospective Rating Plan, “Gross Net Earned Premium Income” shall be calculated from the standard premium audit but prior to any retrospective rating adjustments.

Gross Net Earned Premium Income as used herein shall mean gross premiums earned during the period less cancellations and return premiums and less premiums paid for reinsurance, recoveries under which shall inure to the benefit of Reinsurers hereon.

Examples of Gross Net Earned Premium Income in a sentence

• The premium applicable to the run-off period shall be at the rate set forth in this Contract multiplied by the Gross Net Earned Premium Income earned during each calendar quarter of the run-off period for Policies in force as of the expiration date of this Contract.

• Premium for such run off cover shall be calculated at the rate in force hereunder at the date of non-renewal applied to the Gross Net Earned Premium Income earned during the period of run off.

• In such event, the Company shall pay to the Reinsurer an additional premium equal to the rate set forth in the Premium Article, multiplied by the Gross Net Earned Premium Income during the run-off period, payable within 45 days after the end of each quarter.D In the event this Contract expires on a run-off basis, the Reinsurer’s liability hereunder shall continue if the Company is required by statute or regulation to continue coverage, until the earliest date on which the Company may cancel the Policy.

• As soon as practicable following the expiration of this Agreement, the Company will calculate a premium at a rate of 0.447% of the Gross Net Earned Premium Income for the Agreement Year.

• Should the Company elect to purchase run-off coverage in accordance with the TERM ARTICLE for business in force at the date of expiration or termination of this Agreement, it shall remit premium monthly at the rate above applied to its Gross Net Earned Premium Income for the month within 30 days following each month.

More Definitions of Gross Net Earned Premium Income

Gross Net Earned Premium Income as used in this Contract shall mean the gross earned premium income of the Company for the business covered by this Contract, less premiums paid for reinsurances, recoveries under which would inure to the benefit of this Contract.

Gross Net Earned Premium Income means the gross earned premium on business the subject matter hereof, less cancellations and return premiums and less premiums paid for reinsurance recoveries under which would inure to the benefit of the Reinsurer. Such premium income shall be understood to include:

Gross Net Earned Premium Income as used in this Agreement shall mean gross earned premium income on business the subject of this Agreement less earned premium income paid for reinsurances, recoveries under which would inure to the benefit of this Agreement.

Gross Net Earned Premium Income means the earned portion of Gross Net Written Premium Income.

Gross Net Earned Premium Income means gross earned manual premium for Policies covered hereunder adjusted for experience and schedule credit/debit modifications, State/NCCI safety credit and other allowable credits, premium discount, deductible credits, expense constants and Policy fees, less returns and cancellations and less the earned portion of premiums for Policies covered hereunder ceded by the Company for reinsurance that inures to the benefit of this Contract, if any.

Gross Net Earned Premium Income means gross earned premium of the Company for the classes of business reinsured hereunder, less the earned portion of premiums ceded by the Company for reinsurance that inures to the benefit of this Contract. Gross Net Earned Premium Income shall include business written by Old American County Mutual Fire Insurance Company by or through Windhaven Insurance Services, LLC, as respects Private Passenger Automobile Physical Damage (“Property”) business.

Gross Net Earned Premium Income. (GNEPI) shall mean the gross premium and additional premium earned for business reinsured hereunder, less cancellation and return premiums, and less ceded earned premiums paid for other reinsurance which inures to the benefit of this Contract, if any. GNEPI subject hereunder shall be the unearned premium at the beginning of the accident year, plus the written premium during the accident year, less the unearned premium at the end of the accident year.