Unallocated Loss Adjustment Expenses definition

Unallocated Loss Adjustment Expenses means any loss adjustment expenses which are not Allocated Loss Adjustment Expenses. For purposes of this Reinsurance Agreement, this definition of “Unallocated Loss Adjustment Expenses” will apply regardless of how the Reinsured reserve for Unallocated Loss Adjustment Expenses on its annual and quarterly statutory financial statements filed with Governmental Authorities.

Unallocated Loss Adjustment Expenses means all expenses including court costs, attorneys’ fees, expenses, and interest that are not allocated to a specific loss occurrence with respect to a policy of the Subject Business. Unallocated Loss Adjustment Expenses shall also include salaries of officers and permanent employees of the Reinsured.

Unallocated Loss Adjustment Expenses means the ordinary office expenses and salaries of directors, officials or employees of the Company which would have been incurred by the Company in the ordinary course of business if the Company had not experienced a claim under any Bond or not deemed necessary action to postpone, mitigate or avoid a claim; but does not include such additional expenses which are incurred by the Company as a result of such a claim or any such action.

Examples of Unallocated Loss Adjustment Expenses in a sentence

• Other Adjustments 4.d. Unallocated Loss Adjustment Expenses (ULAE) 4.e. Premium 1.

• The purpose of the Stability Fund is to provide (1) protection of all the Pool’s claims incurring funds to offset the inability of any such fund to meet its cash requirements, (2) a reserve for Unallocated Loss Adjustment Expenses (ULAE), and(3) a reserve for the Pool’s estimated future liability in the Texas Municipal Retirement System.

• These are based on the historic inception and expiry dates of the underlying contracts. Expense provisions – an Unallocated Loss Adjustment Expenses (ULAE) provision is held within the GAAP technical provisions.

• Thus, the components of the Claims Provision are the Outstanding Case Estimates, the Incurred But Not Reported (IBNR), the Incurred But Not Enough Reported (IBNER) and the Unallocated Loss Adjustment Expenses (ULAE).

• These are based on the inception and expiry dates of the underlying contracts. Expense provisions – an Unallocated Loss Adjustment Expenses (ULAE) provision is held within the GAAP technical provisions.

More Definitions of Unallocated Loss Adjustment Expenses

Unallocated Loss Adjustment Expenses means all expenses incurred in connection with the adjusting, recording and paying of claims under the Insurance Policies, other than Allocated Loss Adjustment Expenses.

Unallocated Loss Adjustment Expenses means the overhead and other non- specific costs associated with the handling and settlement of claims with respect to the Subject Business.

Unallocated Loss Adjustment Expenses. (“ULAE”) means those costs and expenses associated with the Reinsurer’s service and management of the Subject Business and that are not LAE such as, for example, personnel costs, overhead, or similar internal costs. For the avoidance of doubt, whether or not the Company or the Reinsurer reflect an expense as an ULAE on their financial statements or other books and records shall not affect whether such expense qualifies as ULAE for purposes of this Agreement.

Unallocated Loss Adjustment Expenses shall have the meaning set forth in the definition of Allocated Loss Adjustment Expenses.

Unallocated Loss Adjustment Expenses means unallocated loss adjustment expenses and similar unallocated expenses, including the salaries, benefits and expenses of the Ceding Company’s (or any of its Affiliates’) employees and other overhead and office expenses.

Unallocated Loss Adjustment Expenses means the cost of office administration, salaried employees and third party consultants (other than legal counsel, medical consultants, claims adjusters and other consultants employed in connection with the investigation, appraisal, adjustment, settlement, litigation, defense or appeal of specific Claim Losses).

Unallocated Loss Adjustment Expenses means the salaries and overhead of the Company’s employed claims adjusting staff other than the in-house legal staff assigned to the defense of specific claims which are covered under Allocated Loss Adjustment Expense. For purposes of this Agreement, Allocated Loss Adjustment Expense and Unallocated Loss Adjustment Expense shall be treated in accordance with the definitions herein, regardless of how the Company classifies Allocated Loss Adjustment Expense and Unallocated Loss Adjustment Expense in their claims systems.