Premium Trust Account definition

Premium Trust Account means any “deposit account” (as defined in the Code) established to comply with Requirements of Law that require a Person (in their capacity as a “trustee” or “fiduciary”) to separately collect and maintain insurance policyholder premiums for the benefit of third-party policyholders who paid such premiums, along with merchant payment processing accounts used exclusively for processing the receipt of such payments and which funds are periodically swept into such deposit account.
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Premium Trust Account means the account into which premiums are deposited for the Plan.
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Premium Trust Account has the meaning set forth in Article V.B hereof.
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Examples of Premium Trust Account in a sentence

  • The Bristol West Premium Trust Account may be used only for the purpose of the deposit of insurance premiums on behalf of my insured policy holders.

  • A Warrant Share Delivery Failure (as defined above) occurs and remains uncured for a period of more than twenty (20) days.

  • Monies held under a risk transfer agreement will be held in an Insurer Premium Trust Account In circumstances where we do not have a risk transfer agreement with insurers you will be asked to pay the insurer directly.

  • Producer is obligated to maintain premiums in a fiduciary capacity subject to all applicable legal requirements and all premiums held by Producer shall be maintained in a properly constituted Premium Trust Account.

  • The Agency shall not use or convert money that is deposited or should have been deposited to the Premium Trust Account, except as provided in this Agreement.

  • However, the Court agrees with U.S. Auto that, under the terms of the GAAs, it was permitted to retain its commissions before depositing any excess into the Premium Trust Account.

  • The Agency shall promptly deposit all funds collected on behalf of the Company in a Premium Trust Account.

  • This language merely reinforces the fact that U.S. Auto doesnot owe a general fiduciary obligation to Lincoln General, but instead owes a fiduciary obligation with regard to money that is deposited in the Premium Trust Account.

  • The Agency may pay such commission and listed deductions directly from the Premium Trust Account without further authorization.

  • Indeed, these regulations make clear that while U.S. Auto owes a fiduciary duty when holding money on behalf of State and County, that duty is limited to instances when U.S. Auto deposits money into the Premium Trust Account.


More Definitions of Premium Trust Account

Premium Trust Account means the account established with the Trustee to hold all Reinsurance Premiums payable under this Treaty.
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Related to Premium Trust Account

  • Trust Account means the trust account established by the Company upon the consummation of its IPO and into which a certain amount of the net proceeds of the IPO, together with a certain amount of the proceeds of a private placement of warrants simultaneously with the closing date of the IPO, will be deposited.

  • Trust Accounts has the meaning assigned thereto in Section 5.1.

  • Note Account As defined in the Indenture.

  • Pre-Funding Account means the account designated as the Pre-Funding Account in, and which is established and maintained pursuant to Section 7.07.

  • Trust Account Property means the Trust Accounts, all amounts and investments held from time to time in any Trust Account (whether in the form of deposit accounts, Physical Property, book-entry securities, uncertificated securities or otherwise), and all proceeds of the foregoing.

  • Custodial P&I Account The Custodial P&I Account, as defined in each of the Servicing Agreements, with respect to the Mortgage Loans. In determining whether the Custodial P&I Account under any Servicing Agreement is "acceptable" to the Master Servicer (as may be required by the definition of "Eligible Account" contained in the Servicing Agreements), the Master Servicer shall require that any such account shall be acceptable to each of the Rating Agencies. Custodian: Initially, the Trustee, and thereafter the Custodian, if any, hereafter appointed by the Trustee pursuant to Section 8.13, or its successor in interest under the Custodial Agreement. The Custodian may (but need not) be the Trustee or any Person directly or indirectly controlling or controlled by or under common control of the Trustee. Neither a Servicer, nor the Seller nor the Master Servicer nor any Person directly or indirectly controlling or controlled by or under common control with any such Person may be appointed Custodian.

  • Collection Account means the account designated as such, established and maintained pursuant to Section 5.1.

  • Distribution Account Deposit Date As to any Distribution Date, 12:30 p.m. Pacific time on the Business Day immediately preceding such Distribution Date.

  • Servicer Account means any account established by Servicer in connection with the servicing of the Mortgage Loans.

  • Principal Funding Account shall have the meaning specified in subsection 4.03(a)(i).

  • Custodial Account The separate account or accounts created and maintained pursuant to Section 4.04.

  • Interest Collection Account A Securities Account created and maintained on the books and records of the Securities Intermediary entitled “Interest Collection Account” in the name of the Borrower and subject to the prior Lien of the Collateral Agent for the benefit of the Secured Parties.

  • Retention Account means, an interest bearing USD account in the name of the Borrowers opened or (as the context may require) to be opened by the Borrowers with the Bank and includes any sub-accounts thereof and any other account designated in writing by the Bank to be the Retention Account for the purposes of this Agreement;

  • Payment Account means a segregated non-interest-bearing corporate trust account maintained by the Property Trustee for the benefit of the Holders in which all amounts paid in respect of the Notes will be held and from which the Property Trustee, through the Paying Agent, shall make payments to the Holders in accordance with Sections 3.1, 4.1 and 4.

  • Distribution Account means the Bank Account (which may be a current, saving or deposit account) maintained by the Trustee with a Bank as directed by the Management Company in which the amount required for distribution of income to the Unit Holder(s) may be transferred. Interest, income or profit, if any, including those accruing on unclaimed dividends, in this account shall be transferred to the main account of the Fund from time to time, as part of the Trust Property for the benefit of the Unit Holder(s).

  • Prefunding Account The separate Eligible Account created and maintained by the Trustee pursuant to Section 3.06(g) in the name of the Trustee for the benefit of the Certificateholders and designated “U.S. Bank National Association, in trust for registered holders of Home Equity Asset Trust 2004-2, Home Equity Pass-Through Certificates, Series 2004-2. Funds in the Prefunding Account shall be held in trust for the Certificateholders for the uses and purposes set forth in this Agreement and shall not be a part of any REMIC created hereunder; provided, however, that any investment income earned from Permitted Investments made with funds in the Prefunding Account shall be for the account of the Depositor.

  • Transaction Account means a cash account established and maintained by Repo Custodian for the Funds to effect repurchase transactions pursuant to the Master Agreement.

  • Redemption Account means, in respect of ETP Securities, a bank account to receive payments in the Relevant Currency of the Optional Redemption Amount in respect of the redemption of such ETP Securities, which account shall be:

  • Distribution Accounts Collectively, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution Account, the Excess Interest Distribution Account (and in each case any subaccount thereof), all of which may be subaccounts of a single Eligible Account.

  • Principal Funding Account Investment Proceeds shall have the meaning specified in subsection 4.03(a)(ii).

  • Investment Account As defined in Section 3.12(a).

  • Accumulation Account The account designated as such, established and maintained pursuant to Section 5.01(a)(iii) of the Trust Sale and Servicing Agreement.

  • Certificate Distribution Account has the meaning assigned to such term in the Trust Agreement.

  • Interest Account means the Account within the Debt Service Fund so designated and established by Article V hereof.

  • Master Servicer Collection Account The trust account or accounts created and maintained pursuant to Section 4.02, which shall be denominated "JPMorgan Chase Bank, as Trustee f/b/o holders of Structured Asset Mortgage Investments II Inc., Bear Xxxxxxx ALT-A Trust 2004-8, Mortgage Pass-Through Certificates, Series 2004-8 - Master Servicer Collection Account," and which shall be an Eligible Account.

  • Servicer Custodial Account The separate Eligible Account or Accounts created and maintained by the Servicer pursuant to Section 3.08(b).