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 $18,000,000.
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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

  • In the event of this Agreement being terminated at any date other than its natural expiry then the premium due to the Reinsurers shall be calculated upon the Original Net Premium income of the Reassured up to the date of termination.

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

  • The term "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 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.

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

  • 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 50% Quota Share proportion of the Reassured's Original Net Premium in respect of all cessions hereto.

  • The Reinsurers agree to allow the Reassured to deduct and retain for its own benefit as administrative processing fee 2.5% of the Original Net Premium payable to the Reinsurers in accordance with the terms of Article 8, "Premium".

  • The maximum Original Net Premium to be ceded to this Agreement for any one Underwriting Year shall be $18,000,000.

  • The Reinsurers agree to allow the Reassured to deduct and retain, for its own benefit as administrative processing fee 2.5% of the Original Net Premium payable to the Reinsurers in accordance with the terms of Article 8, "Premium".

  • Original Net Premium = Original Gross Premium Less 30% Ceding Commission.

Related to Original Net Premium

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

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

  • 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.

  • Yield Maintenance Premium means the amount (if any) which, when added to the remaining principal amount of this Note, will be sufficient to purchase U.S. Obligations providing the required Scheduled Defeasance Payments; and

  • 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.

  • Yield Maintenance Amount means, with respect to any Note, an amount equal to the excess, if any, of the Discounted Value of the Called Principal of such Note over the sum of (i) such Called Principal plus (ii) interest accrued thereon as of (including interest due on) the Settlement Date with respect to such Called Principal. The Yield-Maintenance Amount shall in no event be less than zero.

  • Premium tax means a tax paid by insurance companies to provincial and territorial governments calculated as a percentage of gross premiums written.

  • 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.

  • 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.

  • Maximum Net Mortgage Rate As to any Mortgage Loan and any date of determination, the Maximum Mortgage Rate for such Mortgage Loan minus the per annum rate at which the Servicing Fee is calculated.

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

  • 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.

  • Deposit Premium means a provisional premium which is agreed upon in the event of it being impossible at the due date of the premium to determine the exact premium, and which represents a reasonable estimate of the premium;

  • Locational Marginal Price or “LMP” shall mean the market clearing price for energy at a given location in a Party’s RC Area, and “Locational Marginal Pricing” shall mean the processes related to the determination of the LMP.

  • Buyers Premium means a Commission payable by The Buyer to the Auctioneer. The Auctioneer, when acting as Agent for The Seller, may also receive

  • AMPS Basic Maintenance Amount, as of any Valuation Date, means the dollar amount equal to (i) the sum of (A) the product of the number of shares of AMPS and Other AMPS Outstanding on such Valuation Date multiplied by the sum of (a) $25,000 and (b) any applicable redemption premium attributable to the designation of a Premium Call Period; (B) the aggregate amount of cash dividends (whether or not earned or declared) that will have accumulated for each share of AMPS and Other AMPS Outstanding, in each case, to (but not including) the end of the current Dividend Period that follows such Valuation Date in the event the then current Dividend Period will end within 49 calendar days of such Valuation Date or

  • Replacement Costs means the expenditures for obtaining and installing equipment, accessories or appurtenances which are necessary during the useful life of the treatment works to maintain the capacity and performance for which such works were designed and constructed.

  • Yield Maintenance Period means the period from and including the date of this Note until but not including the Scheduled Initial Maturity Date.

  • Risk Premium means a percentage determined on an Adjustment Day for the Adjustment Period beginning on such Adjustment Day, which indicate the price of the risks taken over by the Issuer. The determination will be made by the Issuer in its reasonable discretion (billiges Ermessen § 315 German Civil Code (BGB)). The respective

  • Annual Premium means an amount specified in the Schedule, which is payable under the annual Premium payment mode under this Policy, excluding Extra Premium, if any and excluding service tax or any other taxes, cesses or levies, if any;

  • Adjusted Net Maximum 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 applicable Maximum Mortgage Rate for such Mortgage Loan (or the Mortgage Rate in the case of any Fixed-Rate Mortgage Loan) as of the first day of the month preceding the month in which the related Distribution Date occurs minus the sum of (i) the Trustee Fee Rate and (ii) the Servicing Fee Rate.

  • Net Finance Charges means, for the Reference Period, the Finance Charges according to the latest Financial Report(s), after deducting any interest payable for that Reference Period to any member of the Group and any interest income relating to cash or cash equivalent investment.