Premium Refund definition

Premium Refund means any refund of premium paid or payable by the Insurer in respect of an Insurance Policy/s;

Premium Refund at the Insured's Death. We may require return of this Policy when settlement is made. Proceeds will be paid in a lump sum unless you choose a settlement option we make available.

Premium Refund has the meaning given to it in Section 3.10(d);

Examples of Premium Refund in a sentence

• When is a Premium Refund Applicable?In the event the Policy is canceled for a reason other than a material misrepresentation any unearned amount of collected premium will be refunded.

• Kansas Observe the Contract and confirm that no credit insurance was purchased or, if so, confirm the “Credit Insurance Premium Refund Notice” is in the Receivable File and the date of the form is within ten days of the Contract purchase date.

• Regular Part-time employees who work less than twenty (20) hours per week shall have access to the Benefit Premium Refund as per Article 11.04 (G)(iv)(2).

• In the event that, following the Closing, any such Insured Office Loans are paid in full prior to maturity and BUYER receives a Premium Refund, BUYER shall credit the account of such Insured Office Loan customer with the appropriate portion of any such Premium Refund.

• In the event of such cancellation, the Named Insured shall be entitled to a refund of premium for an amount calculated in accordance with the Short Term Premium Refund Table set out below, but subject to the Company retaining a minimum amount of HK$400 from the premium paid.

• Premium Refund Percentage: , payable subject to clauses 2.7 and 5.5.

• Currently when the form is processed but does not pass the criteria in the series of system edits, the system generates the HUD 27050–B Application for Premium Refund for the claimant to complete and return to HUD for further processing of the refund.

• Cancellation is effective as of the date the Insured notifies AFSC that the acres have been Put to Another Use, and the Premium refund is based on the Cancellation and Premium Refund Schedule.

• The Policy, regardless of the benefit under No Claim Premium Refund, may be renewed from year to year at the option of the Company and subject to Your acceptance of the renewal terms, conditions and premium offered by the Company.

• The premium for the benefit will be adjusted to reflect any reduction in the Sum Insured for that benefit.When a Terminal Illness benefit has been paid there will be no subsequent Guaranteed Premium Refund payable under the Term Life benefit.

More Definitions of Premium Refund

Premium Refund has the meaning given to it in the Collateral and Premium Adjustment Article.

Premium Refund means the amount of premium that will be refunded by the Insurance Company as per defined guidelines, as defined in para 2.2 herein below. THAT the parties hereby agree that the Government shall monitor the performance of the Insurance Company based on the defined parameters and impose such conditions as outlined in this document. That the performance of Insurance Company shall be monitored on the parameters provided in Annexure I of this supplementary agreement. That for the purpose of evaluation MoLE may make use of the information collected as part of implementation or monitoring of RSBY. Where there is a variance between facts as claimed by insurance company and as revealed from the data available with MoLE, decisions shall be based on the data available with MoLE, SNAs and reports from SNAs, Grievance Redressal Mechanism etc. That there may be cases where condition at Sr. No 2,3 & 4 of Annexure-I related to hospital empanelment may not be fulfilled due to limited availability of the hospitals for the empanelment. In all such cases, the Insurance Company shall obtain a certificate from the District Administration regarding non-availability of the hospitals and in such a case, if Insurance Company is able to submit the certificate, then value attached to these parameters shall not be considered while calculating the threshold limits under Annexure 1. That failure to meet the minimum performance criteria of marks would render the insurance company Liable to such deduction of premium as stipulated Annexure 1 of this document Liable for its de-empanelment from “Empaneled List of Insurers” by MOLE when exceeding the threshold limit set in Annexure 1 of the document. That the conditions of the Supplementary Agreement shall apply to the period of starting ___________ and ending on midnight of ____________. That the performance evaluation of insurance company, on parameters of Annexure I of this Supplementary Agreement shall be conducted by SNA on a bi-annual basis. THAT the Insurance Company shall be required to refund premium as stipulated below if they fail to reach the claim ratio specified below at the full period of insurance Policy. THAT the Premium Refund shall be as per the formula below: In case the claim ratio [(Claims paid / Premium received)] is less than 70% then the Insurance Company will return the difference between actual claim ratio and 70% to SNA. The claims data shall be updated by the insurance company within 30 days of submission of clai...

Premium Refund has the meaning given in Clause 27.3(c);