California Revenue and Taxation Code ARTICLE 1 - Definitions

• Section 12071.
  The definitions contained in this article apply with respect to ocean marine insurance.(Amended by Stats. 1961, Ch. 740.)
• Section 12072.
  “Current calendar year” means the calendar year for which underwriting profit is computed pursuant to Section 12073.(Added by Stats. 1941, Ch. 113.)
• Section 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...
• Section 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, from(b) Gross premiums on...
• Section 12075.
  “Losses incurred” means gross losses incurred during the current calendar year under ocean marine contracts written within the United States, less reinsurance claims collected or...
• Section 12076.
  “Expenses incurred” includes specific and general expenses incurred in the current calendar year on ocean marine contracts written within the United States.(Added by Stats. 1941,...
• Section 12077.
  “Specific expenses” means expenses incurred directly and specifically in connection with earned ocean marine premiums, including all commissions, agency expenses, taxes, licenses, fees, and loss-adjustment...
• Section 12078.
  “General expenses” means the portion of expenses not chargeable specifically to a particular class of insurance which is allocated to earned ocean marine premiums, consisting...

Last modified: October 22, 2018