First Year Premiums definition

First Year Premiums means premiums scheduled to be received for the first twelve months of coverage after a Bonus Policy sold by a Participant is issued at the home office of the Plan Sponsor.

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First Year Premiums means premiums scheduled to be received for the first twelve months of coverage after a Bonus Policy sold by a Participant is made effective at the home office of the Plan Sponsor.

First Year Premiums means premiums collected during the first twelve months of a Reinsured Policy.

Examples of First Year Premiums in a sentence

First Policy Year Qualifying First Year Premiums up to Target 58.7 % Excess Premiums 8.5 % Renewals Policy Years 2-5, up to Target 15.0 % Policy Years 2-5, Excess Premiums 7.0 % Policy Years 6-7, up to Target 13.0 % Policy Years 6-7, Excess Premiums 5.0 % Policy Years 8-10 2.0 % Policy Years 11 et seq.
BrightLife® Protect and IUL Protect 1.0 % BrightLife® Grow 2.0 % Compensation on Incentive Life Optimizer® III, VUL Optimizer® Series 160 and VUL Optimizer® Series 166: Type of Premium Percentage First Policy Year Qualifying First Year Premiums up to Target 99.0 % Excess Premiums 8.5 % Renewals Policy Years 2-5 5.8 % Policy Years 6-10 3.8 % Policy Years 11 et seq.
Exhibit A Amended and Restated Schedule 1 Effective as of January 1, 2020 First Policy Year Qualifying First Year Premiums up to Target 58.7 % Excess Premiums 8.5 % Renewals Policy Years 2-5, up to Target 15.0 % Policy Years 2-5, Excess Premiums 7.0 % Policy Years 6-7, up to Target 13.0 % Policy Years 6-7, Excess Premiums 5.0 % Policy Years 8-10 2.0 % Policy Years 11 et seq.
BrightLife® Protect and IUL Protect 1.0 % BrightLife® Grow 2.0 % Compensation on Incentive Life Optimizer® III and VUL OptimizerSM Series 160: Type of Premium Percentage First Policy Year Qualifying First Year Premiums up to Target 99.0 % Excess Premiums 8.5 % Renewals Policy Years 2-5 5.8 % Policy Years 6-10 3.8 % Policy Years 11 et seq.
In the event that the Plan Sponsor, for any reason and acting in its sole discretion, determines to refund all or a part of the First Year Premiums collected on a Bonus Policy, the Plan Sponsor shall be entitled to recover from the Trust, and there may be charged against the Participant's Individual Accounts, an amount equal to the applicable percentage of such First Year Premiums which were refunded.
The applicable percentage of First Year Premiums to be contributed with respect to Bonus Policies sold by a Special Associate shall be determined in accordance with the written agreement between the Special Associate and the Plan Sponsor.
The Plan Sponsor shall contribute three and one-half percent (3.5%) (or such other percentage as is determined to be appropriate by the Stock Bonus Management Committee) of the First Year Premiums scheduled to be received (for purposes of Section 3.2(a)) or actually received (for purposes of Section 3.3) for each Bonus Policy sold by a Participant.
Subject to Section 3.4, with respect to Bonus Policies made effective on or after October 1, 1992, the amount of Plan Sponsor contributions to be made on or before each Allocation Date shall be equal to the applicable percentage of First Year Premiums actually collected by the Plan Sponsor during the month to which such Allocation Date relates.
First Policy Year Qualifying First Year Premiums up to Target 36.7 % Excess Premiums 8.5 % Renewals Policy Years 2-5, up to Target 8.0 % Policy Years 2-5, Excess Premiums 7.0 % Policy Years 6-7, up to Target 6.0 % Policy Years 6-7, Excess Premiums 5.0 % Policy Years 8-10 2.0 % Policy Years 11 et seq.
International First Year Premiums shall be determined from Report No. UT69-3BON, "International Bonus", "First Year Premium" as of 12/31/01.

More Definitions of First Year Premiums

First Year Premiums means the aggregate life insurance premiums payable during the first year a policy or contract of insurance is in effect, exclusive of (i) lump-sum cash deposits in excess of published premium rates, (ii) premiums for flexible premium life insurance contracts in excess of control premiums and (iii) premiums for single pay contracts. All First-Year Premiums associated with any application for Insurance Business submitted by a General Agent to MGLIC shall be counted in full unless and until such application is rejected by MGLIC. All First-Year Premiums associated with any rejected application shall cease to be counted as of the date of such rejection. Insurance policies and contracts which have been issued prior to the date hereof by MGLIC as a result of applications for Insurance Business solicited by General Agents after July 1, 1995, shall be deemed to have been issued subsequent to the date hereof but prior to December 31, 1996, for the purpose of calculating the aggregate Cumulative First Year Premiums.

First Year Premiums means the aggregate life insurance premiums payable during the first year a policy or contract of insurance is in effect, exclusive of lump-sum cash deposits in excess of published premium rates, and/or premiums for flexible premium life insurance contracts in excess of control or target premiums. All First-Year Premiums associated with any application for Insurance Business submitted by a General Agent to GSL shall be counted in full unless and until such application is rejected by GSL. All First-Year Premiums associated with any rejected application shall cease to be counted as of the date of such rejection. Insurance policies and contracts which have been issued by GSL prior to the date hereof as a result of applications for Insurance Business solicited by General Agents shall be deemed to have been issued subsequent to the date hereof but prior to December 31, 1998, for the purpose of calculating the aggregate Cumulative First Year Premiums for the year ending December 31, 1998.