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

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

  • Seeing the importance of the organizational structure we are inclined to form questions about it and whether it does indeed hold the answers for understanding group agency.

  • 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 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 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.

  • 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.

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

  • Original Net Premium for policies issued with limits greater than $1,000,000.

  • 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".

  • The maximum Original Net Premium to be ceded to this Agreement for any one Underwriting Year shall be $7,000,000.

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.

  • Original Notional Amount With respect to the Class X-1 Notional Amount and Class X-2 Notional Amount, the initial Notional Amount thereof as of the Closing Date, as specified in the Preliminary Statement.

  • Original RRA shall have the meaning given in the Recitals hereto.

  • 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.

  • Original package means the unbroken container or wrapping in which any drug or medicine is

  • 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.

  • Annual Special Tax means the Special Tax actually levied in any Fiscal Year on any Assessor’s Parcel.

  • 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.

  • 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;

  • Life-cycle cost means the expected total cost of ownership during the life of a product, including disposal costs.

  • Current Principal Amount With respect to any Certificate (other than an Interest Only Certificate) as of any Distribution Date, the initial principal amount of such Certificate, and reduced by (i) all amounts distributed on previous Distribution Dates on such Certificate with respect to principal, (ii) the principal portion of all Realized Losses allocated prior to such Distribution Date to such Certificate, taking account of the Loss Allocation Limitation and (iii) in the case of a Subordinate Certificate, such Certificate's pro rata share, if any, of the applicable Subordinate Certificate Writedown Amount for previous Distribution Dates. With respect to any Class of Certificates (other than an Interest Only Certificate), the Current Principal Amount thereof will equal the sum of the Current Principal Amounts of all Certificates in such Class. Notwithstanding the foregoing, solely for purposes of giving consents, directions, waivers, approvals, requests and notices, the Class R-I, Class R-II and Class R-III Certificates after the Distribution Date on which they each receive the distribution of the last dollar of their respective original principal amount shall be deemed to have Current Principal Amounts equal to their respective Current Principal Amounts on the day immediately preceding such Distribution Date.

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

  • Original M&O Revenue means the total State and local Maintenance and Operations Revenue that the District would have received for such school year, calculated in accordance with TEXAS EDUCATION CODE Section 48.256(d), had this Agreement not been entered into by the Parties and the Applicant’s Qualified Property had been subject to the District’s ad valorem maintenance and operations tax without any limitation on value at the rate applicable for such Tax Year. For purposes of this calculation, the Consultant (as defined in Section 4.5) will base its calculations upon (1) the total Taxable Values for each applicable Tax Year as certified by the Appraisal District for all taxable accounts in the District for the District’s maintenance and operations ad valorem tax purposes, save and except for the Applicant’s Qualified Property subject to this Agreement, plus (2) the total Taxable Values for such applicable Tax Year as certified by the Appraisal District for the Applicant’s Qualified Property subject to this Agreement for the District’s debt service (interest and sinking fund) ad valorem tax purposes (which total Taxable Values for the Applicant’s Qualified Property subject to this Agreement shall be used in lieu of the total Taxable Values for such applicable Tax Year as certified by the Appraisal District for the Applicant’s Qualified Property subject to this Agreement for the District’s maintenance and operations ad valorem tax purposes).

  • 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.

  • Original Value The lesser of (a) the Appraised Value of a Mortgaged Property at the time the related Mortgage Loan was originated and (b) if the Mortgage Loan was made to finance the acquisition of the related Mortgaged Property, the purchase price paid for the Mortgaged Property by the Mortgagor at the time the related Mortgage Loan was originated.