Unearned Premium Reserves definition
Unearned Premium Reserves or “UPR” means that portion of premiums written that has not yet been recognized as revenue. Unearned premium reserves are recognized as revenue over the policy term in accordance with the expected pattern of loss emergence as derived from actuarial analysis of historical loss development.
Unearned Premium Reserves means reserves that are established to account for that portion of the premium paid in the plan year that is intended to provide coverage during a period which extends beyond the plan year.
Unearned Premium Reserves means the gross liability as of the Effective Time for the amount of collected Premium corresponding to the unexpired portion of all Included Existing Contracts, less the corresponding Unearned Acquisition Costs and Unearned In-Force Inuring Reinsurance Costs on such collected Premium, in each case calculated using the daily pro rata method in a manner consistent with the Ceding Companies’ quarterly financial statements dated as of September 30, 2013, prepared in accordance with statutory accounting practices and subject to any applicable Premium, commission or brokerage adjustments prior to or after the Effective Time pursuant to the underlying terms and conditions of any Insurance Contract or agent or broker contract related thereto, which adjustments shall be accounted for and settled as between the Parties as part of the monthly reporting pursuant to Section 3.4.
Examples of Unearned Premium Reserves in a sentence
The sum of such aggregate Loss Reserves and Unearned Premium Reserves shall be calculated utilizing the established actuarial practices as followed by the Companies in respect of the Insurance Contracts, as well as the reserve requirements, statutory accounting rules and actuarial principles applicable to the Companies as of the Effective Time.
The Company shall cooperate with the Reinsurer in determining the Unearned Premium Reserves, the collection of premium and accounting for premium.
The Deposit shall equal the Reinsurer's share of Losses and Loss Expenses Paid of the Ceding Company but not recovered from the Reinsurer and outstanding and incurred but not reported Loss, Unearned Premium Reserves and contingency reserves.
Each Party shall make available to the other Party and the Alternative Accountants such work papers as may be reasonably necessary to calculate the aggregate Loss Reserves and aggregate Unearned Premium Reserves and Reserve Adjustment under this Section 2.2(c).
The Reinsurer will maintain legal reserves with respect to Outstanding Losses and Loss Expenses, reduced to net present value, and Unearned Premium Reserves.
More Definitions of Unearned Premium Reserves
Unearned Premium Reserves means the reserves established by the Companies for their liability for return of the portion of premiums related to the unexpired term of the Insurance Contracts as of the Effective Time.
Unearned Premium Reserves means the gross liability as of the Effective Date for the amount of collected Premium corresponding to the unexpired portion of all Existing Contracts, less the UEP Ceding Commission, whether or not paid as of the Effective Date, in each case as calculated a manner consistent with the Company’s quarterly financial statements dated as of December 31, 2012, prepared in accordance with statutory accounting practices and subject to any applicable Premium, commission or brokerage adjustments prior to or after the Effective Date pursuant to the underlying terms and conditions of any Insurance Contract or agent or broker contract related thereto, which adjustments shall be accounted for and settled as between the Parties as part of the monthly reporting pursuant to Section 3.4.
Unearned Premium Reserves means Ceded Premium less collected Ceded Premium.
Unearned Premium Reserves means the gross liability as of the Effective Time for the amount of Premium corresponding to the unexpired portion of all Existing Contracts, whether or not such Premium has been collected, less the corresponding Unearned Acquisition Costs and Unearned In-Force Inuring Reinsurance Costs, whether or not paid as of the Effective Time, in each case calculated using the daily pro rata method in a manner consistent with the Company’s quarterly financial statements dated as of June 30, 2008, prepared in accordance with statutory accounting practices and subject to any applicable Premium, commission or brokerage adjustments prior to or after the Effective Time pursuant to the underlying terms and conditions of any Reinsurance Contract, which adjustments shall be accounted for and settled as between the Parties as part of the monthly reporting pursuant to Section 3.4.
Unearned Premium Reserves means the gross liability as of April 1, 2020 for the amount of collected Premium corresponding to the unexpired portion of all Subject Policies as of the Policy Replacement Date, calculated using the daily pro rata method, prepared in accordance with statutory accounting practices, and subject to any applicable premium, commission or brokerage adjustments prior to or after the Policy Replacement Date pursuant to the underlying terms and conditions of the Subject Policies or agent or broker contracts related thereto, which adjustments shall be accounted for and settled as between the Parties pursuant to Section 3.1.
Unearned Premium Reserves or “UPR” means that portion of premiums written that has not yet been recognized as revenue. Unearned premium reserves are recognized as revenue over the policy term in
Unearned Premium Reserves means the gross liability as of the Assumption Effective Date for the amount of collected Premium and receivables for uncollected Premium corresponding to the unexpired portion of all Assumed Policies, calculated using the daily pro rata method, prepared in accordance with statutory accounting practices, and subject to any applicable Premium, commission or brokerage adjustments prior to or after the Assumption Effective Date pursuant to the underlying terms and conditions of the Assumed Policies or agent or broker contracts related thereto, which adjustments shall be accounted for and settled as between the Parties pursuant to Section 3.1(a) and Section 3.4.