Ultimate Net Loss Ratio definition

Ultimate Net Loss Ratio means the ratio of aggregate Ultimate Net Losses incurred plus aggregate Loss Adjustment Expenses divided by Net Earned Premium as of the date of calculation.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Ultimate Net Loss Ratio means the ratio of aggregate Ultimate Net Losses incurred plus aggregate Loss Adjustment Expense divided by Net Earned Premium as of the date of calculation. CURRENCY A. Whenever the word "dollars" or the "$" appears in this Agreement, they shall be construed to mean United States Dollars and all transactions under this Agreement shall be in United States Dollars. B. Amounts paid or received by the Company in any other currency shall be converted to United States Dollars at the rate of exchange at the date such transaction is entered on the books of the Company.

Ultimate Net Loss Ratio means the ratio of Ultimate Net Losses incurred divided by SNEPI as of the date of calculation.

Examples of Ultimate Net Loss Ratio in a sentence

The provisional Ceding Commission shall be debited or credited, as applicable, to the Funds Withheld Account/Profit Sharing Account as Reinsurance Premiums are settled monthly and adjusted as the Ultimate Net Loss Ratio is re-determined quarterly.
The Company shall retain net and unreinsured such portion of all Ultimate Net Loss in respect of the first 95.0% (ninety five point zero percent) of Ultimate Net Loss Ratio as shall equal 100% (one hundred percent) less the Cession Percentage and shall retain 100% (one hundred percent) of Ultimate Net Loss in excess of the first 95.0% (ninety five point zero percent) of Ultimate Net Loss Ratio.
If the Ultimate Net Loss Ratio exceeds 57% (fifty seven percent), the Ceding Commission shall be reduced .9% (point nine percent) and any portion thereof for each 1% (one percent) and any portion thereof that the Ultimate Net Loss Ratio exceeds 57% (fifty five percent), subject to a minimum Ceding Commission of 29.2% (twenty nine point two percent) at a 68.0% (sixty eight point zero percent) or higher Ultimate Net Loss Ratio.
RETENTION The Company shall retain net and unreinsured the result of 100% (one hundred percent) minus the Coverage Cession Percentage of all Ultimate Net Loss in respect of the first 95.0% (ninety five point zero percent) of Ultimate Net Loss Ratio and 100% (one hundred percent) of Ultimate Net Loss in excess of the first 95.0% (ninety five point zero percent) of Ultimate Net Loss Ratio.
If the Ultimate Net Loss Ratio exceeds 57.0% (fifty seven point zero percent), the Ceding Commission shall be reduced .9% (point nine percent) and any portion thereof for each 1% (one percent) and any portion thereof that the Ultimate Net Loss Ratio exceeds 57.0% (fifty seven point zero percent), subject to a minimum Ceding Commission of 29.2% (twenty nine point two percent) at a 68.0% (sixty eight point zero percent) or higher Ultimate Net Loss Ratio.
The provisional Ceding Commission shall be debited/credited, as applicable, to/from the Funds Withheld Account/Profit Sharing Account as Reinsurance Premiums are settled monthly and adjusted as the Ultimate Net Loss Ratio is re-determined quarterly.
Such actual amount shall be paid in cash by the Company to the Reinsurer within 60 (sixty) days of the respective calendar quarter end to reduce the Ceding Commission that otherwise would have been due at the respective Ultimate Net Loss Ratio as per the Ceding Commission table.
The provisional Ceding Commission shall be credited to or debited from the Funds Held Account, as applicable, as Reinsurance Premiums are credited to or debited from the Funds Held Account and adjusted as the Ultimate Net Loss Ratio is re-determined quarterly.
The Company shall retain net and unreinsured the result of subtracting 100% (one hundred percent) from the Cession Percentage of all Ultimate Net Loss in respect of the first 92.0% (ninety two point zero percent) of Ultimate Net Loss Ratio and 100% (one hundred percent) of Ultimate Net Loss in excess of the first 92.0% (ninety two point zero percent) of Ultimate Net Loss Ratio.
If the Ultimate Net Loss Ratio exceeds 55% (fifty five percent), the Ceding Commission shall be reduced .9% (point nine percent) and any portion thereof for each 1% (one percent) and any portion thereof that the Ultimate Net Loss Ratio exceeds 55% (fifty five percent), subject to a minimum Ceding Commission of 20.70% (twenty point seven zero percent) at a 65.556% (sixty five point five five six percent) or higher Ultimate Net Loss Ratio.

More Definitions of Ultimate Net Loss Ratio

Ultimate Net Loss Ratio means the ratio of Ultimate Net Losses incurred divided by Subject Net Earned Premium Income as of the date of calculation.

Ultimate Net Loss Ratio means" shall mean the ratio of Ultimate Net Losses incurred divided by Net Earned Premium as of the date of calculation.