Monthly Deduction Clause Samples
The Monthly Deduction clause defines the regular amount that will be subtracted from an account or payment on a monthly basis. This deduction typically covers costs such as fees, premiums, or other recurring charges associated with a contract or service. For example, in an insurance policy, the monthly deduction might include the cost of insurance coverage and administrative expenses, automatically withdrawn each month. The core function of this clause is to ensure predictable, systematic collection of ongoing charges, thereby maintaining the continuity of services or coverage and clarifying the financial obligations of the parties involved.
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Monthly Deduction. The amount we deduct on each Monthly Anniversary Day from the Contract Value to pay the various contract expenses for the month beginning on that Monthly Anniversary Day. These expenses include: Cost of Insurance, Monthly Expense Charges, and the cost of any additional benefits provided by riders.
Monthly Deduction. We will make a Monthly Deduction from the Contract Value on each Monthly Anniversary Day equal to the sum of the following:
(1) the Cost of Insurance, as described in Section 7.7, Cost of Insurance;
(2) the Monthly Expense Charges as shown in Section 1, Contract Data; and
(3) the cost of any additional benefits provided by riders for the contract month.
Monthly Deduction. The Employer shall deduct dues or initiation fees from the second 29 pay in each calendar month. If an employee has no pay due on that pay date such amounts shall 30 be deducted from the next or subsequent pay. 31
Monthly Deduction. The Employer agrees to deduct regular FOP/OLC membership dues once each month from the pay of any employee in the bargaining unit eligible for membership upon receiving written authorization signed individually and voluntarily by the employee. The signed payroll deduction form must be presented to the Employer by the employee. Upon receipt of the proper authorization, the Employer will deduct FOP/OLC dues from the payroll check for the next pay period in which dues are normally deducted following the pay period in which the authorization was received by the Employer.
Monthly Deduction. The Monthly Deduction is the sum of the Cost of Insurance Charge and the Monthly Administrative Charge. The Monthly Deduction shall be deducted from the Accumulated Value of the policy on the Monthly Policy Date.
Monthly Deduction. The Monthly Deduction is made on the Contract Date and on each subsequent Monthly Anniversary prior to the Insured's Attained Age 100. If any Monthly Anniversary occurs prior to the Contract Date, the deduction(s) for such day(s) will also be made on the Contract Date. The Monthly Deduction made from the subaccounts of the Variable Account is the sum of: 1) The monthly Cost of Insurance (see Section 7.2); 2) The monthly Administrative Charge. This charge is the sum of: a) The Basic Monthly Charge of $10.00; and b) Any Initial Monthly Charge. This is a charge per $1,000 of Initial Face Amount. However, if the Initial Face Amount is decreased according to Section 5.5, the charge will be based on the Face Amount remaining after the decrease. The charge is made on the Contract Date and then on each Monthly Anniversary until 180 charges have been made. The charge per $1,000 is shown on page 4; 3) Any Initial Monthly Charge for Increases. This is a charge per $1,000 of increase in Face Amount. However, if the increased Face Amount is later decreased according to Section 5.5, the charge will be based on the amount of the increased Face Amount remaining after the decrease. The charge is made on the effective date of each increase according to Section 5.3 and then on each Monthly Anniversary until 180 charges have been made. The charge is based on Attained Age on the date of the increase. The charge per $1,000 is shown on page 5; 4) Any Decrease Charge which results from a requested decrease in Face Amount according to Section 5.5; and 5) The monthly cost of any Additional Benefits. However, if the Monthly Deduction is greater than the Cash Surrender Value and the requirements of the Death Benefit Guarantee are met, the deduction made will not exceed the Accumulated Value less any Debt. We will pay the balance of the Monthly Deduction. The Monthly Deduction is taken from each subaccount according to the ratio for this contract of the accumulated value in the subaccount to the sum of the accumulated values in all the subaccounts. With our approval, you may choose other allocations of the Monthly Deduction.
