Failure to pay premium definition

Failure to pay premium means nonpayment, when due, of any premium or other payment due. This includes the dishonor or rejection, or refusal to pay, by a financial institution of any noncash payment made to us or made for this policy.
Sample 1Sample 2Sample 3
Failure to pay premium means nonpayment of any premium, or other payment, when due or during a grace period that may apply. This includes the dishonor or rejection, or refusal to pay, by a financial institution of any noncash payment made to us or made for this policy.
Sample 1Sample 2
Failure to pay premium means the premium is not paid when due. Failure to pay premium includes the dishonor, rejection, or refusal to pay by a financial institution of any attempt to pay premium by a non-cash method, including, but not limited to check, credit card, ACH, or other electronic payment method.
Sample 1

Examples of Failure to pay premium in a sentence

  • Failure to pay premium when due will cause coverage to lapse while on leave, must reenroll to obtain coverage.

  • Failure to pay premium on or before the payment date may result in the Certificate being void with effect from the commencement of the Period Of Insurance in accordance with General Conditions 4 – Cancellation.

  • Failure to pay premium payments in full within 60 days from the premium due date will result in client’s assistance being terminated prospectively.

  • Failure to pay premium on time may prevent coverage from incepting or result in cancellation of coverage by the insurer.

  • The company review the same at each Balance Sheet date & writes down the carrying amount of MAT credit entitlement to the extent there is no longer convencing evidence to the effect that the comapny will pay normal income tax during the specified period.

  • The decision in the 1990s to charge HVDC costs to South Island generators was based on the assumption that those parties benefit from the HVDC.

  • Failure to pay premium by the due date prescribed by the insurer may mean that the policy will automatically terminate without prior notice with effect from inception or will be terminable on notice from the insurers.

  • Failure to pay premium on time may result in the insurers cancelling your policy.

  • The group health plan sponsor terminates the agreement under which this coverage is offered toits enrollees.(2.) Failure to pay premium.

  • Failure to pay premium on time may prevent coverage from incepting or result in cancellation of coverage by insurers.

Related to Failure to pay premium

  • Failure to Pay means, after the expiration of any applicable Grace Period (after the satisfaction of any conditions precedent to the commencement of such Grace Period), the failure by a Reference Entity to make, when and where due, any payments in an aggregate amount of not less than the Payment Requirement under one or more Obligations, in accordance with the terms of such Obligations at the time of such failure.

  • Potential Failure to Pay means the failure by a Reference Entity to make, when and where due, any payments in an aggregate amount of not less than the Payment Requirement under one or more Obligations, without regard to any grace period or any conditions precedent to the commencement of any grace period applicable to such Obligations, in accordance with the terms of such Obligations at the time of such failure.

  • Current Pay Obligation Any Collateral Obligation that would otherwise be treated as a Defaulted Obligation but as to which no payments are due and payable that are unpaid and with respect to which the Collateral Manager has certified to the Trustee (with a copy to the Collateral Administrator) in writing that it believes, in its reasonable business judgment, that the Obligor of such Collateral Obligation (a) is current on all interest payments, principal payments and other amounts due and payable thereunder and will continue to make scheduled payments of interest thereon and will pay the principal thereof and all other amounts due and payable thereunder by maturity or as otherwise contractually due, (b) if the Obligor is subject to a bankruptcy proceeding, it has been the subject of an order of a bankruptcy court that permits it to make the scheduled payments on such Collateral Obligation and all interest payments, principal payments and other amounts due and payable thereunder have been paid in Cash when due and (c) the Collateral Obligation has a Market Value of at least 80% of its par value.

  • Premium Due Date means date specified in the Schedule on which the Instalment Premium will become due.

  • default value means a value derived from a typical value by the application of pre-determined factors and that may, in circumstances specified in this Directive, be used in place of an actual value;’;

  • Premium means any premium payable under the terms of the Notes.

  • Extra Premium means an additional amount charged by Us, as per Our Underwriting Policy, which is determined on the basis of disclosures made by You in the Proposal Form or any other information received by Us including medical examination report of the Life Insured.

  • State premium tax liability means any liability

  • Prepayment Premium means, with respect to the Mortgage Loan, any prepayment premium, spread maintenance premium, yield maintenance premium or similar fee required to be paid in connection with a prepayment of the Mortgage Loan pursuant to the Mortgage Loan Documents, including any exit fee.

  • Default Fee means with respect to any amount due and payable by Seller in respect of any Aggregate Unpaids, an amount equal to the greater of (i) $1000 and (ii) interest on any such unpaid Aggregate Unpaids at a rate per annum equal to 3.50% above the Alternate Base Rate.

  • Premium payment plan means a benefit plan whereby school em- ployees may pay their share of group health plan premiums with pretax dollars as provided in the salary reduction plan under chapter 41.05 RCW pursuant to 26 U.S.C. Sec. 125 or other sections of the Internal Revenue Code.

  • Premiums means premiums, considerations, deposits and similar receipts with respect to the Policies or Post-Closing Policies.

  • SPECIAL LIQUIDATED DAMAGES means the amount payable by the Transport Supplier in case of default arising out of Non-availability of vehicle(s)/crew when the Company's operations are normal and also Non-availability of services due to unauthorized / lightening strike by Transport Supplier or his/her crew for any reason whatsoever. The period of non-availability of services will be treated as shutdown and shall attract Special Liquidated damage at the rate of twice the pro- rata fixed charge per day. Special L.D. shall be levied irrespective of whether such default resulted in a shutdown for the whole day or part thereof.

  • Premium Payment Date in respect of any Option, means the date on which the Premium is due and payable, as agreed to at the time the Option is entered into, as evidenced in a Confirmation.

  • Standard Premium means the basic premium for the coverage under this Certified Plan, as charged by the Company to the Policy Holder on an overall Portfolio basis, which may be adjusted in accordance with the Age, gender and/or lifestyle factors of the Insured Person.

  • Delay Liquidated Damages has the meaning set forth in Section 13.1.

  • Default Event means an event or circumstance which leads Operator to determine that a Venue User is or appears to be unable or likely to become unable to meet its obligations in respect of an Order or Transaction or to comply with any other obligation under an Agreement or Applicable Law.

  • Premium pay Per the statute, recipients have broad latitude to designate critical infrastructure sectors and make grants to third-party employers for the purpose of providing premium pay or otherwise respond to essential workers. While the interim final rule generally preserves the flexibility in the statute, it does add a requirement that recipients give written justification in the case that premium pay would increase a worker’s annual pay above a certain threshold. To set this threshold, Treasury analyzed data Federal Register / Vol. 86, No. 93 / Monday, May 17, 2021 / Rules and Regulations 26817 from the Bureau of Labor Statistics to determine a level that would not require further justification for premium pay to the vast majority of essential workers, while requiring higher scrutiny for provision of premium pay to higher- earners who, even without premium pay, would likely have greater personal financial resources to cope with the effects of the pandemic. Treasury believes the threshold in the interim final rule strikes the appropriate balance between preserving flexibility and helping encourage use of these resources to help those in greatest need. The interim final rule also requires that eligible workers have regular in-person interactions or regular physical handling of items that were also handled by others. This requirement will also help encourage use of financial resources for those who have endured the heightened risk of performing essential work.

  • Payment Event of Default means an Event of Default specified in Section 7.1(a).