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

  • Especially important is promoting a question-driven adoption of qualitative methods,rather than a dependence upon qualitative methods due to, for instance, a lack of skill or training in quantitative methods.

  • The eligible applicant must submit a narrative of no more than twelve pages (charts and graphs are a part of the page limitation), double-spaced, 12 point font that must include the following information in the order listed below and utilizing a header for each Numbered Section.

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

  • RELIEF AMOUNT The Relief Amount is equal to the Contract Value less Modified Premium Payments (as defined below), not to exceed the following maximum amount: If eldest Owner has not attained age 70 on the Contract Date, the maximum Relief Amount is 200% multiplied by (A minus B minus C), where: A is sum of Modified Premium Payments made prior to the date the death benefit is calculated.

  • The Society will determine the amount of compensation and which Representative* will be paid the compensation on contract changes (except for the addition of term insurance and health insurance riders) and conversions, the continuation of Juvenile Term Insurance contracts and the rollover of Modified Premium Whole Life contracts.

  • 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.

  • 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).

  • If eldest Owner has not attained age 70 on the Contract Date, the maximum Relief Amount is 200% multiplied by (A minus B minus C), where: A is sum of Modified Premium Payments made prior to the date the death benefit is calculated.

  • If the oldest Owner has attained the Relief Amount Threshold Age but not yet attained the Maximum Earnings Enhancement Benefit Age on the Contract Date, the maximum Relief Amount is 100% multiplied by (A minus B, but not less than zero), where: A is the sum of Modified Premium Payments (defined below) made prior to the date the death benefit is calculated.

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.

  • Prepayment Premium Period means the period during which, if a prepayment of principal occurs, a prepayment premium will be payable by Borrower to Lender. The Prepayment Premium Period is the period from and including the date of this Note until but not including the first day of the Window Period.

  • Single Premium means the Premium amount specified in the Schedule payable in Lump Sum at the inception of the Policy. No further Premiums are payable under this Policy.

  • Maximum Premium has the meaning set forth in Section 7.06(b).

  • Net earned premium means the premiums earned in this State

  • 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%.

  • Extra Premium means an additional amount charged by Us, as per Our Underwriting Policy, which is determined on the basis of disclosures made by You in the Proposal Form or any other information received by Us including medical examination report of the Life Insured.

  • Change of Control Redemption Premium means 125%.

  • Premium Due Date means date specified in the Schedule on which the Instalment Premium will become due.

  • 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.

  • Modified Net Mortgage Rate As to any Mortgage Loan that is the subject of a Servicing Modification, the Net Mortgage Rate minus the rate per annum by which the Mortgage Rate on such Mortgage Loan was reduced.

  • 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.

  • Optional Redemption Premium means, with respect to any Series, the premium (expressed as a percentage of the Liquidation Preference of the shares of such Series) payable by the Fund upon the redemption of MuniFund Term Preferred Shares of such Series at the option of the Fund, as set forth in the Appendix for such Series.

  • Insurance Premium means the amount that each Debtor shall pay on a monthly basis to Agos pursuant to the relevant Consumer Loan Agreement, in relation to the insurance premium paid by Agos to the relevant Insurance Company under any Financed Insurance Policy.

  • Annualised Premium means the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any as specified in the Schedule.

  • Premium Payment Date in respect of any Option, means the date on which the Premium is due and payable, as agreed to at the time the Option is entered into, as evidenced in a Confirmation.

  • Make-Whole Amount means, with respect to any Note, an amount equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of such Called Principal, provided that the Make-Whole Amount may in no event be less than zero. For the purposes of determining the Make-Whole Amount, the following terms have the following meanings:

  • Spread Maintenance Premium means, with respect to any payment or prepayment, an amount equal to the product of the following: (i) the LIBOR Margin, the Alternate Rate Spread or the Base Rate Spread then applicable to each such future installment of interest, multiplied by (ii) the principal amount of the Loan so prepaid, and multiplied by (iii) a fraction, the numerator of which is the number of days following the date through which interest on the prepaid amount has been paid through and including December 14, 2019, and the denominator of which is 360.

  • 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 Payment means, with respect to any Series 2018-2 Note on any Optional Repurchase Distribution Date, the pro rata share with respect to such Series 2018-2 Note of the excess, if any, of (x) the sum of the Discounted Values for each Remaining Distribution Amount with respect to each Applicable Distribution Date over (y) the Series 2018-2 Invested Amount as of such Optional Repurchase Distribution Date (determined after giving effect to any payments made pursuant to Section 2.5(a) on such Distribution Date).

  • Make-whole Redemption Rate means the sum, as calculated by the Make-whole Calculation Agent, of the Benchmark Rate and the Make-whole Margin.

  • Accelerated Principal Amount for a Distribution Date will equal the lesser of

  • Net Mortgage Rate With respect to any Mortgage Loan (or the related REO Property) as of any date of determination, a per annum rate of interest equal to the then applicable Mortgage Rate for such Mortgage Loan minus the Servicing Fee Rate.