Premium Provisions Clause Samples
The Premium Provisions clause defines the terms and conditions under which premiums—payments made for insurance coverage—are to be paid by the policyholder. It typically outlines the amount, due dates, acceptable payment methods, and consequences of late or missed payments, such as grace periods or policy cancellation. By clearly specifying these details, the clause ensures both parties understand their financial obligations and helps prevent disputes over payment, thereby maintaining continuous coverage and reducing the risk of unintentional policy lapses.
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Premium Provisions. PREMIUM - The Initial Premium is due on or before the Effective Date. Thereafter, Premium payments may be made at any time prior to the Annuity Date, in an amount equal to or greater than the Minimum Subsequent Premium amount, shown on the Contract Schedule. ALLOCATION OF premium PAYMENTS - Premiums may be allocated to one or more of the Subaccounts of the Variable Account or to the Guaranteed Account. Whole percentages must be used. The allocation of the Initial Premium is shown on the application. You may change the allocation at any time. We will send confirmation of Your changes. Any subsequent Premium received will be allocated in accordance with the most recently received allocation instructions.
Premium Provisions. The Policyholder will pay all required premium due under this policy, subject to the grace period. Annual Premiums and Deposit Premiums are due at the beginning of the Policy Period and each future Anniversary Date unless otherwise indicated on the Premium Summary. If premiums are adjustable, then We will compute the earned premium for each audit reporting period based on the applicable rates and exposures. The Policyholder must keep records of the information We need to perform the adjustment and send Us copies at Our request. If the policy is written subject to adjustment shown in the Premium Schedule, then the Policyholder must report to Us the complete information for the reporting period shown in the Premium Summary. The Policyholder must submit the reports within the specified number of days after the end of each Reporting Period. At the earlier of the end of the Policy Period or the policy termination, earned premium will be determined based on the reported values or exposures. If the resulting earned premium is less than the Deposit Premium, if any, then We will return the excess to the Policyholder. If the resulting earned premium is greater than the Deposit Premium, if any, then We will bill the Policyholder for the additional premium. The Policyholder will pay Us, within thirty (30) days, any additional premium generated from the premium adjustment. BTA5197
Premium Provisions. 6 Premium...........................................................................................6
Premium Provisions. The Policyholder will pay all required premium due under this policy, subject to the grace period. Annual Premiums and Deposit Premiums are due at the beginning of the Policy Period and each future Anniversary Date unless otherwise indicated on the Premium Summary. If premiums are adjustable, then We will compute the earned premium for each audit reporting period based on the applicable rates and exposures. The Policyholder must keep records of the information We need to perform the adjustment and send Us copies at Our request. If the policy is written subject to adjustment shown in the Premium Schedule, then the Policyholder must report to Us the complete information for the reporting period shown in the Premium Summary. The Policyholder must submit the reports within the specified number of days after the end of each Reporting Period. At the earlier of the end of the Policy Period or the policy termination, earned premium will be determined based on the reported values or exposures. If the resulting earned premium is less than the Deposit Premium, if any, then We will return the excess to the Policyholder. If the resulting earned premium is greater than the Deposit Premium, if any, then We will bill the Policyholder for the additional premium. The Policyholder will pay Us, within thirty (30) days, any additional premium generated from the premium adjustment. We may change the premium rates for this policy on the Anniversary Date. We will give the We may examine the Policyholder's books and records relating to this policy at any reasonable time during the policy term and up to three (3) years after expiration of this policy or until final adjustment and settlement of all claims under this policy, whichever is later. The Policyholder must maintain information pertaining to Insured Persons including but not limited to each Insured Person’s Benefit Amount, Class, enrollment form, if any, and beneficiary designations or assignments. If this policy is replacing another policy of similar insurance, the Policyholder will be responsible for notifying all Primary Insured Persons of the change in insurance carriers and the change in insurance coverage, if any, by providing a description of coverage approved by Us. We will not use any statements, except fraudulent misstatements, made by the Policyholder or the Insured Person to void the insurance or reduce benefits payable under this policy, or to otherwise contest the validity of this policy, unless such statements...
Premium Provisions. PREMIUMS Premiums after the first are payable at Our Office. The amount of premium which may be paid during any contract year may not exceed the Maximum Additional Annual Premium shown on the Contract Schedule page without Our consent. Premiums will not be accepted in an amount less than the Minimum Additional Premium shown on the Contract Schedule page without Our consent. Our acceptance of any premium shall not constitute a waiver of these limits with respect to subsequent premiums.
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Premium Provisions. PREMIUM PAYMENT. The premium(s) to be paid to the Company as consideration for the insurance provided hereunder and the method of premium payment (monthly or annual) shall be as specified on the Application. Monthly premium is due on the first day of each Month beginning on the first day of the Policy Period through the end of the Policy Period. Annual Premium is due on the first day of the Policy Period. Premium is based on the current membership specified on the Application.
Premium Provisions. You will pay premiums to us to keep this policy in force. Your first premium is due on the Policy Effective Date. The frequency of payment you selected is shown as the premium mode in the Policy Schedule. You may change the premium mode by giving us prior written or verbal notice. We must receive your request at least 30 days prior to any premium payment date.
Premium Provisions