Insurance Pool definition
Examples of Insurance Pool in a sentence
The SPS contribution to the Group Insurance Pool shall be based on the full State monthly allocation figure for insurance benefits.
To whatever extent applicable, the Parties agree to abide by the Memorandum of Understanding Regarding Joint Defense (“MOU”) between the Arizona Counties Insurance Pool (“ACIP”) and the Arizona Municipal Risk Retention Pool (“AMRRP”).
The Subscribers hereby establish an Advisory Board for the purpose of implementing this Agreement and operating the Insurance Pool.
The levy with respect to any year will be sufficient to fund any insurance/reinsurance, excess or stop-loss insurance premiums, to make payments under the Indemnities, to provide funds for the Claims Fluctuation Reserve and to fund the administrative expenses of the Insurance Pool.
The Retention required under the Indemnity shall provide for payment by the Subscriber to the Insurer of amounts within the Retention which shall come from the Insurance Pool.
Except as otherwise provided for in this Agreement, the Advisory Board has the power and authority, and the Subscribers hereby direct the Advisory Board to give any approvals and to make any decisions and determinations required or permitted to be given or made by the Subscribers with respect to the Insurance Pool and any matter arising out of or under this Agreement.
The obligations of each Subscriber with respect to the Insurance Pool and/or the Indemnity and contracts and obligations entered by or on behalf of the Subscribers in connection with the Insurance Pool will, in every case, be several and not joint and several.
The said books and records will fully and accurately reflect all transactions of the Insurance Pool and will be maintained in conformity with generally accepted accounting principles or customary practices.
This Agreement constitutes the entire agreement among the parties relating to the establishment and operation of the Insurance Pool and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, among the parties with respect thereto.
Proper and complete books, records, reports, and accounts of the Insurance Pool will be accessible at the administrative office of the Insurance Pool and will be open and available for inspection and copying by any Subscriber or its authorized representative at any reasonable time during normal business hours.