NICO Reinsurance Recoveries definition

NICO Reinsurance Recoveries means (x) all amounts payable to the Ceding Company following the Applicable Effective Time under the NICO Reinsurance Agreement whether or not related to the Reinsured Policies, based upon the coverage terms, rates, and conditions in effect with respect to the NICO Reinsurance Agreement as of the Applicable Effective Time multiplied by (y) the NICO Allocation Ratio, in each case, regardless of (i) whether such amounts are actually collected by or on behalf of the Ceding Company and (ii) any commutation, amendment, modification or cancellation of coverage thereunder that takes effect on or after the Applicable Effective Time, in either case, either due to an insolvency, liquidation or rehabilitation of NICO or otherwise, and including amounts that would be collected or collectible under the NICO Reinsurance Agreement.
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NICO Reinsurance Recoveries means (x) all amounts payable to the Ceding Company following the Effective Time under the NICO Reinsurance Agreement whether or not related to the Reinsured Policies, based upon the coverage terms, rates, and conditions in effect with respect to the NICO Reinsurance Agreement as of the Effective Time multiplied by (y) the NICO Allocation Ratio, in each case, regardless of (i) whether such amounts are actually collected by or on behalf of the Ceding Company and (ii) any commutation, amendment, modification or cancellation of coverage thereunder that takes effect on or after the Effective Time, in either case, either due to an insolvency, liquidation or rehabilitation of NICO or otherwise, and including amounts that would be collected or collectible under the NICO Reinsurance Agreement.
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NICO Reinsurance Recoveries means (x) all amounts payable to the Ceding Company following the Effective Time under the NICO Reinsurance Agreement whether or not related to the Reinsured Policies, based upon the coverage terms, rates, and conditions in effect with respect to the NICO Reinsurance Agreement as of the Effective Time multiplied by (y) the NICO Allocation Ratio, in each case, regardless of (i) whether such amounts are actually collected by or on behalf of the Ceding Company and (ii) any commutation, amendment, modification or cancellation of coverage thereunder that takes effect on or after the Effective Time, in either case, either due to an insolvency, liquidation or rehabilitation of NICO or otherwise, and including amounts that would be collected or collectible under the NICO Reinsurance Agreement. “Objecting Party” has the meaning set forth in Section 5.03(d).
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Examples of NICO Reinsurance Recoveries in a sentence

  • This Agreement is written on a “net” basis such that amounts due from the Reinsurer hereunder shall be adjusted to take into account NICO Reinsurance Recoveries.

  • The parties acknowledge and agree that the Reinsurer shall be responsible for and has hereby assumed the financial risk of any uncollected or uncollectible Additional Consideration, other than the NICO Reinsurance Recoveries, except to the extent any such amount is not received as a direct result of a Carolina Circumstance as described in the immediately preceding sentence.

  • In no event shall the Reinsurer bear the risk of collection of the NICO Reinsurance Recoveries or other amounts due under the NICO Reinsurance Agreement.

  • The parties acknowledge and agree that the Reinsurer shall be responsible for and has hereby assumed the financial risk of any uncollected or uncollectible Additional Consideration, other than the NICO Reinsurance Recoveries.

Related to NICO Reinsurance Recoveries

  • Reinsurance intermediary means a reinsurance intermediary-broker or a reinsurance intermediary-manager.

  • Reinsurance means the activity consisting in accepting risks ceded by an insurance undertaking or by another reinsurance undertaking or, in the case of the association of underwriters known as Lloyd's, the activity consisting in accepting risks, ceded by any member of Lloyd's, by an insurance or reinsurance undertaking other than the association of underwriters known as Lloyd's;

  • Reinsurance Agreements means any agreement, contract, treaty, certificate or other arrangement by which any Insurance Subsidiary agrees to transfer or cede to another insurer all or part of the liability assumed or assets held by it under one or more insurance, annuity, reinsurance or retrocession policies, agreements, contracts, treaties, certificates or similar arrangements. Reinsurance Agreements shall include, but not be limited to, any agreement, contract, treaty, certificate or other arrangement that is treated as such by the applicable Department.

