Reinstatement Premium definition

Reinstatement Premium means premium paid by the Company for each Layer under the provisions of the Reinstatement Article of the Original Contract. Reinstatement Premium shall be calculated at pro rata of the original reinsurance premium, being pro rata only for the amount being reinstated. If, at the time of a loss settlement under the Original Contract, the reinsurance premium thereunder is not yet known, Reinstatement Premium shall be based upon the deposit premium, subject to adjustment when said reinsurance premium is finally established. Nothing in this clause shall be construed to mean that amounts are not recoverable hereunder until the Company’s final Reinstatement Premium has been ascertained. All recoveries received subsequent to reimbursement hereunder shall be applied as if received prior to the aforesaid settlement, and all necessary adjustments shall be made by the parties hereto.
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Reinstatement Premium means premium paid by the Company under the provisions of the Reinstatement Article of the Original Contract. Reinstatement Premium shall be calculated at pro rata of the original reinsurance premium, being pro rata only for the amount being reinstated. If, at the time of a loss settlement under the Original Contract, the reinsurance premium thereunder is not yet known, Reinstatement Premium shall be based upon the deposit premium, subject to adjustment when said reinsurance premium is finally established. Effective: June 1, 2021 DOC: July 13, 2021 UBWP0008C 5 of 22 Nothing in this clause shall be construed to mean that amounts are not recoverable hereunder until the Company’s final Reinstatement Premium has been ascertained. All recoveries received subsequent to reimbursement hereunder shall be applied as if received prior to the aforesaid settlement, and all necessary adjustments shall be made by the parties hereto.
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Reinstatement Premium means that optional premium required under any KSI Insurance Policy to reinstate the maximum amount of any and all limits of liability coverage under such KSI Insurance Policy.
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Examples of Reinstatement Premium in a sentence

  • The Reinsurer shall be liable to pay the Reinstatement Premium obligations under the Original Contract.

  • The Subscribing Reinsurer shall have no liability for Reinstatement Premium arising from Loss Occurrences commencing after termination.

  • Reinstatement Premium, if applicable, shall have as a due date the date when the Company receives payment for the claim giving rise to such Reinstatement Premium, and payment shall be overdue 30 days thereafter.

  • This Contract is to indemnify the Company in respect of the liability that may accrue to the Company as a result of Reinstatement Premium the Company may become liable to pay under the reinstatement provisions of the Property Catastrophe Excess of Loss Reinsurance Contract, effective at 12:01 a.m., Standard Time, June 1, 2020 and expiring 12:01 a.m., Standard Time, June 1, 2021, Document Number: U8GR0001 (the “Original Contract”), subject to the terms and conditions herein contained.

  • This Contract is to indemnify the Company in respect of the liability that may accrue to the Company as a result of Reinstatement Premium the Company may become liable to pay under the reinstatement provisions of the Property Catastrophe First Excess of Loss Reinsurance Contract, effective at 12:01 a.m., Standard Time, June 1, 2020 and expiring 12:01 a.m., Standard Time, June 1, 2021 (the “Original Contract”), subject to the terms and conditions herein contained.

  • This Contract is to indemnify the Company in respect of the liability that may accrue to the Company as a result of Reinstatement Premium the Company may become liable to pay under the reinstatement provisions of the Property Catastrophe Excess of Loss Reinsurance Contract, effective at 12:01 a.m., Standard Time, June 1, 2021 and expiring 12:01 a.m., Standard Time, June 1, 2022, Document Number: UBWP0001 (the “Original Contract”), subject to the terms and conditions herein contained.

  • This Contract is to indemnify the Company in respect of the liability that may accrue to the Company as a result of Reinstatement Premium the Company may become liable to pay under the reinstatement provisions of the Property Catastrophe Excess of Loss Reinsurance Contract, effective at 12:01 a.m., Standard Time, June 1, 2021 and expiring 12:01 a.m., Standard Time, June 1, 2022, Document Number: U8GR0001 (the “Original Contract”), subject to the terms and conditions herein contained.

  • This Contract is to indemnify the Company in respect of the liability that may accrue to the Company as a result of Reinstatement Premium the Company may become liable to pay under the reinstatement provisions of the Non-Florida Property Catastrophe $6Mxs$4M Excess of Loss Reinsurance Contract, effective at 12:01 a.m., Standard Time, June 1, 2021 and expiring 12:01 a.m., Standard Time, June 1, 2022, Document Number: UBWP0007C (the “Original Contract”), subject to the terms and conditions herein contained.

