Date of Risk Commencement definition

Date of Risk Commencement means the date, as stated in the Policy Schedule, on which the insurance coverage under this Policy commences;
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Date of Risk Commencement or “Risk Commencement Date” means the date as specified in the Base Policy Schedule, or the date on which the Rider is incorporated and as mentioned in the Rider Endorsement Letter or the Endorsement on Addition of Rider.
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Date of Risk Commencement means the date, as stated in the Policy Schedule, on which the insurance coverage under this Policy commences;(10)Frequency of Premium Payment– means the period, as stated in the Policy Schedule, between two consecutive Premium due dates for the Policy;(11)Fund - means each of the Funds earmarked by the Company for Unit Linked business and available to this product;(12) Life Assured - The Life Assured is the person on whose life the contingent events has to occur for the Benefits to be payable. The Life Assured may be different from the Policyholder;(13) Maturity Date – means the date stated in the Policy Schedule, on which the Policy Term expires and this Policy terminates;(14) Nominee(s) – means the person named by you and registered with us in accordance with the Nomination Schedule, who is authorized to receive the Death Benefit under this Policy, on the death of the Life Assured;(15) Policyholder, You, you, your - means or refers to the Policyholder stated in the Policy Schedule;(16) Policy Anniversary – means the annual anniversary of the Date of Risk Commencement;(17)Policy Term – means the term of the Policy as stated in the Policy Schedule;(18) Premium(s ) – means an amount stated in the Policy Schedule, payable by you to us for every Policy Year by the due dates, and in the manner stated in the Policy Schedule, to secure the benefits under this Policy, excluding applicable taxes and levies;(19)Premium Paying Term – means the period as stated in the Policy Schedule, in years, over which Premiums are payable;(20)Regulations – means IRDAI (Unit Linked Insurance Products) Regulations, 2019;(21)Revival of a Policy - means restoration of the Policy, which was discontinued due to the non- payment of Premium, by the Company with all the benefits mentioned in the Policy document, with or without rider benefits, if any, upon the receipt of all the Premiums due and other charges/late fee, if any, as per the terms and conditions of the Policy, upon being satisfied as to the continued insurability of the insured on the basis of the information, documents and reports furnished by the Policyholder;(22)Revival Period - means the period of three consecutive years from the date of first unpaid premium, during which period the Policyholder is entitled to revive the Policy, which was discontinued due to the non-payment of Premium,in accordance with the terms of Revival of a Policy;(23)Sum Assured – means the absolute amount of benefit which is guaranteed to become p...
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Examples of Date of Risk Commencement in a sentence

  • The premium amount payable under this Rider shall be guaranteed for a period of 5 years from the Date of Risk Commencement of the Rider and may be revised every five years thereafter with prior approval from IRDAI.

  • In case of death of Life Assured due to suicide within 12 months from the Date of Risk Commencement of the Policy, the Death Benefit shall be equal to the Unit Fund Value as available on the date of intimation of death.

  • If the Primary Life Assured commits suicide for any reason, while sane or insane, within one year from the Date of Risk Commencement as specified in the Policy Schedule, the Policy shall be treated as null and void, no benefit shall be payable under the Policy and all the premiums paid on the Policy shall stand forfeited to the Company.

  • Waiting Period- A waiting period of 90 days will be applicable from the Date of Risk Commencement of this Rider.

  • Further, the Rider Premium Payment Term shall not be greater than the outstanding Premium Payment Term of the base Policy.The premium amount payable under this Rider shall be guaranteed for a period of 5 years from the Date of Risk Commencement of the Rider and may be revised every five years thereafter with prior approval from IRDAI.

  • Exclusions(1) Suicide claim provisionsIn case of death of Life Assured due to suicide within 12 months from the Date of Risk Commencement of the Policy, the Death Benefit shall be equal to 80% of the Premiums paid provided the Policy is in-force.

  • If the Life Assured commits suicide for any reason, while sane or insane, within one year from the Date of Risk Commencement as shown in the Schedule, the Policy shall be treated as null and void, no benefit shall be payable under the Policy and all the premiums paid on the Policy shall stand forfeited to the Company.

  • Where such comments were received, they have been duly taken into account in finalising this report.

  • If the Life Assured (whether sane or insane) commits suicide within one year of the Date of Risk Commencement or revival of the Plan.

  • A waiting period of 1 year is applicable from the Date of Risk Commencement or Date of Revival, whichever is later, in respect of the benefits under this Event Group 1.


More Definitions of Date of Risk Commencement

Date of Risk Commencement or “Risk Commencement Date” means the date as specified in the Base Policy Schedule or/and date on which the Insured Member was enrolled in this Policy (whichever is later).
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Date of Risk Commencement means the Date of Risk Commencement under this Policy as specified in the Schedule.
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Related to Date of Risk Commencement

  • the commencement date means the date on which the Contract shall take effect, as notified by the Authority to the Contractor in a letter awarding the Contract.

  • Service Commencement Date means the date the Transmission Provider begins to provide service pursuant to the terms of an executed Service Agreement, or the date the Transmission Provider begins to provide service in accordance with Tariff, Part II, section 15.3 or Tariff, Part III, section 29.1.

  • Commencement Date means the date of this Agreement.

  • Pay Out Commencement Date means the date on which a Trust Pay Out Event is deemed to occur pursuant to Section 9.01 of the Agreement or a Series 2001-D Pay Out Event is deemed to occur pursuant to Section 7 hereof.

  • Construction Commencement Date means the date set out in the Addendum, if applicable, by which you must commence construction of the Hotel. For the Hotel to be considered under construction, youmust have begun to pour concrete foundations for the Hotel or otherwise satisfied any site-specific criteria for “under construction” set out in the Addendum.

  • Commencement Date of the Contract means the date of signing of the Contract between the Purchaser and the Contractor.

  • Start Date for Term Calculation Purposes Only: Regardless of actual award/effective date of Contract, for Agreement “term” calculation purposes only, the Agreement “start date” is the last day of the month that Award Notifications are anticipated as published in the Solicitation. Example: If the anticipated award date published in the Solicitation is August 27, 2020 but extended negotiations delay award until September 24, 2020 the end date of the resulting initial “two-year” term Agreement, (which is subject to an extension(s)) will still be August 31, 2022 in this example

  • Commencement Date or Handover Date means the date on which the Licensed Space of first lot of stations as per Annexure 1 is handed over by DMRC to the Selected Bidder, in accordance with the terms of this agreement.