Unearned premium reserve definition

Unearned premium reserve means that portion of the pre- mium paid or due to the insurer which is applicable to the period of coverage extending beyond the valuation date.

Unearned premium reserve means the portion of gross premiums due that provide for days of insurance coverage after the valuation date.

Unearned premium reserve means that portion of the premium paid or due to the insurer which is applicable to the period of coverage extending beyond the valuation date. Thus if an annual premium of one hundred twenty dollars was paid on November first, twenty dollars would be earned as of December thirty-first and the remaining one hundred dollars would be unearned. The unearned premium reserve could be on a gross basis as in this example, or on a valuation net premium basis.

Examples of Unearned premium reserve in a sentence

• Unearned premium reserve Unearned premium provision is calculated using a time - apportionment basis, in particular, the 365ths method.

• Unearned premium reserve For an unexpired in-force contract with a policy period shorter than one year or an injury insurance policy with a policy period longer than one year, the calculation of unearned premium reserve is based on the unexpired risk of each insurance.

• Unearned premium reserve represents deferred premium revenue, less claim payments made (net of recoveries received) that have not yet been recognized in the statement of operations (contra-paid).

• Unearned premium reserve represents deferred premium revenue, less claim payments made and recoveries received that have not yet been recognized in the statement of operations (contra-paid).

• Unearned premium reserve for the compulsory insurance contract is provided in conformity with the Regulations for the Management of the Various Reserves for Compulsory Automobile Liability Insurance.

More Definitions of Unearned premium reserve

Unearned premium reserve means that portion of the premium on a health insurance policy or certificate paid or due to the insurer that is applicable to the period of coverage extending beyond the valuation date.

Unearned premium reserve means an insurer's liability for its unearned premium as of any given valuation date.

Unearned premium reserve as used in this Facultative Quota Share Reinsurance Agreement shall mean the premium represented by the unexpired portion of the Policy in force as of any specified date.

Unearned premium reserve means that portion of the premium paid or due to the insurer which is applicable to the period of coverage extending beyond the valuation date. Thus, if an annual premium of $120 was paid on November 1, $20 would be earned as of December 31 and the remaining $100 would be unearned. The unearned premium reserve could be on a gross basis as in this example, or on a valuation net premium basis.

Unearned premium reserve means an amount equal to the unearned portion of premiums due to, or received by, the authority on all of its policies of residential earthquake insurance, without deduction on account of reinsurance ceded. The unearned premium reserve shall be charged as a reserve liability in determining the authority’s financial condition. Because the unearned premium reserve is established and maintained to protect the interests of authority policyholders in their unexpired authority policies, authority assets in an amount equal to the unearned premium reserve shall not be subject to encumbrance by, or distribution to, creditors of or claimants against the authority unless and until the authority has paid in full all policyholder claims and policyholder liabilities.

Unearned premium reserve means that portion of the premium paid or due to the insurer which is applicable to the period of cover-

Unearned premium reserve. Unearned Premium by irrevocable Letter of Credit or cash advance for Non-Admitted Reinsurers in accordance with National Association of Insurance Commissioner's requirements.