Premium Processing Sample Clauses

Premium Processing. Except as otherwise set forth herein, the State shall have no payment obligations to the Contractor, and the Contractor shall have no recourse to the State, for Premium payments. The State shall be responsible for the aggregation and administration of Premiums for Qualified Employers and Qualified Individuals purchasing insurance through VHC. The State shall be responsible for: (1) the submission of bills to each Employer on a monthly basis in a form that identifies Employer and Employee contributions and the total amount due; (2) collecting the amounts due from each Employer; (3) determining that portion of collected premiums which is payable to Contractor; and (4) making payments to Contractor for Enrollees in Contractor’s Certified QHPs within timeframes identified in the Payment ICD and Companion Guide attached to the Trading Partner Agreement between the parties; and (5) promptly processing non-payment termination transactions transmitted to the State by Contractor. In no event shall the State be liable to Contractor with respect to any interest or other charges relating to Premium payments received by the State that are not yet disbursed by the State to the Contractor; provided, however, the State shall be liable to the extent of its own negligent acts or omissions or intentional misconduct which results in the failure to distribute Premium payments to Contractor which are owing for coverage provided pursuant to the QHPs attached hereto in Exhibit 1. In no event shall Contractor be liable for the negligent acts or omissions or intentional misconduct of the State, including billing errors attributable to the State and, to the extent Contractor has provided coverage for Premiums received, Contractor shall not be required to rescind such coverage.
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Premium Processing. We deduct the Premium Load at the time we receive the premium payment. We will credit the resulting Net Premium to the Investment Options based on your instructions on file with us. Premium Limitation – We reserve the right to require Evidence of Insurability for any premium payment that would result in an increase in the Net Amount at Risk. If such Evidence of Insurability is not satisfactory, we may limit or refuse the premium payment, unless it is necessary to keep the Policy In Force. Guideline Premium Limit – This subsection applies only if the Guideline Premium Test is the Death Benefit Qualification Test specified in the Policy Specifications. In order for this Policy to qualify as a life insurance contract under Section 7702 of the Code, the sum of the premiums paid less a portion of any withdrawals, as specified in the Code, may not exceed the Guideline Premium Limit, which is the greater of: • The Guideline Single Premium; or • The sum of the annual Guideline Level Premiums to the earlier of the date of payment or the younger Insured’s Age 100. The Guideline Premiums are shown in the Policy Specifications. The Guideline Premiums may change whenever there is a change in the Total Face Amount of insurance, whether scheduled or otherwise, or certain other Policy benefits or factors. Any such Guideline Premium change will be shown in a supplemental schedule that we will send to you at the time of the change. The Guideline Premiums are used to determine the premium limits beyond which this Policy would fail to qualify as a life insurance contract under the Code. Payment of the Guideline Premiums does not guarantee that the Policy will never lapse and additional premiums may be necessary to prevent the Policy from lapsing in the future. The Guideline Premiums are determined by the rules that apply to this Policy as set forth in the Code. The Guideline Premiums will be adjusted to conform to any changes in the Code. To the extent that a premium payment would exceed such limits, we will refund the excess payment to you in accordance with the Tax Qualification as Life Insurance section of this Policy, provided that we may not refuse any premium payment necessary to keep this Policy In Force. Further, we reserve the right to make distributions from the Policy to the extent we deem necessary to continue to classify this Policy as a life insurance contract under the Code, in accordance with the Tax Qualification as Life Insurance section of this Policy.
Premium Processing. EquiTrust Life shall:
Premium Processing. Infinisource will consider premiums timely sent if they are received in the offices of Infinisource or postmarked by the applicable grace date as listed on the premium invoice. Premiums collected by Infinisource will be deposited into a custodial bank account maintained by Infinisource as set forth in the Agreement. Infinisource will send to Employer all premiums collected during a month by the 15th business day following the end of the month, reduced by the two percent (2%) administrative fee which Infinisource will keep as part of its overall administrative fee. Infinisource will submit premiums to appropriate third parties only upon written instruction from Employer. In addition, Infinisource will retain any interest earned on such funds while held in an Infinisource maintained custodial account as an administrative fee. Notwithstanding the above, premiums will not be co-mingled with Infinisource’s own funds. In the event that a premium payment is rejected due to insufficient funds or the fact the qualified beneficiary has stopped payment, such payment will be construed as nonpayment. If Infinisource has already sent the premium to the Employer before Infinisource becomes aware of the rejected payment, Employer shall reimburse Infinisource the amount of the rejected payment, and the qualified beneficiary’s period of coverage will be adjusted accordingly. Notwithstanding anything to the contrary, Infinisource will continue to provide this service for qualified beneficiaries whose COBRA period ends after eighteen (18) months as long as their USERRA period continues.
Premium Processing. Unless instructed otherwise In Writing, when a premium payment is received, the applicable Premium Load(s) will be determined based on the Allocation Instructions on file. Applicable Premium Load(s) will then be deducted from the premium payment resulting in Net Premium. The Net Premium will then be applied to the Investment Option(s). Depending on the Premium Load(s) that are deducted from each premium payment, the percentage of Net Premium that is applied to the Investment Option(s) may vary from the Allocation Instructions provided.
Premium Processing. Upon Bank approval for premium processing, higher limits may be enabled for inbound and outbound transactions in an aggregate maximum dollar amount of $5,000 per day, and $10,000 per calendar month.
Premium Processing. We deduct the Premium Load at the time we receive the premium payment. We will credit the resulting Net Premium to the Investment Options based on your instructions on file with us.
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Related to Premium Processing

  • Data Processing In this clause:

  • Order Processing Any order by you for the purchase of shares of the respective Funds through us shall be accepted at the time when it is received by us (or any clearing house agency that we may designate from time to time), and at the offering and sale price next determined, unless rejected by us or the respective Funds. In addition to the right to reject any order, the Funds have reserved the right to withhold shares from sale temporarily or permanently. We will not accept any order from you that is placed on a conditional basis or subject to any delay or contingency prior to execution. The procedures relating to the handling of orders shall be subject to instructions that we shall forward from time to time to all members of the Selling Group. The shares purchased will be issued by the respective Funds only against receipt of the purchase price, in collected New York or Los Angeles Clearing House funds subject to deduction of all concessions on such sale (reallowance of any concessions to which you are entitled on purchases at net asset value will be paid through our direct purchase concession system). If payment for the shares purchased is not received within three days after the date of confirmation the sale may be cancelled forthwith, by us or by the respective Funds, without any responsibility or liability on our part or on the part of the Funds, and we and/or the respective Funds may hold you responsible for any loss, expense, liability or damage, including loss of profit suffered by us and/or the respective Funds, resulting from your delay or failure to make payment as aforesaid.

  • Data Collection The grant recipient will be required to provide performance data reports on a schedule delineated within Section A of this contract, Specific Terms and Conditions.

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