Refunds of Premiums & Premium Tax Sample Clauses

Refunds of Premiums & Premium Tax. In the event of cancellation or modification of an insurance contract for whatever reason that results in an obligation to refund all or part of the premium and/or premium tax, Broker’s sole obligation shall be to remit the required premium or premium tax directly to Producer rather than to insured, to any premium finance company or to any other person or entity. Notwithstanding the foregoing, no amount of premium tax shall be returnable until recovered by Broker and the amount to be returned shall in no event exceed the amount recovered.
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Refunds of Premiums & Premium Tax. In the event of cancellation or modification of an insurance contract for whatever reason that results in an obligation to refund all or part of the premium and/or premium tax, American Specialty’s sole obligation shall be to remit the required premium or premium tax directly to Broker rather than to insured, to any premium finance company or to any other person or entity. Notwithstanding the foregoing, no amount of premium tax shall be returnable until recovered by American Specialty and the amount to be returned shall in no event exceed the amount recovered.
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Refunds of Premiums & Premium Tax. In the event of cancellation or modification of an insurance contract for whatever reason that results in an obligation to refund all or part of the premium and/or premium tax, Orchid’s sole obligation shall be to remit the required premium or premium tax directly to Producer rather than to the insured, to any premium finance company or to any other person or entity. Notwithstanding the foregoing, no amount of premium tax shall be returnable until recovered by Orchid and the amount to be returned shall in no event exceed the amount recovered. Producer shall refund Commission, at the same rate such Commission was paid to Producer, to the policyholder from Producer’s own funds on a pro-rata basis for return premiums. Return premiums, including amounts due from Producer, shall be paid on a timely basis and in accordance with all applicable law. If requested by Orchid, return commission shall be remitted directly to Orchid within time frames directed by Orchid.
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Related to Refunds of Premiums & Premium Tax

  • 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.

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

  • Shift Premiums (a) Evening/Night Premium Employees working an evening or night shift where the major portion of hours worked fall within the hours of 1500 and 0800 hours, shall be paid at their regular hourly rate plus a shift premium of $2.10 ($2.75 effective July 1, 2015) per hour for all hours worked.

  • Benefit Premiums The Employer shall continue to pay its portion of insured benefit premiums, provided employees continue to pay their portion, as follows:

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

  • Shift Premium Effective July 1, 2020, an employee shall be paid a shift premium of ninety-five cents (95c/ ) per hour for each hour worked between 1500 hours and 0700 hours provided that such hours exceed two (2) hours if worked in conjunction with the day shift.

  • 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.

  • Night Shift Premium Any employee who is required to work on any day when the majority of their working hours fall between 10.00 p.m. and 5.00 a.m., or who starts their shift prior to 5.00 a.m., shall be paid a premium, in addition to their regular, hourly rate, of one dollar and twenty-five cents ($1.25) per hour for all hours worked on the shift. Shift premium pay shall not be added to an employee’s hourly rate for the purpose of computing overtime. This clause shall not result in duplication of premiums.

  • Premium Payments If an employee with at least three years of service in the employ of the Shaker Heights Board of Education should exhaust his/her sick leave within the time specifications of this contract and is granted a leave of absence by the Board, the Board shall continue to pay his/her premiums in accordance with his/her work assignment for the following fringe benefits for a period not to exceed twelve (12) months. The payment of such premiums will cease on the effective date an employee retires, resigns, goes on disability retirement or his/her contract is terminated.

  • Overtime and Premium Pay Section 1. Overtime at the rate of one and one-half (1 1/2) times an employee's regular straight time hourly rate of pay shall be paid for all work over forty (40) hours in one (1) week.

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