Gross Net Written Premium Income means gross written premium of the Company for the classes of business reinsured hereunder, less written portion of premiums ceded by the Company for reinsurance that inures to the benefit of this Contract.
Gross Net Written Premium Income means gross written premium of the Company for the classes of business reinsured hereunder, less return premiums, and less written premiums ceded by the Company for reinsurance that inures to the benefit of this Contract.
Gross Net Written Premium Income means all premium actually received or due in respect of Policies (whether direct or assumed) written during the Term.
Examples of Gross Net Written Premium Income in a sentence
For rating purposes, the applicable Original Gross Net Written Premium Income shall be calculated on policies issued or renewed from the inception date of this Contract to the effective time and date of termination of this Contract.
For rating purposes, the applicable Subject Gross Net Written Premium Income shall be calculated on policies issued or renewed from the inception date of this Contract to the effective time and date of termination of this Contract.
The Company shall cede to the Reinsurer its share of (1) the unearned premium on Policies in force as of the inception of this Contract and (2) the Gross Net Written Premium Income (without duplication of unearned premium) on all Policies written or renewed with effective dates on or after the inception of this Contract.
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The Reinsurer shall allow the Company a provisional ceding commission of 26.50% of the Gross Net Written Premium Income ceded hereunder.
More Definitions of Gross Net Written Premium Income
Gross Net Written Premium Income. (GNWPI) shall mean the gross premium and additional premium written for the business reinsured hereunder, less cancellation and return premiums, and less premiums paid for other reinsurance which inures to the benefit of this Contract, if any.
Gross Net Written Premium Income shall for all purposes of this Contract, be understood to mean the full gross amount of the premiums charged by the Reassured to their original insureds less cancellation and return premiums, and less premiums paid for reinsurances which inure to the benefit of this Contract.
Gross Net Written Premium Income wherever used herein, means the gross premium written by the Company in respect of Captive/Rent-a-Captive Programmes and Large Deductible Risks that attach during the period of this Agreement on business subject to this Agreement, before the application of any credits allowed to insureds in respect of deductibles and self-insured retentions, less returns and cancellation premiums and less written premiums paid for reinsurances, recoveries under which inure to the benefit of this Agreement.
Gross Net Written Premium Income means written premium of the Company for the classes of business reinsured hereunder, less return premiums, and less the written premiums ceded by the Company for reinsurance that inures to the benefit of this Contract. The Company’s maximum deduction for inuring reinsurance premiums, including reinstatement premiums, if any, shall be $62,500,000. For the purpose of allocating inuring reinsurance premiums to the term of this Contract:
a. the reinsurance premium paid by the Company for its Property Catastrophe Excess of Loss Reinsurance Contract shall be allocated to the term of this Contract based on reinsurance premiums, including deposits, adjustments and reinstatements, that are paid during the term of this Contract; Reinstatement premiums are deemed to be paid and earned in full as of the date of loss of the Loss Occurrence that triggered the reinstatement premium. In the event that the Company elects to purchase a Reinstatement Protection Policy, the premiums paid thereunder shall be allocated to the term of this Contract, based on reinsurance premiums that are paid during the term of this Contract.
b. As respects the General Excess of Loss Reinsurance Contract, the Company will calculate and accrue, as inuring ceded premium to this Contract, the General Excess of Loss Reinsurance Contract actual ceded earned premium for the period January 1, 2013 through December 31, 2013.
Gross Net Written Premium Income shall, for all purposes of this Contract, be understood to mean the full gross amount of the premiums charged by the Reassured to their original insureds for original policy limits of up to US$1,000,000 or so deemed, including Premium in respect of Defence Costs Allowance Rider on policy limits up to US$1,000,000 as per the Reassured's Primary Excess of Loss Contract, less cancellations and return premiums, and less premiums paid for reinsurances, recoveries under which would inure to the benefit of this Contract, which is allocated by the Reassured as written during the Contract Year under consideration.
Gross Net Written Premium Income is defined as gross written premiums less return premiums and less premiums paid for reinsurances, recoveries under which inure to the benefit of this Contract. For each layer of Property Catastrophe Excess of Loss Reinsurance provided by this Contract for the first Annual Period, the Company shall pay to the Reinsurer the corresponding annual deposit premium stated in Item 4 of Exhibit A in quarterly installments of the amount stated in Item 5 of Exhibit A, due January 1, 2000, April 1, 2000, July 1, 2000 and October 1, 2000. For the second Annual Period, the annual deposit premium shall be calculated at one hundred percent (100%) of the estimated reinsurance premium and shall be payable in quarterly installments of twenty-five percent (25%) of the annual deposit premium, due at January 1, 2001, April 1, 2001, July 1, 2001 and October 1, 2001. Within ninety (90) days following the expiration of each Annual Period of this Contract, the Company shall render to the Reinsurer a statement of premium due for each excess layer calculated in accordance with the first paragraph of this Article. An adjustment of premium shall thereupon be made in accordance with the statement submitted by the Company, subject to the corresponding annual minimum premium stated in Item 7 of Exhibit A being due the Reinsurer for the first Annual Period. For the second Annual Period, the annual minimum premium shall be calculated at eighty percent (80%) of the annual deposit premium.
Gross Net Written Premium Income means gross written premium of the Company for the classes of business reinsured hereunder, less written portion of premiums ceded by the Company for reinsurance that inures to the benefit of this Contract. C. “Policy” means any binder, policy, or contract of insurance or reinsurance issued, accepted or held covered provisionally or otherwise, by or on behalf of the Company. D. 1. “Loss Occurrence” means the sum of all individual losses directly occasioned by any one disaster, accident or loss or series of disasters, accidents or losses arising out of one event that occurs within one geographic location. However, the duration and extent of any one “Loss Occurrence” shall be limited to all individual losses sustained by the Company occurring during any period of 168 consecutive hours arising out of and directly occasioned by the same event except that the term “Loss Occurrence” shall be further defined as follows: a. As regards any “Named Storm,” all individual losses sustained by the Company arising out of and directly occasioned by such “Named Storm,” without regard to the limitations of duration and extent set forth above. “Named Storm” means any storm or storm system declared by the US National Hurricane Center, US Central Pacific Hurricane Center, US Weather Prediction Center, or their successor organizations, all being divisions of the US National Weather Service to be a tropical storm or hurricane, and any successors thereof. A storm or storm system that merges with a “Named Storm” shall be considered part of that “Named Storm,” once it has merged. A “Named Storm” shall be deemed to begin at the effective time and date of the first watch, warning or other official advisory applicable to such tropical storm, or hurricane, issued by the above referenced governmental meteorological agencies. A “Named Storm” shall be deemed to end 72 hours after the cancellation of the last watch, warning or other official advisory applicable to such tropical storm, hurricane or successor, issued by the above referenced governmental meteorological agencies irrespective of the duration of the timing or spacing between such watches, warnings or other official advisories. If two or more storms are assigned different names by the above- referenced governmental meteorological agencies, each of those storms shall constitute a separate event for purposes of this definition.