Losses Paid definition

Losses Paid means actual payments to claimants under Policies covered hereunder.

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Losses Paid as used in this Facultative Quota Share Reinsurance Agreement shall mean losses paid less recoveries for salvage and subrogation.

Losses Paid means Losses Paid by or on behalf of the Company less Recoveries for Salvage and Subrogation.

Examples of Losses Paid in a sentence

• The Reinsured shall report to the Reinsurer in a form mutually acceptable, within thirty (30) days after the end of each calendar quarter the amount of Losses Paid by the Reinsured during the quarter.

• Within thirty (30) days of the end of each month while this Agreement remains in effect, the Company shall render to the Reinsurer an account current which shall summarize Gross Written Premiums, investment income, allowances for commissions, Losses Paid, Obligations and salvage recovered during the applicable month.

• The total amount of Security required shall be adjusted at December 30, 1996 and at each December 30 thereafter to be an amount equal to 70% (seventy percent) of the Gross Ceded Premium (as set forth in Schedule A hereto) less the amount of Losses Paid for the expiring underwriting year, and such shall constitute the required Security for all underwriting years covered hereunder (computed as provided in Exhibit l hereto).

• The amount of the Security required as of the date this Agreement is executed by the Reinsurer shall be equal to 100% (one hundred percent) of the amount of the Unearned Premium Reserve less the amount of Losses Paid for the Business reinsured hereunder.

• Following each quarterly report, the Reinsurers shall pay all cumulative Ultimate Net Losses Paid in respect of Business Covered by the Ceding Company on and after January 1st of each respective Coverage Year in excess of the Ceding Company's Retention subject to the Aggregate Limits hereon.

• Following each quarterly report, the Reinsurers shall pay all cumulative Ultimate Net Losses Paid by the Ceding Company in respect of Business Covered during the Coverage Period in excess of the Ceding Company's Retention subject to the Aggregate Limits hereon.

• Loss reimbursement at any calendar quarter for each Coverage Year shall be equal to the amount of such cumulative Ultimate Net Losses Paid at each date in excess of the Retention less net loss reimbursements previously made by the Reinsurers, subject to the Aggregate Limits in accordance with ARTICLE 5: COVERAGES AND AGGREGATE LIMITS.

• Losses Paid and Cumulative Net Losses Incurred and Ultimate Net Losses during the quarter and inception to date including a breakdown of amounts for losses and Loss Adjustment Expense Paid and Outstanding including IBNR.

• Losses Paid on the Business during a specified time period, plus any increase or minus any decrease in the Loss Reserve during such period.

• Loss reimbursements will be made by the REINSURERS only when Cumulative Net Losses Paid exceed the net retention.

More Definitions of Losses Paid

Losses Paid as used in this Agreement shall mean Losses Paid less Recoveries for Salvage and Subrogation.

Losses Paid as used in this AGREEMENT shall mean LOSSES actually paid by or on behalf of MICCA.

Losses Paid as used in this Facultative Quota Share Reinsurance Agreement shall mean losses paid less recoveries for salvage and subrogation. (H) The term "Loss Expenses Paid" as used in this Facultative Quota Share Reinsurance Agreement shall mean all court costs, fees and expenses; fees for service of process; fees to attorneys; cost of undercover operative and detective services; fees of independent adjusters or attorneys for investigation or adjustment of claims beyond initial investigation, cost of employing experts for preparation of reports, photographs, diagrams, chemical or physical analysis or for advice, opinion or testimony concerning claims under investigation or in litigation; costs for legal transcripts of testimony taken at 30 <PAGE> coroner's inquests, criminal or civil proceedings; costs for copies of any public records; costs of depositions and court reported or recorded statements; and any other similar fees; cost or expense reasonably chargeable to the investigation, negotiation, settlement or defense of a claim or loss or to the protection and perfection of the subrogation rights of any insured covered by a Policy reinsured hereunder. (I) The term "Liability in Excess of Policy Limits" as used in this Facultative Quota Share Reinsurance Agreement means liability in excess of the limit of the Ceding Company's original Policy, such Loss in excess of the limit having been incurred because of, but not limited to, failure by the Ceding Company to settle within the Policy limit or by reason of alleged or actual negligence or bad faith in rejecting an offer of settlement or in the preparation of the defense or in the trial of any action against its insured or reinsured of the Ceding Company or in the preparation or prosecution of an appeal consequent upon such action or failure of the Ceding Company to pay any claim when due or improper denial by the Ceding Company of coverage. Notwithstanding any application of the foregoing definition herein, in no event shall coverage for any Liability in Excess of Policy Limits be provided to the extent that such coverage is not permitted under New York law pursuant to any provision of this Facultative Quota Share Reinsurance Agreement. 31 <PAGE>

Losses Paid means payment made for Losses under Policies less related salvage and subrogation recoveries.