Net Written Premium definition

Net Written Premium means direct premium written on the Policies covered by this Agreement plus additions, less refunds and return premium for cancellations and reductions (but not dividends) and less premium paid or payable for reinsurance that inures to the benefit of the Participating Companies.

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Net Written Premium means gross written premium of the Company for the classes of business reinsured hereunder, less return premiums, and less written premiums ceded by the Company for reinsurance that inures to the benefit of this Contract.

Net Written Premium means the Company's written premium on the business covered hereunder net of applicable returns and cancellations and net of premiums on inuring reinsurance.

Examples of Net Written Premium in a sentence

• As premium for the reinsurance provided by this Agreement, the Company shall cede to the Reinsurer an amount equal to the Reinsurer’s quota share cession of the Net Written Premium of the Company for the Business Covered by this Agreement.

• Gross Net Written Premium shall mean gross written premium of Company less returned premium for cancellations and reductions.

• It is understood and agreed that unearned premium at the termination date applicable to in force policies, including extensions, discovery periods or other similar extended reporting endorsements or provisions attached thereto, shall be deducted from the Subject Gross Net Written Premium Income for the purpose of the premium rating hereunder.

• For rating purposes, the applicable Original Gross Net Written Premium Income shall be calculated on policies issued or renewed from the inception date of this Contract to the effective time and date of termination of this Contract.

• For rating purposes, the applicable Subject Gross Net Written Premium Income shall be calculated on policies issued or renewed from the inception date of this Contract to the effective time and date of termination of this Contract.

More Definitions of Net Written Premium

Net Written Premium is defined as the total of all premium amounts on policies written by the Managing General Agent between the Company and the Managing General Agent less return premium and cancellations.

Net Written Premium means gross premium written, less reinsurance premium ceded;

Net Written Premium means gross premium of the Company's Business Covered less cancellations and returns and less premium paid for specific excess of loss reinsurance above $1,000,000 (one million dollars), and facultative reinsurances, if any.

Net Written Premium is defined as written premium on Contracts assumed by and written directly by EMC Re, less any such written premium that is ceded by EMC Re, which is booked by EMC Re during the applicable calendar year.

Net Written Premium as used herein is defined as gross written premium of the Company for the Casualty classes of business reinsured hereunder, less cancellations and return premiums, and less premiums ceded by the Company for excess facultative reinsurance or other reinsurance which inures to the benefit of this Contract.

Net Written Premium means Direct Written Premium of the U.S. Insurance Subsidiaries for any Test Period net of Ceded Written Premium of the U.S. Insurance Subsidiaries for such Test Period. For the avoidance of doubt, Exhibit D shows a calculation of the Net Written Premium of the U.S. Insurance Subsidiaries for the last twelve months most recently ended prior to the Closing Date. The calculation of Net Written Premium hereunder on and after the Closing Date shall be substantially consistent with Exhibit D and in accordance with SAP.

Net Written Premium shall have the same meaning it has in the Traditional Program Business Pooling Agreement.