  • This Contract is to indemnify the Company in respect of the liability that may accrue to the Company as a result of Reinstatement Premium the Company may become liable to pay under the reinstatement provisions of the Property Catastrophe First Excess of Loss Reinsurance Contract, effective at 12:01 a.m., Standard Time, June 1, 2021 and expiring 12:01 a.m., Standard Time, June 1, 2022, Document Number: UBWP0005C (the “Original Contract”), subject to the terms and conditions herein contained.

  • Prior to effectuating an assumption of policies from CITIZENS, APPLICANT shall provide to the OFFICE fully executed reinsurance agreements or confirmation acceptable to the OFFICE at the OFFICE’S sole discretion, that all reinsurance agreements have been placed, including any Reinstatement Premium Protection Agreement(s), to the OFFICE for its review, and said agreements have been determined to meet all statutory and rule requirements.


More Definitions of Reinstatement Premium

Reinstatement Premium. As respects each contract year, and in the event of the whole or any portion of the second Coverage D indemnity limit being exhausted by loss, the amount so exhausted shall be automatically reinstated from the time of the loss and the Company shall pay to the Reinsurers an Additional Premium calculated by applying to the annual Minimum Premium to Reinsurers for the respective contract year the percentage that the amount of indemnity so reinstated bears to the total amount of indemnity coverage afforded under Coverage C, subject to a minimum of 100% as to time, to be paid simultaneously with the payment of loss by the Reinsurers. Notwithstanding the above, the first 90% of $15,000,000 indemnity limit shall be reinstated by the Reinsurers free of charge. Nevertheless, the Reinsurers' liability in any one claim shall never exceed 90% of $15,000,000 Ultimate Net Loss plus pro rata Loss Adjustment Expenses in respect of Coverage D."
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Reinstatement Premium. A pro rata reinsurance premium is charged for the reinstatement of the amount of reinsurance coverage that was reduced as the result of a reinsurance loss payment under a catastrophe cover.
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Reinstatement Premium. In the last paragraph, removed the phrase “any one person” to be consistent with the LIMIT AND RETENTION article.
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Related to Reinstatement Premium

  • Reinstatement Date means the date from which a policy will be reinstated after cancellation.

  • 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.

  • Applicable Prepayment Premium has the meaning specified therefor in the Fee Letter.

  • Reinstatement means the process as outlined in 645—11.31(272C) by which a licensee who has had a license suspended or revoked or who has voluntarily surrendered a license may apply to have the license reinstated, with or without conditions. Once the license is reinstated, the licensee may apply for active status.

  • Non-Reinstatement Deadline has the meaning specified in Section 2.03(b)(iv).

  • Make-Whole Premium means, with respect to a Note at any redemption date, the greater of:

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

  • Nonpayment of premium means the failure or inability of the named insured to discharge any obligation in connection with the payment of premiums on a policy of insurance subject to this section, whether such payments are payable directly to the insurer or its agent or indirectly payable under a premium finance plan or extension of credit;

  • 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

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

  • Insurance Premium means the amount that each Debtor shall pay on a monthly basis to Agos pursuant to the relevant Consumer Loan Agreement, in relation to the insurance premium paid by Agos to the relevant Insurance Company under any Financed Insurance Policy.

  • 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.

  • Premium means any premium payable under the terms of the Notes.

  • Applicable Premium means, with respect to any Note on any redemption date, the greater of:

  • 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.

  • Make-Whole Payment means, with respect to any Series 2015-1 Note on any Optional Repurchase Distribution Date, the pro rata share with respect to such Series 2015-1 Note of the excess, if any, of (x) the sum of the Discounted Values for each Remaining Distribution Amount with respect to each Applicable Distribution Date over (y) the Series 2015-1 Invested Amount as of such Optional Repurchase Distribution Date (determined after giving effect to any payments made pursuant to Section 2.5(a) on such Distribution Date).

  • Single Premium means the Premium amount specified in the Schedule payable in Lump Sum at the inception of the Policy. No further Premiums are payable under this Policy.

  • 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;

  • Premium Rate has the meaning assigned to such term in the Premium Letter.