Refunds of Premiums Sample Clauses

Refunds of Premiums. If premiums are paid for an individual who is not eligible for coverage, SHP will refund the amount paid in error, less the cost of any claims paid on that individual’s behalf.
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Refunds of Premiums. Paragraph (1)(E) shall not apply to any re- fund on the death of the insured, or on a complete surrender or cancellation of the contract, which cannot exceed the aggregate premiums paid under the contract. Any re- fund on a complete surrender or cancellation of the contract shall be includible in gross income to the extent that any deduction or exclusion was allowable with respect to the premiums.
Refunds of Premiums. In the event that Equitable rejects an Application or a customer exercises his or her free look right under a Contract in a timely manner, Equitable will refund any Premium received by Equitable on account of such Application or Contract to the applicant or customer, as the case may be, unless any portion of the Premium was paid to Equitable by another insurance company as part of a 1035 exchange, in which case such portion shall be refunded to such other insurance company. Equitable will promptly notify the General Agent of all Premiums refunded and the party to whom such refunds were paid.
Refunds of Premiums. In the event that MONY America rejects an Application or a customer exercises his or her free look right under a Contract in a timely manner, MONY America will refund any Premium received by MONY America on account of such Application or Contract to the applicant or customer, as the case may be, unless any portion of the Premium was paid to MONY America by another insurance company as part of a 1035 exchange, in which case such portion shall be refunded to such other insurance company. MONY America will promptly notify the General Agent of all Premiums refunded and the party to whom such refunds were paid.
Refunds of Premiums. In the event that AXA Equitable rejects an Application or a customer exercises his or her free look right under a Contract in a timely manner, AXA Equitable will refund any Premium received by AXA Equitable on account of such Application or Contract, less any loans and accrued loan interest, to the person designated in the Application as the Contract owner. In states that permit a return of the Policy Account Value, AXA Equitable will refund the Policy Account Value plus any monthly deductions plus any charges deducted from premium less any loan and accrued loan interest on account of such Application or Contract to the person designated in the Application as the Contract owner. 4. Exhibit A of the Sales Agreement is modified and amended by adding Schedule 5 as attached hereto to such Exhibit with respect to compensation on Replacement Contracts. 5. Schedule 1 of Exhibit A of the Sales Agreement is modified and amended by revising the compensation schedule on COLI '04 as more particularly set forth on the restated Schedule I attached hereto to reduce the compensation on first year premiums in excess of target from 10% to 8.5% Except as modified and amended hereby, the Sales Agreement is in full force and effect.
Refunds of Premiums. In the event that MONY America rejects an Application or a customer exercises his or her free look right under a Contract in a timely manner, MONY America will refund any Premium paid less any loan and accrued loan interest, received by MONY America on account of such Application or Contract to the person designated in the Application as the Contract owner. In states that permit a return of the Policy Account Value, MONY America will refund the Policy Account Value plus any monthly deductions plus any charges deducted from premium less any loan and accrued loan interest on account of such Application or Contract to the person designated in the Application as the Contract owner. 4. The following compensation schedule is added to Schedule 1 of Exhibit A of the Sales Agreement, effective as of the date hereof, for sales of MONY America IL Legacy variable life insurance. Type of Premium Percentage --------------- ---------- MLOA IL Legacy First policy year up to Target(1) 125.0% Excess Premiums (Policy Year 1) 4.0% Renewals Policy Years 2-10 2.8% Policy Years 11+ 2.0% Asset Based Trailer(2) Policy Years 1-5 0.0% Policy Years 6-10 0.15% (annualized rate) Policy Years 11+ 0.05% (annualized rate) 5. The compensation schedule in Schedule 1 of Exhibit A of the Sales Agreement for new sales of MONY America Group UL is restated in its entirety, effective as of the date hereof, as follows: (1) In the event the face amount of any Incentive Life Legacy policy in increased after issuance, the first-year compensation rate will apply to the portion of the requested face amount increase which exceeds the highest historical face amount. The Policy Year for the increase begins on the day the face amount increase is effective (i.e., the first day of the first month following the approval of the face amount increase). Each eligible face amount increase adds a separate commissionable layer to the policy. First Year and renewal compensation is paid on the portion of the premium attributed to the face amount increase as set forth above. The rate we pay on a face amount increase is the rate that is in effect on the date the face amount increase is effective. (2) Based on the unloaned policy account value. Type of Premium Percentage --------------- ---------- Group UL First Seven Policy Years up to Target 20.0% Excess Premiums (Policy Years 1 -7) 1.4% Renewal Policy Years 8+ 4.8% 6. Schedule 5 attached hereto is added to Exhibit A of the Sales Agreement with respect to compensation ...
Refunds of Premiums. In the event that MONY Life rejects an Application or a customer exercises his or her free look right under a Contract in a timely manner, MONY Life will refund any Premium received by MONY Life on account of such Application or Contract to the applicant or customer, as the case may be, unless any portion of the Premium was paid to MONY Life by another insurance company as part of a 1035 exchange, in which case such portion shall be refunded to such other insurance company. MONY Life will promptly notify the General Agent of all Premiums refunded and the party to whom such refunds were paid.
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Refunds of Premiums. In the event that Equitable of Colorado rejects an Application or a customer exercises his or her free look right under a Contract in a timely manner, Equitable of Colorado will refund any Premium received by Equitable of Colorado on account of such Application or Contract to the applicant or customer, as the case may be, unless any portion of the Premium was paid to Equitable of Colorado by another insurance company as part of a 1035 exchange, in which case such portion shall be refunded to such other insurance company. Equitable of Colorado will promptly notify the General Agent of all Premiums refunded and the party to whom such refunds were paid.

