Modified Premium definition

Modified Premium means actual manual premium paid in each fund year by each member to the Group after adjustments to manual premium due to payroll audits, modified by the experience modification factor (as calculated according to the Massachusetts Workers’ Compensation Rating Bureau experience modification formula).
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Modified Premium means the earned premium after application of any experience modification and prior to the application of an approved managed care premium reduction, a premium reduction in consideration of the New Jersey Construction Classification Premium Adjustment Program, the expense constant, surcharges, premium discount, retrospective rating plans, or premium reductions for deductible coverages.
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Examples of Modified Premium in a sentence

  • Definition of Modified Premium Modified premium means, for purposes of this rule, premium determined on the basis of carrier rates authorized by the Department of Financial Services, and any experience rating modification or merit rating factor.

  • Total Modified Premium –the total subject premium multiplied by the experience modification factor.

  • Definition of Modified Premium Modified premium means, for purposes of this rule, premium determined on the basis of carrier★ rates authorized by the Department of Financial Services, and any experience rating modification or merit rating factor.

  • Collection of a charge to cover premium tax derived by applying the Tax Multiplier to the standard premium.(b) Annual Standard Premium = $1,095,000 x 5.00 (per $100) = $54,750 (c) Modified Premium = $54,750 x 1.10 = $60,225 (d) Maximum Retrospective Premium: $60,225 x 1.60 = $96,360(a) Payroll extended to an annual basis: 6.

  • Note: Modified Premium is not a reported WCSTAT field, this is a field used only when correcting, modifying and creating USRs. It is not applicable to processed USRs.If there are multiple split periods, the split period currently being displayed will be highlighted and the user can toggle between the periods by clicking on the desired split period.

  • Tremco’s cold roofs containing any of the following products are defective or will become defective if exposed to cycles of freezing and thawing: Composite Ply; Modified Composite Ply; Premium Composite Ply; Modified Premium Composite Ply; Supreme Composite Ply; and Modified Supreme Composite Ply.

  • Director Womer Benjamin made a motion to adopt the following Adjustable Life Uniform Standards: a) Proposed Flexible Premium Adjustable Life Product Standards; b) Proposed Modified Premium Variable Adjustable Life Product Standards; c) Proposed Modified Single Premium Adjustable Life Product Standards; d) Proposed Joint Last to Die Survivorship Flexible Premium Adjustable Life Product Standards; and e) Proposed Joint Last to Die Survivorship Flexible Premium Variable Adjustable Life Product Standards.

  • Class CodePremium BasisRate per $100 or per$1000GL Premium97447Estimated Payroll: $6,915 2.98 Per 100 $206.06$6,915 x 2.98 = $20,606.70$20,606.70 ÷ 100 = $206.06 NOTE – In addition to the above basic calculation, your existing General Liability carrier may apply various credits (which reduce your Modified Premium) or debits (which increase your Modified Premium).

  • Multiply the modified premium from Step 5 by this factor to equal the Basic Limits Modified Premium.Step 7 Compare the Basic Limits Modified Premium developed in Step 6 to the appropriate Basic Limits Minimum Premium listed in 19.0 A.

  • If the Basic Limits Modified Premium is less than the Basic Limits Minimum Premium, the Basic Limits Modified Premium is set to equal the Basic Limits Minimum Premium.Step 8 Multiply the Basic Limits Modified Premium from Step 7 by the appropriate Limits of Liability Factor from 19.0 D.

Related to Modified Premium

  • Make-Whole Premium means, with respect to a Note at any redemption date, the greater of:

  • Net Premium means the premium, net of reinsurance premiums paid, HRA and GME payments, and MCO tax expenses.

  • Base premium rate means, for each class of business as to a rating period, the lowest premium rate charged or that could have been charged under the rating system for that class of business by the small employer carrier to small employers with similar case characteristics for health benefit plans with the same or similar coverage.

  • Net Earned Premium as used herein is defined as 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 which inures to the benefit of this Contract and less dividends paid or accrued.

  • Redemption Premium means (i) in the case of the Events of Default described in Section 4(a)(i) - (vi) and (ix) - (xii), 125% or (ii) in the case of the Events of Default described in Section 4(a)(vii) - (viii), 100%.

  • Premium Amount The amount of premium due to the Note Insurer in accordance with the terms of the Insurance Agreement.

  • Prepayment Premium means, with respect to the Mortgage Loan, any prepayment premium, spread maintenance premium, yield maintenance premium or similar fee required to be paid in connection with a prepayment of the Mortgage Loan pursuant to the Mortgage Loan Documents, including any exit fee.

  • Standard Premium means the basic premium for the coverage under this Certified Plan, as charged by the Company to the Policy Holder on an overall Portfolio basis, which may be adjusted in accordance with the Age, gender and/or lifestyle factors of the Insured Person.

  • Make-Whole Amount is defined in Section 8.6.

  • Cash Interest Coverage Ratio With respect to any Loan for any Relevant Test Period, either (a) the meaning of “Cash Interest Coverage Ratio” or comparable definition set forth in the Underlying Instruments for such Loan, or (b) in the case of any Loan with respect to which the related Underlying Instruments do not include a definition of “Cash Interest Coverage Ratio” or comparable definition, the ratio of (i) EBITDA to (ii) Cash Interest Expense of such Obligor with respect to the applicable Relevant Test Period, as calculated by the Borrower and Collateral Manager in good faith.

  • Make-whole Redemption Rate means (i) the average of the four quotations given by the Reference Dealers of the mid-market annual yield to maturity of the Reference Security on the fourth Business Day preceding the Make-whole Redemption Date at 11:00 a.m. (Central European Time ("CET")) ("Reference Dealer Quotation") or (ii) the Reference Screen Rate, as specified in the relevant Final Terms.