Monthly Deduction. The Employer agrees to deduct regular payroll deduction of dues, fees, or assessments once each month upon the date of issuance of the payroll warrant from the pay of any employees in the bargaining unit upon receiving written authorization signed individually and voluntarily by the employee. The signed payroll deduction form, furnished by the Union, must be presented to the Employer by the Union. Upon receipt of the authorization, the Employer will deduct Union dues, fees or assessments from the payroll check for the next pay period in which dues are normally deducted following the pay period in which the authorization was received by the Employer. The parties agree that neither the employees nor the Union shall have a claim against the Employer for errors in the processing of deductions, unless a claim of error is made in writing to the Employer within sixty (60) days after the date such error is claimed to have occurred. If it is found that an error was made, it will be corrected at the next pay period that the Union dues deduction would normally be made by deducting the proper amount.
Monthly Deduction. On the first day of each policy month until age 100 of the younger Insured, the Company will make a Monthly Deduction for that policy month from the Cash Value of this Policy. The amount of the Monthly Deduction for a policy month is equal to: - The cost of insurance and the cost of any riders for the policy month; PLUS - An amount not greater than the Maximum Monthly Policy Fee shown in Section 1; PLUS - An amount not greater than the Maximum Monthly Mortality and Expense Risk Charge shown in Section 1; PLUS - An amount not greater than the Maximum Monthly Administrative Charge shown in Section 1. At and after age 100 of the younger Insured the Cash Value of the Policy will be calculated as described in the Cash Value of the Policy Section, except that the Monthly Deductions will be equal to zero. If the Policy meets the Monthly Minimum Premium test (see below) or if a Guaranteed Death Benefit Rider is attached and the No Lapse Guarantee Benefit is in effect, the Monthly Deduction will be made, whether or not premiums are paid, until the Cash Value equals zero. Otherwise, the Monthly Deduction will be made, whether or not premiums are paid, as long as the Net Cash Value is sufficient to cover the entire Monthly Deduction. This provision will not continue any rider beyond the termination date as provided in the rider. The Monthly Deduction will be deducted from the sub-accounts and the Fixed Account in the same proportion as the Cash Value of the Policy is in the sub-accounts and the Fixed Account unless you choose in writing to have Monthly Deductions deducted: from a specific sub-account or the Fixed Account until the Policy's portion of that sub-account or of the Fixed Account equals zero; and then from the remaining sub-accounts and the Fixed Account in the same proportion as the Cash Value of the Policy is in the sub-accounts and the Fixed Account. 50 NEV-18-E COST OF INSURANCE The monthly cost of insurance for the Policy is equal to: the amount at risk; times the cost of insurance rate per $1,000 for that month divided by 1,000. The amount at risk is equal to: - The Death Benefit on the first day of the policy month discounted at the monthly equivalent of 4% per year; - The Cash Value on the first day of the policy month after the Monthly Deduction has been processed. COST OF INSURANCE RATES The cost of insurance rates for each policy year are based on: the sexes of the Insureds; the underwriting classes of the Insureds; and the ages of the Insureds ...
Monthly Deduction. The Monthly Deduction from the Accumulated Value is the sum of:
1) The Basic Monthly Charge shown on page 4; 2) The Decrease Charge for any decrease in Face Amount that is effective on the Monthly Anniversary; 3) The monthly Mortality and Expense Risk Charge based on the accumulated value in the subaccounts. This charge on an annual basis is guaranteed not to exceed the Maximum Annual Mortality and Expense Risk Charge shown on page 4; 4) The monthly cost of any Additional Benefits other than any disability waiver of monthly deduction benefit; 5) The monthly Cost of Insurance (see Section 9.2); and 6) The monthly cost of any disability waiver of monthly deduction benefit.
Monthly Deduction. The Board will deduct monthly dues beginning in October and continuing through May, provided that assignment cards have been received no later than September 20 of each year by the District's Business Office. Teachers hired beyond the deadline date have an additional thirty (30) school days from their date of employment to submit assignment cards.