Total Loss Earned Premium Clause Sample Clauses

The Total Loss Earned Premium Clause stipulates that if a total loss occurs under an insurance policy, the full premium for the policy period becomes immediately due and earned by the insurer. In practice, this means that even if the loss happens early in the policy term, the insured is still responsible for paying the entire premium as if the coverage had run its full course. This clause ensures that the insurer receives full compensation for the risk assumed, particularly in situations where the policy could otherwise be canceled or terminated after a total loss event.
POPULAR SAMPLE Copied 2 times
Total Loss Earned Premium Clause. Notwithstanding anything contained in this insurance to the contrary, it is understood and agreed that in the event of the cancellation of this insurance there shall be no return of any premium in the event of a total or constructive total loss of the “residence premises”. For the purposes of this insurance total or constructive total loss shall mean a loss where the cost to repair or replace would exceed 80% of the full replacement cost of the “residence premises”.
View SourceView Similar (5)
Total Loss Earned Premium Clause. Notwithstanding any thing contained in this insurance to the contrary , it is understood and agreed that in the ev ent of the ca ncellation of this insurance there shall be no return of any premium in the ev ent of a total or constructiv e total loss of the “residence premises”. For the purposes of this insurance total or constructiv e total loss shall mean a loss where the cost to repair or replace wou ld exceed 80% of the f ull replacement cost of the “residence premises ”.
View Source

Related to Total Loss Earned Premium Clause

  • Minimum Consolidated Fixed Charge Coverage Ratio The Consolidated Fixed Charge Coverage Ratio shall not be less than 1.50 to 1.00, determined based on information for the most recent fiscal quarter annualized.

  • Minimum Consolidated EBITDA The Borrower will not permit Modified Consolidated EBITDA, for any Test Period ending at the end of any fiscal quarter of the Borrower set forth below, to be less than the amount set forth opposite such fiscal quarter: Fiscal Quarter Amount September 30, 1997 $36,000,000 December 31, 1997 $36,000,000 March 31, 1998 $36,000,000 June 30, 1998 $37,000,000 September 30, 1998 $37,000,000 December 31, 1998 $38,000,000 March 31, 1999 $38,000,000 June 30, 1999 $39,000,000 September 30, 1999 $40,000,000 December 31, 1999 $41,000,000 March 31, 2000 $41,000,000 June 30, 2000 $42,000,000 September 30, 2000 $43,000,000 December 31, 2000 $44,000,000 March 31, 2001 $44,000,000 June 30, 2001 $45,000,000 September 30, 2001 $46,000,000 December 31, 2001 $47,000,000 March 31, 2002 $47,000,000

  • Cash Flow Coverage Ratio The ratio of (a) the Company’s Cash Flow to (b) the sum of (i) the Company’s consolidated Interest Expense plus (ii) the Company’s scheduled payments of principal (including the principal component of Capital Leases) to be paid during the 12 months following any date of determination shall at all times exceed (1) 1.5 to 1.0. Compliance with the ratio will be tested as of the last day of each month, with Cash Flow and Interest Expense being calculated for the twelve months then ended.

  • Minimum Cash Balance Licensee shall fund the Facility Checking Account --------------------- with an initial amount equal to $25,000.00 and thereafter Licensee shall provide the working capital required by Section I(H) of this Agreement

  • Minimum Interest Coverage Ratio The Borrowers shall not permit the Interest Coverage Ratio, calculated as of the end of each fiscal quarter for the four fiscal quarters then ended, to be less than 3.50 to 1.00.