Premium Payment Year definition
Examples of Premium Payment Year in a sentence
A Participant shall pay the Participant Premium for each Policy Year which is a Premium Payment Year for the Participant.
The Employer shall pay the Employer Premium for a Participant's Policy within thirty (30) days of the beginning of each Policy Year which is a Premium Payment Year.
The Coverage Amount shall be the highest amount such that the Policy will qualify as a Permanent Policy if the Total Policy Premium is paid for each year that is a scheduled Premium Payment Year.
However, the Employer Premium payable under Section 5.02 shall not be reduced to an amount that is less than the amount which would have been payable by the Employer for a Premium Payment Year without regard to this Section 5.03.
The Employer may, but shall not be required to, make additional premium payments with respect to a Participant's Policy after the last Premium Payment Year.
For each Premium Payment Year, the Participant (or Assignee) shall pay a portion of the policy premium equal to the Participant Premium.
Within 30 days of each Policy Anniversary that is a Premium Payment Year, Employer shall pay the Premium specified in the Participant's Agreement.
If the Policy is projected to qualify as a Permanent Policy, no increased Employer Premium payment shall be required for such Premium Payment Year.
A unilateral election by the Participant to terminate the Participant's Agreement; provided, however, that such an election may be made by a Participant only within sixty (60) days following the end of the last Premium Payment Year for the Participant's Policy.