Retrospective Premium definition
Examples of Retrospective Premium in a sentence
If a Member Entity has timely withdrawn or been expelled from a Program, any Retrospective Premium Adjustment credit shall remain with PARSAC until all Policy Year(s) in which they participated have been closed and reconciled.
Retrospective Premium Adjustments (RPA) for self-funded Programs shall be calculated annually as determined by each Program’s funding policy.
Any Retrospective Premium Adjustment deficit shall be billed to the Member Entity at the time that particular Policy Year(s) is being reconciled.
The apportionment of the Retirement Liability shall be calculated as set forth above, and the unfunded Retirement Liability then existing shall be paid as follows: The unfunded Retirement Liability then existing shall be paid prior to any distribution of assets as provided in ARTICLE XXV of the JPA Agreement and prior to the payment of any equity that may be determined as the result of the Retrospective Premium Adjustment process as set forth in ARTICLE XX.
Up-to-date seniority lists shall be posted on the bulletin boards of the school system at each bus yard one (1) week before the end of the school year, and thirty (30) days after Labor Day of each year.
As respects any Designated Named Windstorm Occurrence only the portion of Named Windstorm Losses exclusive of any amount within any Quota Share Retention or subject to Retrospective Premium shall be taken into account as respects the Aggregation Limit.
However, the Company may elect not to pay any such additional reinsurance premium ("Optional Retrospective Premium") and such election shall affect the calculation of Economic Loss.
If there are Significant Negative Results at any time after the Closing Date, this term shall mean the Net Present Value of Ultimate Net Loss payments made by the Reinsurer in Layer One less the sum of (i) the Net Present Value of Layer One reinsurance premium paid and (ii) if positive, the difference between the Net Present Value of Optional Retrospective Premium actually paid to the Reinsurer and $40,000,000.
The Reinsurer's Option will expire when and if the Company has paid Optional Retrospective Premium of $40,000,000 or greater.
However, this Loss Limitation will be waived if the Company has paid Optional Retrospective Premium of $40,000,000 or greater as stipulated in the article entitled REINSURANCE PREMIUM.