Examples of Quota Share in a sentence
For the avoidance of doubt, such participation percentage increase is necessary to account for the reduction provisions of the Reduction Under Quota Share Contract Article of the Policy.
In the event of a Quota Share Reduction, as that term is defined under the Policy, each Subscribing Reinsurer's participation percentage in this Contract shall be increased in the proportion that 100% bears to the total Subscribing Reinsurer's participation after the Quota Share Reduction.
The Reinsurer shall allow the Company a ceding commission of (or a proportionate share of such amount in the event of a Quota Share Reduction) per annum, to be taken as a deduction from the first monthly premium payment to the Reinsurer at the commencement of this Contract and at each annual anniversary thereof, to cover the Company's operational costs directly allocable to writing the business subject hereto.
If the Reinsurer chooses not to participate, it will discharge its liability by payment to the Ceding Company of the Reinsurer’s Quota Share of the Reinsurance Benefits in respect of the claim, and in such case the Reinsurer shall not be responsible any portion of the expense of the Contest or any Extra Contractual Obligations arising therefrom.
The Reinsurer shall pay its share of the expense of the Contest in addition to the Reinsurer’s Quota Share of the applicable Reinsurance Benefits, or it may choose not to participate.