Related to Refunds of Premiums

  • Payment of Premiums Each Borrower shall punctually pay all premiums or other sums payable in respect of the obligatory insurances effected by it and produce all relevant receipts when so required by the Security Trustee.

  • Premiums The premiums for insurance policies required pursuant to this Article must be paid as a common expense by the Owners' Association.

  • Allocation of Premiums Premiums due and payable under the Bond (as defined in the Agreement) shall be paid 90% by AXA Enterprise Multimanager Funds Trust and the Trust and 10% by the Manager or its affiliates. Except as modified and amended hereby, the Agreement is hereby ratified and confirmed in full force and effect in accordance with its terms.

  • Reinsurance Premiums A. The total Reinsurance Premium for the business ceded hereunder is the sum of the GMDB Reinsurance Premium, the EPB Reinsurance Premium and the GMIB Reinsurance Premium, each of which is defined separately in this article. B. The Reinsurance Premium rates and structure described above are subject to change in accordance with the criteria described in Article XV. GMDB AND EPB ------------ C. The total GMDB Reinsurance Premium for the business ceded hereunder is the sum of the GMDB Reinsurance Premium and the EPB Reinsurance Premium, each of which is defined separately in this article. GMDB CESSION PREMIUM -------------------- D. The GMDB Reinsurance Premium is expressed in terms of basis points and is defined in Exhibit II. E. The Cedent shall calculate, for each premium class, the Reinsurer's Percentage of the greater of the average aggregate GMDB value and the average aggregate account value for the reporting month. This value shall be applied to the GMDB Cession Premium rates per premium class on a 1/12th basis. EPB CESSION PREMIUM ------------------- F. The EPB Reinsurance Premium is an asset-based premium rate, expressed in terms of basis points, and is defined in Exhibit II. G. The Cedent shall calculate, for each premium class, the Reinsurer's Percentage of the average aggregate account value for the reporting month. This value shall be applied to the annualized EPB reinsurance premium rates per premium class on a 1/12th basis. The total EPB Cession Premium due for the month is the sum of the premiums calculated for each premium class. SPOUSAL CONTINUANCES -------------------- H. Spousal continuances will be covered under this Agreement to the extent that the surviving spouse satisfies the issue age restrictions and benefit limitations, as described in Schedule A, at time of continuance, and shall be deemed to be terminations followed by subsequent new issues for purposes of calculating Reinsurance Premiums. The new reinsurance premium rate applied shall be based off the attained age of the surviving spouse at the time of election of spousal continuance. After the termination of this Agreement for new cessions, a spousal continuation of a Reinsured Contract may be ceded to this Agreement in accordance with the procedure set forth in Article I, Paragraph D. GMIB ---- I. The GMIB cession premium ("GMIB Reinsurance Premium") is an asset-based premium rate, expressed in terms of basis points, as set forth in Exhibit II, and shall be calculated on an aggregate basis. J. The Cedent shall calculate the Reinsurer's Percentage of the greater of the average aggregate IBB value and the average aggregate account value for the reporting month. This value shall be applied to the annualized GMIB cession premium rates on a 1/12th basis.

  • Prepayment Premiums As of the applicable date of origination of each such Mortgage Loan, any prepayment premiums and yield maintenance charges payable under the terms of the Mortgage Loans, in respect of voluntary prepayments, constituted customary prepayment premiums and yield maintenance charges for commercial mortgage loans.

  • Insurance Premiums Tenant shall pay or cause to be paid all premiums for the insurance coverage required to be maintained pursuant to Article 9.

  • Insurance Costs (08/19) Contractor shall be financially responsible for all premiums, deductibles, self-insured retentions, and self-insurance.

  • Payment of Premium Unless otherwise agreed in writing by the Parties, the Buyer shall be obligated to pay the Premium related to an Option no later than its Premium Payment Date.

  • Shift Premiums (a) All employees who are required by the Employer to rotate over two (2) or more shifts shall receive a shift premium of thirty cents ($0.30) for each hour worked on the afternoon or evening shifts only. Shift premium will not be paid for any hour in which an employee receives overtime premium and shift premium will not form part of the employee's straight time hourly rate. (b) In no event shall there be any pyramiding of benefits or payments.

  • REINSURANCE PREMIUM The YRT Reinsurance Premium for each coverage shall equal (i) x (ii) x (iii) / 1,000, where:

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