Calendar Year Definition Legal

Calendar month means any of the twelve 12 calendar months of the year with respect to any payment or obligation that is due or required to be performed within a specified number of calendar months then such payment or obligation shall become due on the day in the last of such specified number of calendar months that corresponds numerically to the date on which such payment or obligation was.

Calendar year definition legal. Definition of calendar year. Law dictionary alternative legal definition 1. Compare common year leap year. Calendar year means a for the first calendar year the period commencing on the effective date and ending on december 31 of the same year b for the calendar year in which this agreement expires or is terminated the period beginning on january 1 of such calendar year and ending on the effective date of such expiration or termination and c for all other years each successive twelve 12 consecutive month period beginning on january 1 and ending december 31.

Calendar year experience is the underwriting result based on earned premiums and incurred losses for the same calendar year accounting period. Related legal terms definitions fiscal accounting period the 12 month period used by a business other than the calendar year january 1. Refers to the list usually posted outside a courtroom of cases which are to be heard before the court in session in a courtroom. The calendar is also referred to a court s calendar where cases are placed and a time and date are confirmed for a hearing.

Calendar year experience underwriting law and legal definition. For individual and corporate taxation purposes the calendar. Time alteration of the calendar q v from old to new style in england see bissextile and the colonies of that country in america the year in chronological reckoning was supposed to commence with the first day of january although the legal year did not commence until march 25th the intermediate time being doubly indicated. A period of time equal in length to that of the year in the calendar conventionally in use.

A business term for the 12 month period of a business for tax purposes that begins on january 1 and ends december 31. It is used in the insurance industry to signify an insurance company s experience during a calendar year in terms of the premiums earned and the losses incurred. A period of 365 or 366 days in the gregorian calendar divided into 12 calendar months now reckoned as beginning jan. A calendar year is a one year period that begins on january 1 and ends on december 31 based on the commonly used gregorian calendar.