Common use of Effect Upon Incurred Obligations Clause in Contracts

Effect Upon Incurred Obligations. The termination of this Policy shall not relieve either party from any obligations incurred prior to the date of termination. The termination will not constitute an election of remedies by the terminating party. Any remedies available upon the termination of this Policy will be cumulative. If the Insurance Company terminates the Policy back to the last date through which the Group’s Premium has been paid, the Insurance Company may recoup benefit payments from Members and/or Providers. The Group is still obligated to reimburse the Insurance Company for any claims or charges which the Insurance Company has to pay, as required by: (1) state or federal law; (2) pharmacy benefit management agreement; or (3) provider agreement, plus a reasonable administrative fee. If the Group has access to pharmacy benefits through the Insurance Company’s pharmacy benefit manager, and its Members incur claims after the termination date of Coverage, the Group must reimburse the Insurance Company for the cost of these services.