Original Net Premium definition

Original Net Premium shall, for all purposes of this Agreement, be understood to mean the full gross amount of the premiums paid to the Reassured under the original cessions by their original insureds or reinsureds, less all original commissions, brokerage and taxes. The maximum Original Net Premium to be ceded to this Agreement for any one Underwriting Year shall be $7,000,000.
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Original Net Premium herein shall be defined as gross premiums received by the Reinsured for the Original Reinsurance Contracts covered hereunder, plus additional premium including any reinstatement premium (as applicable), less return premium for cancellations and reductions, less commissions, premium taxes including Federal Excise Tax (“FET”) and cascading FET and similar deductions, brokerage, profit commission, and any other acquisition costs thereunder.
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Examples of Original Net Premium in a sentence

  • Reinsured’s Profit Share is 50% of the amount by which Incurred Net Loss Ratio is below 65% of the Original Net Premium.

  • The Reinsured will cede to the Reinsurer its proportionate share of the Original Net Premium on all Original Reinsurance Contracts covered hereunder.

  • The first paragraph will be as follows and not as heretofore: In consideration of the liabilities undertaken by the Reinsurers in accordance with the terms of this Agreement, the Reassured shall pay to the Reinsurers their 25% Quota Share proportion of the Reassured's Original Net Premium in respect of all cessions hereto.

Related to Original Net Premium

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

  • 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.

  • Original Lower-Tier Principal Amount With respect to any Class of Uncertificated Lower-Tier Interest, the initial principal amount thereof as of the Closing Date, in each case as specified in the Preliminary Statement.

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

  • Original Principal Amount means $296,000,000 for the Class A-1 Notes, $330,000,000 for the Class A-2a Notes, $100,000,000 for the Class A-2b Notes, $428,000,000 for the Class A-3 Notes and $96,000,000 for the Class A-4 Notes.