  • insurance intermediary means any natural or legal person, other than an insurance or reinsurance undertaking or their employees and other than an ancillary insurance intermediary, who, for remuneration, takes up or pursues the activity of insurance distribution;

  • Reinsurance Agreement means any agreement, contract, treaty or other arrangement whereby one or more insurers, as reinsurers, assume liabilities under insurance policies or agreements issued by another insurance or reinsurance company or companies.

  • Health-care-insurance receivable means an interest in or claim under a policy of insurance which is a right to payment of a monetary obligation for health-care goods or services provided.

  • Insurance Contracts means the insurance or annuity policies and contracts, together with all binders, slips, certificates, endorsements and riders thereto, issued or entered into by any Insurance Company prior to the Closing.

  • group insurance means insurance, other than creditor’s group insurance and family insurance, whereby the lives of a number of persons are insured severally under a single contract between an insurer and an employer or other person; (“assurance collective”)

  • Group long-term care insurance means a long-term care insurance policy which is delivered or issued for delivery in this State and issued to:

  • Tax and Insurance Escrow Fund shall have the meaning set forth in Section 7.2 hereof.

  • Insurance Companies means the companies with whom the Insurance Policies are held.

  • Insurance producer means a person required to be licensed under the laws of this state to sell, solicit or negotiate insurance, including annuities.

  • Long-term care insurance means group insurance that is authorized by the retirement system for retirants, retirement allowance beneficiaries, and health insurance dependents, as that term is defined in section 91, to cover the costs of services provided to retirants, retirement allowance beneficiaries, and health insurance dependents, from nursing homes, assisted living facilities, home health care providers, adult day care providers, and other similar service providers.

  • Insurance Policies has the meaning set forth in Section 3.16.

  • Certificate Insurance Policy The Certificate Guaranty Insurance Policy No. AB1094BE, dated the Closing Date, including any endorsements thereto issued by the Certificate Insurer to the Trustee for the benefit of the Holders of the Insured Certificates, a form of which is attached as Exhibit L hereto.

  • Medical malpractice insurance means insurance against legal liability incident to the practice and provision of a medical service other than the practice and provision of a dental service.

  • Company Insurance Policies has the meaning set forth in Section 4.15.

  • Hazard Insurance Policy means, with respect to each Contract, the policy of fire and extended coverage insurance (and federal flood insurance, if the Manufactured Home is secured by an FHA/VA Contract and such Manufactured Home is located in a federally designated special flood area) required to be maintained for the related Manufactured Home, as provided in Section 5.09, and which, as provided in said Section 5.09, may be a blanket mortgage impairment policy maintained by the Servicer in accordance with the terms and conditions of said Section 5.09.

  • R&W Insurance Policy means the representations and warranties insurance policy issued to Buyer in connection with the transactions contemplated hereby.

  • insurance business means one or more aspects of the business of selling, issuing or underwriting insurance or reinsurance.

  • Special Primary Insurance Policy Any Primary Insurance Policy covering a Mortgage Loan the premium of which is payable by the Trustee pursuant to Section 4.04(a), if so identified in the Mortgage Loan Schedule. There are no Special Primary Insurance Policies with respect to any of the Mortgage Loans.

  • Credit unemployment insurance means insurance:

  • insurance agent means, subject to subsection (2), any person who for any compensation and through any medium does one or more of the following:

  • Primary Insurance Policy Each policy of primary mortgage guaranty insurance or any replacement policy therefor with respect to any Mortgage Loan.

  • Unemployment Insurance means the contribution required of Vendor, as an employer, in respect of, and measured by, the wages of its employees (or subcontractors) as required by any applicable federal, state or local unemployment insurance law or regulation.

  • Insurance Contract means a contract (other than an Annuity Contract) under which the issuer agrees to pay an amount upon the occurrence of a specified contingency involving mortality, morbidity, accident, liability, or property risk.