ARTICLE 1. Definitions [12071. - 12078.]

Article 1 added by Stats. 1941, Ch. 113.

§§ 12071–12078 · 8 sections

• § 12071 The definitions contained in this article apply with respect to ocean marine insurance.
• § 12072 “Current calendar year” means the calendar year for which underwriting profit is computed pursuant to Section 12073.
• § 12073 “Underwriting profit,” as respects any one calendar year, means the amount arrived at by deducting from the net earned premiums of that calendar year on ocean…
• § 12074 “Net earned premiums” means the amount arrived at by: (a) Deducting all return premiums, premiums on policies not taken, and premiums paid for reinsurance,…
• § 12075 “Losses incurred” means gross losses incurred during the current calendar year under ocean marine contracts written within the United States, less reinsurance…
• § 12076 “Expenses incurred” includes specific and general expenses incurred in the current calendar year on ocean marine contracts written within the United States.
• § 12077 “Specific expenses” means expenses incurred directly and specifically in connection with earned ocean marine premiums, including all commissions, agency…
• § 12078 “General expenses” means the portion of expenses not chargeable specifically to a particular class of insurance which is allocated to earned ocean marine…