PERMISSIBLE LOSS RATIO definition
PERMISSIBLE LOSS RATIO means the ratio specified for this endorsement in the DECLARATIONS.
PERMISSIBLE LOSS RATIO means DEALER’S inception to date loss ratio for the business in the PROGRAM is 100% or less. Loss ratio is incurred claims (paid claims plus claim reserves as determined by ADMINISTRATOR) divided by EARNED GAP RESERVES.
Examples of PERMISSIBLE LOSS RATIO in a sentence
If the resulting percentage figure is greater than the Combined Permissible Loss Ratio, no further Calculation will be made under this Addendum I.
Incurred Losses for personal lines and for commercial lines shall be calculated by multiplying the Permissible Loss Ratio established for each such line by Earned Premiums therefor.
Agent shall incur a Deficit when Agent's Incurred Loss Ratio is greater than the Combined Permissible Loss Ratio for any PSY.