Surplus Contributions definition

Surplus Contributions. Along with your policy premium, you will pay surplus contributions to Vault during the first five years of your membership. These surplus contributions lower Vault’s cost of capital, which allows it to offer more competitively priced insurance to its members. These contributions will be collected along with your policy premium during the first five years of your membership and are set at 10% of total annual homeowner insurance premium and 4% of total annual premium for all other policies.
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Surplus Contributions. Along with your policy premium, you will pay surplus contributions to KIN, which lower KIN’s cost of capital and allow it to offer more competitively priced insurance to its subscribers. These contributions will be collected along with your policy premium and are set at 10% of total annual homeowners insurance premium and 4% of total annual premium for all other policies. For any given year, KRM will have the discretion to lower the required surplus contribution, based on the capital needs of KIN. Management of KIN: You will be appointing and designating KRM to be the attorney-in-fact for KIN. KRM is a for-profit limited liability company and a wholly-owned subsidiary of Kin Insurance, Inc. (“Kin Insurance”), an independent insurance agency organized under the laws of the State of Delaware and based in Chicago, Illinois. As the attorney-in-fact, KRM will manage all of the insurance operations of KIN on behalf of you and all of the other subscribers.
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Surplus Contributions. Each Subscriber makes surplus contributions during the first five (5) full years of continuous PURE membership and those contributions reduce the cost of PURE’s capital. Surplus contributions are set at 10% of total annual Homeowners and Watercraft premiums, and 4% of total annual premiums for all other policies. Surplus contributions are billed and collected with your premium. Subscribers should not expect a return of surplus contributions other than on a pro-rata basis for policies cancelled mid-term. Any return of surplus contributions is subject to the approval of PRM and the Florida Office of Insurance Regulation (OIR). Subscriber Savings Accounts (SSAs): SSAs are notional accounts held for each active PURE subscriber. PURE is committed to return its underwriting profit back to subscribers by allocating it to SSAs and will look to return at least a portion of any surplus growth in years without underwriting profit. Funds allocated to SSAs remain on PURE’s balance sheet and are available as part of its overall claims paying ability. Funds may be allocated to SSAs subject to the prior written approval of the Florida Office of Insurance Regulation (OIR). Unlike surplus contributions, PURE subscribers should expect a return of their ending SSA balance upon their full withdrawal from PURE membership. For more information, visit xxxxxxxxxxxxx.xxx/xxx.
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Examples of Surplus Contributions in a sentence

  • All other Surplus Contributions, including those made for previous policy terms, will be retained by Vault for the benefit of all remaining subscribers.

  • You understand and agree that any other return of Surplus Contributions will be subject to the approval of VRM, the Florida Office of Insurance Regulation (the “FL OIR”) and the restrictions set forth in Section 6.

  • Your Surplus Contributions are made for the benefit of all of Vault’s subscribers and may only be returned in limited circumstances.

  • In the event of a mid-term policy cancellation, VRM will return any Surplus Contributions (without interest) applicable to the cancelled policy term, pro-rated based on the fraction of the policy term that has elapsed and subject to the restrictions set forth in Section 6 and any applicable law.

  • You understand and agree that the amounts paid as Surplus Contributions will be credited as policyholder surplus for the benefit and protection of all Vault subscribers and that Surplus Contributions made to Vault are not premiums for insurance.

  • In the event of a mid-term policy cancellation, KRM will return any Surplus Contributions (without interest) applicable to the cancelled policy term, pro-rated based on the fraction of the policy term that has elapsed and subject to the restrictions set forth in Section 6 hereof and any applicable law.

  • The Subscriber understands and agrees that any other return of Surplus Contributions will be subject to the approval of KRM, the Florida Office of Insurance Regulation, and the restrictions set forth in Section 6 hereof.

  • The Subscriber understands and agrees that the amounts paid as Surplus Contributions will be credited as policyholder surplus for the benefit and protection of all KIN subscribers, are not premiums for insurance, and may only be returned in limited circumstances.

  • Employer in the course of collective bargaining, if any), Employer may remit contributions to MERS that Employer expressly designates as Surplus Contributions, specifying the appropriate Surplus Division to which they are to be credited.

  • It is understood by Employer that, once remitted to MERS, Surplus Contributions are not and shall never be refundable to Employer, nor used for any purpose other than the funding of its obligations for MERS benefits accrued by employees of Employer.


More Definitions of Surplus Contributions

Surplus Contributions. Along with your policy premium, you will pay surplus contributions to Vault during your membership. These surplus contributions lower Vault’s cost of capital, which allows it to offer more competitively priced insurance to its members. These contributions will be collected along with your policy premium during your membership and are set at 10% of total annual homeowner insurance premium and 4% of total annual premium for all other policies.
Sample 1

Related to Surplus Contributions

  • Cash contributions means the re- cipient’s cash outlay, including the outlay of money contributed to the re- cipient by third parties.

