Composite Premium Sample Clauses

A Composite Premium clause defines a single, combined premium amount to be paid for insurance coverage, rather than calculating separate premiums for each individual risk or insured item. In practice, this means that the insurer and policyholder agree on a fixed total premium, regardless of changes in the number or value of insured assets during the policy period. This approach simplifies premium calculations and administration, providing predictability for both parties and reducing the administrative burden of tracking and adjusting premiums for each covered item.
Composite Premium. The Southwest Licking Local Board of Education shall pay, based on the composite monthly rate, the actual monthly premium per full-time unit member or up to $35/month per unit member, whichever is less.
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Composite Premium. The Board shall pay, based on the composite monthly rate, the actual monthly premium per eligible bargaining unit member or up to $35/month per bargaining unit member, whichever is less.
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Related to Composite Premium

  • Overtime Premium a) Time and one-half (1/2) shall be paid as follows: 1) For all hours worked over 8 (eight) hours per day. 2) For all hours worked over 40 (forty) hours per week. 3) For all hours worked on Sunday, unless part of the employees regularly scheduled workweek. b) Double time plus holiday pay shall be paid for all hours worked on holidays that are defined in this Agreement.

  • Single Premium Credit Life Insurance None of the proceeds of the Mortgage Loan were used to finance single-premium credit life insurance policies.

  • Weekend Premium An employee shall be paid a weekend premium of one dollar and forty-five cents ($1.45) per hour for each hour worked between 2400 hours Friday to 2400 hours Sunday or such other 48 hour period that the Hospital may establish. If an employee is in receipt of premium payment pursuant to a local scheduling regulation with respect to consecutive weekends worked, he will not receive weekend premium under this provision. Effective June 28, 2005, the weekend premium shall be increased to $1.55 per hour.

  • Shift Premium Effective July 1, 2020, an employee shall be paid a shift premium of ninety-five cents (95c/ ) per hour for each hour worked between 1500 hours and 0700 hours provided that such hours exceed two (2) hours if worked in conjunction with the day shift.

  • Night Premium For all time worked by employees, after 7 p.m. and before 7 a.m., by employees hired on or before August 5, 2005, a premium of twenty-five cents (25¢) per hour shall be paid.