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.

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.

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.

Examples of Premium benefit in a sentence

• If Your Waiver of Premium benefit terminates because You cease to be Disabled or You fail to submit to a medical exam or cooperate with the examiner, for coverage to continue, You must be an Eligible Employee and premiums must resume on the next premium due date, or You must continue coverage as provided for under the “Life Insurance Conversion Benefit” section.

• If Your Waiver of Premium benefit terminates because You cease to be Disabled or You fail to submit to a medical exam or cooperate with the examiner, for coverage to continue, You must be an Eligible Employee and premiums must resume on the next premium due date, or You must continue coverage as provided for under the "Life Insurance Conversion Benefit" section.

• NOTE: Your Accidental Death and Dismemberment Insurance, if any, terminated upon approval of the Waiver of Premium benefit.

• If You are not approved for this benefit, or if the Waiver of Premium benefit coverage ceases and You do not return to Active Work You may, within 31 days from notice of the adverse benefit determination or the cessation of coverage, apply to:1) continue Your coverage, pursuant to Section 7A, Portability; or2) convert Your Life Amount to an individual life insurance policy, pursuant to Section 10, Conversion Privilege.

• The required amount of premiums must continue to be received by AUL on the original Life Amount, unless premiums have ceased due to coverage under the Waiver of Premium benefit of the policy.

• There shall be NO PARKING area along the South side fence on Orchard Vista Court at any time.

• The Waiver of Premium benefit will not be included with Continuation of Insurance.

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

• If AUL does not approve the Waiver of Premium benefit request, Continuation of Insurance or Conversion Privilege will be offered within 31 days of the disapproval date.

• Coverage is extended if such Employee: 1) makes application on or before the effective date of the Participating Unit’s coverage under the policy; 2) pays the required premium; and 3) is not eligible for coverage under the Waiver of Premium benefit of the Participating Unit’s prior plan.