  • Catch-Up Contributions means Salary Reduction Contributions made to the Plan that are in excess of an otherwise applicable Plan limit and that are made by Participants who are Age 50 or over by the end of their taxable years. An “otherwise applicable Plan limit” is a limit in the Plan that applies to Salary Reduction Contributions without regard to Catch-up Contributions, such as the limits on Annual Additions, the dollar limitation on Salary Reduction Contributions under Code Section 402(g) (not counting Catch-up Contributions) and the limit imposed by the Actual Deferral Percentage (ADP) test under Code Section 401(k)(3). Catch-up Contributions for a Participant for a taxable year may not exceed the dollar limit on Catch-up Contributions under Code Section 414(v)(2)(B)(i) for the taxable year. The dollar limit on Catch-up Contributions under Code Section 414(v)(2)(B)(i) is $1,000 for taxable years beginning in 2002, increasing by $1,000 for each year thereafter up to $5,000 for taxable years beginning in 2006 and later years. After 2006, the $5,000 limit will be adjusted by the Secretary of the Treasury for cost-of-living increases under Code Section 414(v)(2)(C). Any such adjustments will be in multiples of $500.

  • Excess Contributions means, with respect to any Plan Year, the excess of:

  • Accumulated contributions means the sum of all

  • In-kind contributions means services and goods as approved by the department that are provided by a grant recipient toward completion of a department-approved local snowmobile program under section 82107.

  • Contributions means the payroll deductions and other additional payments specifically provided for in the Offering that a Participant contributes to fund the exercise of a Purchase Right. A Participant may make additional payments into his or her account if specifically provided for in the Offering, and then only if the Participant has not already had the maximum permitted amount withheld during the Offering through payroll deductions.

  • Elective Contributions are amounts excludible from the Employee's gross income under Code Sections 125, 402(a)(8), 402(h) or 403(b), and contributed by the Employer, at the Employee's election, to a Code Section 401(k) arrangement, a Simplified Employee Pension, cafeteria plan or tax-sheltered annuity. The term "Compensation" does not include:

  • After-Tax Contributions means amounts withheld from an Employee’s Compensation pursuant to a Salary Reduction Agreement after all applicable state and federal taxes have been deducted. Such amounts are withheld for purposes of purchasing one or more of the Benefit Package Options available under the Plan.

  • Member contributions means all amounts paid to ASRS by a member.

  • Employer Contributions means the amount transferred by an employer to a funding account or a health reimbursement account.

  • Additional contributions means contributions made by a member of a defined benefit plan to

  • Matching Contributions means local cash and/or in-kind contributions made by the Subrecipient, subcontractor, or other local resources that qualify as match for the Contract funding.

  • Regular contributions means the amounts required to be

  • Company Matching Contributions means any contributions made to the Company Matching Account of a Participant by a Participating Employer as provided for in Section 4.02.

  • Equity Contributions means the equity to be contributed by the Equity Investor to Borrower, in accordance with and subject to the terms of the Partnership Agreement.

  • Rollover Contributions means, for any Participant, his rollover contributions as provided in Section 7.1.

  • Pre-Tax Contributions means, for any Participant, the aggregate of the Participant's Basic Pre-Tax Contributions and Supplemental Pre-Tax Contributions contributed to the applicable Pre-Tax Contribution Account.

  • Employer Matching Contributions means the Employer matching contributions made to the Trust Fund pursuant to Article V (Employer Matching Contributions).

  • Company Contributions means the contributions made by the Company pursuant to Section 3.3.

  • Excess Aggregate Contributions means, with respect to any Plan Year, the excess of:

  • Deferral Contributions are Salary Reduction Contributions and Cash or Deferred Contributions the Employer contributes to the Trust on behalf of an Eligible Employee, irrespective of whether, in the case of Cash or Deferred Contributions, the contribution is at the election of the Employee. For Salary Reduction Contributions, the terms "deferral contributions" and "elective deferrals" have the same meaning.

  • Payments in lieu of contributions means the money payments to

  • Qualified Matching Contributions means Matching Contributions which are immediately nonforfeitable when made, and which would be nonforfeitable, regardless of the age or service of the Employee or whether the Employee is employed on a certain date, and which may not be distributed, except upon one of the events described under Section 401(k)(2)(B) of the Code and the regulations thereunder.

  • Participant Contributions means contributions made by the Participant pursuant to an executed Pay Reduction Agreement subject to the Participant Contribution limits contained in Article III.

  • Employee Contributions are contributions made by a Participant on an after-tax basis, whether voluntary or mandatory, and designated, at the time of contribution, as an employee (or nondeductible) contribution. Elective deferrals and deferral contributions are not employee contributions. Participant nondeductible contributions, made pursuant to Section 4.01 of the Plan, are employee contributions.

  • Cash Contribution refers to a direct payment of Contribution in Canadian currency.