Original Gross Premium definition

Original Gross Premium means the total of the gross premiums written, plus deposits and additions, less cancellations and returns, by the Company on business covered hereunder during the period for which calculations are being made, less deductions for reinsurance premiums which inure to the benefit of the Reinsurer. The Company will be permitted to purchase facultative reinsurance on any risk it desires and to deduct the premium thereof.
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Original Gross Premium as used in this Agreement shall mean the gross written premium collected by the Reinsured for the Policies less returns and cancellations.
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Examples of Original Gross Premium in a sentence

  • The Reinsurer agrees to allow the Company a commission allowance of 28.5% on the Original Gross Premium ceded under this Agreement.

  • Original net premium is the Original Gross Premium of the Individual Policy as determined and agreed by Reinsurers, less 10%.

  • The Company shall pay to the Reinsurer 10% of the Company's Original Gross Premium for policy limits ceded for each new or renewal policy written during the period this Agreement is in effect, in respect to its net retained liability on the business covered hereunder.

  • The Company shall pay to the Reinsurer 10% of the Company's Original Gross Premium for up to $1,000,000 of policy limits ceded for each new or renewal policy written during the period this Agreement is in effect, in respect to its net retained liability on the business covered hereunder.

  • The following IBNR factors will be incorporated in respect of each Agreement Year: 15% of Original Gross Premium in respect of the Agreement Year expiring 12 months prior to the date of calculation.

  • The Company shall pay to the Reinsurer 10% of the Company’s Original Gross Premium for policy limits ceded for each new or renewal policy written during the period this Agreement is in effect, in respect to its net retained liability on the business covered hereunder.

  • The Company shall pay to the Reinsurer 10% of the Company’s Original Gross Premium for up to $1,000,000 of policy limits ceded for each new or renewal policy written during the period this Agreement is in effect, in respect to its net retained liability on the business covered hereunder.

  • The premium payable to the Reinsurer ("Ceded Premium") shall be the Reinsurer's Quota Share of the Original Gross Premium, as defined herein, for the Policies.