Losses Incurred definition

Losses Incurred as used herein shall mean ceded losses and loss adjustment expense paid as of the effective date of calculation, plus the ceded reserves for losses and loss adjustment expense outstanding as of the same date, all as respects losses occurring during the contract year under consideration, plus the debit or minus the credit from the preceding contract year.

Losses Incurred means ceded losses and Loss Adjustment Expense paid as of the effective date of calculation, plus the ceded reserves for losses and Loss Adjustment Expense outstanding as of the same date.

Losses Incurred as used in this section, means gross losses incurred during the calendar year under such policies written within the United States, less reinsurance claims collected or collectible and salvages or recoveries collectible from any source ap- plicable to the such losses.

Examples of Losses Incurred in a sentence

• It shall be a defense to any action brought by Indemnitee against the Company to enforce this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim related to an Indemnifiable Event in advance of its final disposition) that it is not permissible under applicable law for the Company to indemnify Indemnitee for the amount claimed.

• If this Section 5 or any portion hereof shall be invalidated on any ground by a court of competent jurisdiction, the Series shall nevertheless indemnify the Managing Party for any Losses incurred to the full extent permitted by any applicable portion of this Section that shall not have been invalidated.

• The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses, including reasonable attorney’s fees, judgments, fines, settlements and other legally permissible amounts (“Losses”), incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such Losses incurred as a result of your gross negligence or willful misconduct.

• With respect to any Losses incurred by Customer as a result of the acts or failures to act by a Subcustodian acting as warehouseman hereunder, Custodian shall take appropriate action to recover such Losses, and Custodian’s liability shall be limited to the amount recovered net of Custodian’s costs and expenses.

• With respect to any Losses incurred by the Fund as a result of the acts or any failures to act by any Subcustodian (other than a BNY Affiliate), Custodian shall take appropriate action to recover such Losses from such Subcustodian; and Custodian's sole responsibility and liability to the Fund shall be limited to amounts so received from such Subcustodian ( exclusive of costs and expenses incurred by Custodian).

More Definitions of Losses Incurred

Losses Incurred means Losses ceded and Loss Adjustment Expense ceded as of the effective date of calculation, plus the ceded reserves for Losses and Loss Adjustment Expense outstanding as of the same date (including losses incurred but not reported), it being understood and agreed that all Losses and related Loss Adjustment Expense under Policies with effective or renewal dates during an adjustment period shall be charged to the adjustment period, regardless of the date said Losses actually occur.

Losses Incurred means losses paid plus loss adjustment expenses paid less salvages recovered in respect of claims made during the period for which computation is being made, plus the reserve for unpaid outstanding losses and loss adjustment expenses at the close of the period, in respect of claims made during the period.

Losses Incurred as used herein shall mean ceded losses paid as of the effective date of calculation, plus the 10.0% allowance for loss adjustment expense, plus the ceded reserves for losses outstanding as of the same date, plus the debit or minus the credit from the preceding adjustment period, it being understood and agreed that all losses and related loss adjustment expense under policies with effective or renewal dates during an adjustment period shall be charged to that adjustment period, regardless of the date said losses actually occur, unless this Agreement is terminated on a "cutoff" basis, in which event the Reinsurer shall have no liability for losses occurring after the effective date of termination.

Losses Incurred as used herein shall mean ceded losses and loss adjustment expense paid as of the effective date of calculation, plus the Company’s ceded reserves for losses and loss adjustment expense outstanding as of the same date, it being understood and agreed that all losses and related loss adjustment expense under policies allocated to an underwriting year shall be charged to that underwriting year, regardless of the date said losses actually occur, unless this Contract is terminated on a “cutoff” basis, in which event the Reinsurer shall have no liability for claims made or occurrences commencing after the effective date of termination.

Losses Incurred as used herein shall also include each such Subscribing Reinsurer’s share of any debit or credit under the expired contract.

Losses Incurred as used herein shall mean ceded losses and loss adjustment expense paid as of the effective date of calculation, plus the ceded reserves for losses and loss adjustment expense outstanding as of the same date, all as respects losses occurring during the contract year under consideration, plus the debit or minus the credit from the preceding contract year. As respects the first contract year hereunder, for any Subscribing Reinsurer participating under this Contract that also participated under the Company's Residential Quota Share Reinsurance Contract, effective 12:01 a.m., Central Standard Time, April 1, 2013 (the "expired contract"), "losses incurred" as used herein shall also include each such Subscribing Reinsurer's share of any debit or credit under the expired contract.

Losses Incurred as used herein shall mean Net Losses and Loss Adjustment Expense paid as of the effective date of calculation, plus the ceded reserves for losses and Loss Adjustment Expense (including reserves for incurred but not reported losses) outstanding as of the same date, all as respects losses occurring during the Adjustment Period under consideration plus the change in Losses Incurred from the preceding Adjustment Period. IV. The following sentence shall be added to the end of Item I. of Article XII: For all purposes of this Agreement, with respect to all periods following January 1, 2012, it is understood that references to the Company Pool and retrocessions to the Company Pool shall no longer be deemed to be included in the Agreement as following such date, pursuant to the Amended & Restated Reinsurance Pooling Agreement dated January 1, 2012 among the affiliates of the Company, there is no longer any retrocession to the members of the Company Pool. All other references to the Company Pool following January 1, 2012 shall be deemed to be references to the Company. V. Item B. of Article XVI. Special Termination is revised to read as follows: The Company may terminate this Agreement sixty (60) days from the commencement date of an initial public offering (“IPO”) by itself, or its direct or indirect parent company by giving notice in writing to the Reinsurer by certified mail, return receipt requested, and the North Carolina Department of Insurance, Missouri Department of Insurance, Michigan Department of Insurance and California Department of Insurance, within thirty (30) days of the commencement date of the IPO. For the purposes of this Agreement, the commencement date of an IPO shall be (i) the date of the issuance of stock by the Company or its direct or indirect parent company in a private placement pursuant to exemptions from the registration requirements of the Securities Act of 1933, as amended, which is subject to a registration rights agreement or (ii) the filing of a Form S-1 Registration Statement under the Securities Act of 1933, as amended with respect to the issuance of stock by the Company or its direct or indirect parent company. VI. All references to MK Re, Ltd in the Agreement shall be deemed to be references to ACP Re, Ltd. All other terms and conditions remain unchanged.