Reserve Premium(s) Application Clause Samples
The Reserve Premium(s) Application clause defines how reserve premiums collected under an insurance policy are to be allocated or used. Typically, this clause outlines the specific purposes for which reserve premiums can be applied, such as covering future claims, offsetting losses, or fulfilling regulatory requirements. For example, it may specify that reserve premiums are held in a separate account and only accessed under certain conditions. The core function of this clause is to ensure transparency and proper management of reserve funds, thereby protecting both the insurer and the insured by clarifying how these funds are handled and reducing the risk of misuse.
Reserve Premium(s) Application. Unless specifically outlined elsewhere in the CBA, if a Reserve is due premium pay, s/he will be compensated as follows:
a. One and one-half times (1.5x) the trip rate: Straight Time credited towards the guarantee and one-half times (0.5x) the trip rate paid above guarantee.
b. Two times (2.0x) the trip rate: Straight Time credited towards the guarantee and one times (1.0x) the trip rate paid above guarantee.
c. Two and one-half times (2.5x) the trip rate: Straight Time credited towards the guarantee and one and one-half times (1.5x) the trip rate paid above guarantee.
d. Three times (3.0x) the trip rate: Straight Time credited towards the guarantee and two times (2.0x) the trip rate paid above guarantee.
Reserve Premium(s) Application. Unless specifically outlined elsewhere in the CBA, if a Reserve is due premium pay, s/he will be compensated as follows:
a. One and one-half times (1.5x) the trip rate: Straight Time credited towards the guarantee and one-half times (0.5x) the trip rate paid above guarantee.
b. Two times (2.0x) the trip rate: Straight Time credited towards the guarantee and Straight Time paid above guarantee.
c. Two and one-half times (2.5x) the trip rate: Straight Time credited towards the guarantee and one and one-half times (1.5x) the trip rate paid above guarantee.
d. Three times (3.0x) the trip rate: Straight Time credited towards the guarantee and two times (2.0x) the trip rate paid above guarantee.
1. Reserve Day Blocks
a. Any reserve day not on the Reserve’s original line that is next to an existing reserve block becomes part of that block. Any one (1) day block(s) not on the Reserve’s original line will be an ER day.
b. If a Lineholder picks up a single reserve day, it will be an ER day.
c. All trades or pick-ups of reserve day(s) must be within the Flight Attendant’s domicile.
2. A Reserve may pick up sequences or reserve day(s) from another Flight Attendant or from Open Time, // and may bid for and be awarded charters // that operate entirely outside her/his reserve availability period //. Except for self-assignments from OT, s/he cannot pick up sequences that operate during her reserve availability period. // Picked up sequences(s) // will not count towards her/his maximum TFP duty limitations under Section 8.P. [Monthly Maximum…] or for purposes of determining order of assignment on scheduled days of reserve, except as provided in E.4., above.