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  • Deficit Clause (Three Years)

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    Himanshu Patidar
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    This document outlines a deficit clause for insurance contracts spanning three years. Any losses incurred in a given year will be deducted from profits in subsequent years, and no profit commissions can be earned until losses are balanced and a credit is restored. Additionally, any losses can only be carried forward for a maximum of three consecutive years.

    Original Description:

    aviation clauses

    Original Title

    AVN 22

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    This document outlines a deficit clause for insurance contracts spanning three years. Any losses incurred in a given year will be deducted from profits in subsequent years, and no profit commissions can be earned until losses are balanced and a credit is restored. Additionally, any losses can only be carried forward for a maximum of three consecutive years.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
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    Download as doc, pdf, or txt
    39 views1 page

    Deficit Clause (Three Years)

    Uploaded by

    Himanshu Patidar
    This document outlines a deficit clause for insurance contracts spanning three years. Any losses incurred in a given year will be deducted from profits in subsequent years, and no profit commissions can be earned until losses are balanced and a credit is restored. Additionally, any losses can only be carried forward for a maximum of three consecutive years.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as doc, pdf, or txt
    of 1

    DEFICIT CLAUSE (THREE YEARS)

    It is agreed that in the event of this contract showing a loss on the result of any one year, the
    total amount of such loss shall be debited to the Profit Account for the ensuing year or years,
    but no Profit Commission shall be considered as earned on any ensuing year or years until the
    previous loss has been balanced and a credit balance again restored. It being further
    understood and agreed that any such loss referred to above shall not be carried forward for
    more than three consecutive years.

    AVN 22 1.10.96

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