Premium Statement Clause Samples
A Premium Statement clause outlines the requirement for the policyholder or insured party to provide regular, detailed reports of premiums due under an insurance policy. Typically, this involves submitting periodic statements that reflect the amount of premium owed, often based on variables such as payroll, sales, or other relevant metrics. This clause ensures that the insurer receives accurate and timely information to calculate and collect the correct premium amounts, thereby reducing the risk of underpayment or disputes over premium calculations.
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Premium Statement. The Insurance Company will prepare and submit a monthly Premium statement (“Statement”) to the Group, listing: (1) Subscribers shown on its records; (2) type of Coverage selected by each Subscriber (e.g., individual, family, etc.); and (3) the Aggregate Premium payable to the Insurance Company for providing Coverage for all Members for the next billing period. The Insurance Company will prepare this statement not less than 15 days prior to the end of each billing period this Policy remains in effect. The Group must pay the Aggregate Premium for anyone Covered or added during the billing period.
Premium Statement. The Plan will prepare and submit a [monthly] [quarterly] [semi-annually] [annually] Premium statement (“Statement”) to the Group, listing: (1) Subscribers shown on its records; (2) type of Coverage selected by each Subscriber (e.g., individual, family, etc.); and (3) the Aggregate Premium payable to the Plan for providing access to benefits for all Members for the next billing period. The Plan will prepare this statement not less than [15-30] days prior to the end of each billing period this Agreement remains in effect. The Group must pay the Aggregate Premium for anyone Covered or added during the billing period.