Premium benefit definition

Premium benefit means an employment benefit, such as seniority, group life insurance, health insurance, disability insurance, sick leave, annual leave, or an educational or pension benefit that is greater than the employment benefit due the employee for an equivalent period of work performed during the regular work schedule of the employee.
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Premium benefit means the amount the ASRS provides on behalf of a retired member or Disabled member in order to offset the Coverage premium of the retired or Disabled member pursuant to A.R.S. § 38-783.
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Premium benefit means if any benefit, such as paid time off or compensatory time, due to an employee for an equivalent period of work performed during the regular work schedule of the employee.
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Examples of Premium benefit in a sentence

  • The reinsurance premium for the Waiver of Premium benefit shall be the proportionate share of the ceding company's disability premium less the following percentages of premium discount: 75% in the first year and 10% in renewal years.

  • The reinsurance premium for the Waiver of Premium benefit shall be the proportionate share of the ceding company’s disability premium less the following percentages of premium discount: 75% in the first year and 10% in renewal years.

  • Premiums will not be waived for voluntary increases in certain benefits which occur after We have started to waive the premiums pursuant to the Waiver of Premium benefit.

  • For the avoidance of doubt, the Business Expenses Waiver of Premium benefit does not Waive premiums for other Plans on your Policy.

  • For an approved Waiver of Premium benefit claim, the Reinsurer shall pay its share of the gross premium waived by the Company, and the Company shall continue to pay the total reinsurance premium, excluding the corresponding waiver premium.

  • If you have been totally disabled for at least six (6) months, you must apply for the Waiver of Premium benefit.

  • On selection of Waiver of Premium benefit, separate annuity rates for Joint Life options will be applicable.

  • The Waiver of Premium benefit will terminate on the earliest to occur of:• death of the Life Insured;• Expiry Date of the benefit (see condition 3.25.1);• date the benefit is cancelled; or• date the Policy lapses or is cancelled.

  • Other person(s) proposed for coverage including the Applicant for Applicant's Waiver of Premium benefit (AWP) Relationship to Date of birth Total life insurance Name--first, initial, last Sex proposed Insured Mo. Day Yr. Age Place of birth in all companies a.

  • If You do not register for the Premium Plan at the time of purchase of the Plan Device, You will still enjoy a 30 day registration period in which You may register Your Plan Device for the SC+ Premium benefit.

Related to Premium benefit

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • 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 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.