Modal premium definition

Modal premium means the premium paid on a contract based on a premium term which could be annual, semiannual, quarterly, monthly, or weekly.
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Modal premium means the premium paid on a contract based on a premium term which could be annual, semi-annual, quarterly, monthly, or weekly. Thus if the annual premium is one hundred dollars and if, instead, monthly premiums of nine dollars are paid then the modal premium is nine dollars.
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Modal premium means the premium paid on a health insurance policy or certificate based on a premium term that could be annual, semiannual, quarterly, monthly, or weekly.
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Examples of Modal premium in a sentence

  • Yearly – 100%, Half yearly – 51%,Quarterly – 26%, Monthly – 8.8% IllustrationGiven below is an illustration of the benefits payable, over the policy term for different combinations for a healthy individual: Note: Assuming survival for 30 years# Modal premium i.e. Annual Premium X Premium Modal Factor (₹ 20,000 X 51%) Please note: The above illustration is an extract of a separate, more detailed benefit illustration.

  • The monthly premium is $200 (= 2,400/12) Paid in advance reserve of $200POLICY #002, Modal premium is $2,000 Because the policy isn’t inforce at 12/31/2020, the full amount as a premium paid in advance reserve.POLICY #003 Modal premium is $2,000 (=$4,000 / 2).The Oct 2020 – Mar 2021 modal premium has been paid and was already owed½ of it ($1000) is for a period after the valuation date so is held as a Gross UPR.

  • The evaluation metrics for the validation folds are calculated with regard to the ”vNCTR” task for both multi- and singletask models.

  • The Apr 2021 – Sep 2021 modal premium of $2,000 has been paid in advance and is held as a Premium Paid in Advance reservePOLICY #004, Modal premium is $2400.This premium was NOT paid on time and thus the full amount is listed as a due and unpaid premium ($2,400).10 months of the premium owed is for a period after the valuation date and thus 10/12 of the premium ($2000) is unearned.

  • The depolarization dynamics then becomes:dV I(t)=dt Cwhere the synaptic current I(t), the sum of excitatory and inhibitory synaptic contributions, drives the random walk of the depolarization.

  • Modal premium: It is the amount which has to be paid, if the Policyholder has chosen to pay premium using Semi-annual, Quarterly, or Monthly mode.

  • The Modal premium is exclusive of Service Tax and other taxes which will be levied on the Modal Premium as per the prevailing laws.

  • No insurance shall take effect until all outstanding application requirements have been received, a policy is issued and the first Modal premium is received by Mutual of Omaha during your lifetime.


More Definitions of Modal premium

Modal premium means the premium paid on a contract based on a premium term that could be annual, semi‑annual, quarterly, monthly, or weekly. Thus if the annual premium is one hundred dollars ($100.00) and if, instead, monthly premiums of nine dollars ($9.00) are paid then the modal premium is nine dollars ($9.00).
Sample 1Sample 2
Modal premium means the premium paid on a contract based on a premium term which could be annual, semi-annual, quarterly, monthly, or weekly. Thus, if the annual premium is $100 and if, instead, monthly premiums of $9 are paid then the modal premium is $9.
Sample 1Sample 2
Modal premium means the premium paid on a contract based on a premium term which could be annual, semi-annual, quarterly, monthly, or weekly. Thus if the annual premium is
Sample 1Sample 2

Related to Modal premium

  • Total Premiums Paid means total of all the premiums received, excluding any extra premium, any rider premium and taxes.

  • Base premium rate means, for each class of business as to a rating period, the lowest premium rate charged or that could have been charged under the rating system for that class of business by the small employer carrier to small employers with similar case characteristics for health benefit plans with the same or similar coverage.

  • Yield Maintenance Premium means the amount (if any) which, when added to the remaining principal amount of this Note, will be sufficient to purchase U.S. Obligations providing the required Scheduled Defeasance Payments; and

  • 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.

  • Net Earned Premium as used herein is defined as gross earned premium of the Company for the classes of business reinsured hereunder, less the earned portion of premiums ceded by the Company for reinsurance which inures to the benefit of this Contract and less dividends paid or accrued.

  • Make-Whole Premium means, with respect to a Note at any redemption date, the greater of:

  • Risk Premium means a percentage determined on an Adjustment Day for the Adjustment Period beginning on such Adjustment Day, which indicate the price of the risks taken over by the Issuer. The determination will be made by the Issuer in its reasonable discretion (billiges Ermessen § 315 German Civil Code (BGB)). The respective

  • Net Premium means the premium, net of reinsurance premiums paid, HRA and GME payments, and MCO tax expenses.

  • Deposit Premium means a provisional premium which is agreed upon in the event of it being impossible at the due date of the premium to determine the exact premium, and which represents a reasonable estimate of the premium;

  • Buyers Premium means a Commission payable by The Buyer to the Auctioneer. The Auctioneer, when acting as Agent for The Seller, may also receive

  • Applicable Prepayment Premium has the meaning specified therefor in the Fee Letter.