Adjustable Premiums Clause Samples
The Adjustable Premiums clause allows the issuer of an insurance policy or financial contract to modify the amount of premiums that the policyholder must pay over time. Typically, this means that the premium payments are not fixed for the entire duration of the policy; instead, they may be increased or decreased by the insurer based on factors such as changes in risk, claims experience, or investment performance. For example, in a life insurance policy, the insurer might review the policy annually and adjust the premium accordingly. This clause provides flexibility for the insurer to respond to changing circumstances, helping to ensure the ongoing financial viability of the policy and to allocate risk more appropriately between the parties.
Adjustable Premiums. Notwithstanding anything to the contrary herein set forth, in situations where premiums for a policy or policies which have been issued cannot be fully determined in advance and where an adjustment or determination is made by an audit, retrospective rating or by interim reports, such amounts are fully earned and due at the invoice date as evidenced by a Broker or Insurer invoice.
Adjustable Premiums. If it has been agreed that any part of the Premium, being based on estimated numbers, is adjustable then the Insured shall within 15 days of the end of the Period of Insurance provide the actual numbers to Chubb and the Premium will be adjusted accordingly.
Adjustable Premiums. Notwithstanding anything to the contrary herein set forth, in the situation where premiums for a policy or policies which have been issued cannot be fully determined in advance and where an adjustment or determination is made by an audit, retrospective rating or by interim reports are fully earned and due at the invoice date as evidenced by a Company or insurance Company invoice. Producer will make all reasonable efforts to collect amounts due. Producer will be relieved of responsibility for premium, so adjusted or determined, if Producer notifies Company in writing within 20 days after said invoice date, stating that Producer has made diligent efforts and is unable to collect such premiums and, provided the Insurer releases Company of liability for such premium. A copy of the Producer’s invoice to the Insured, as well as copies of correspondence pertaining to the collection, must be sent with this notification. Failure to give Company timely notice shall constitute Producer’s acceptance of responsibility to pay such premiums. If commission applies to these adjustments, none will be allowed to Producer on premiums collected directly by Company or Insurer under this provision.
Adjustable Premiums. If it has been agreed that any part of the Premium, being based on estimated numbers, is adjustable then the Policyholder shall within 60 days of the end of each Period of Insurance provide the actual numbers to the Insurer and the Premium will be adjusted and the difference paid by or allowed to the Policyholder as the case may be, subject to any minimum Premium specified in the Schedule. The Policyholder shall keep records on actual numbers and the Insurer shall be allowed to inspect these on reasonable request.
Adjustable Premiums. For those policies where Producer invoices the insured directly for premium (commonly known as Agency Billed policies) and the full premium cannot be fully determined in advance and/or where an adjustment or determination is made by an audit, retrospective rating or by interim reports, such premiums are due at the invoice date as evidenced by a AWIS or insurance company invoice. Producer will make all reasonable efforts to collect all premium (including fees, taxes and surcharges). Producer will be relieved of responsibility amount so adjusted or determined if Producer notifies AWIS in writing within 20 days after said invoice date, stating that Producer has made diligent efforts and is unable to collect such premiums and, provided the Insurer releases AWIS of liability for such premium. A copy of the Producer’s invoice to the Insured, as well as copies of correspondence pertaining to the collection, must be sent with this notification. Failure to give AWIS timely notice shall constitute Producer’s acceptance of responsibility to pay such premiums. If commission applies to these adjustments, none will be allowed to Producer on premiums collected directly by AWIS or Insurer under this provision.
Adjustable Premiums. Notwithstanding anything to the contrary in this Agreement, where premium for one or more policies that have been issued cannot be fully determined in advance and where an adjustment or determination, after a specific time period, is made by audit, retrospective rating, or by interim reports, such premium is fully earned and due at the invoice date as evidenced by a JSA invoice, and the amount of such additional premium due shall be paid by PRODUCER to JSA by the date indicated. PRODUCER will make all reasonable efforts to collect amounts due. PRODUCER will be relieved of the responsibility for premium, so adjusted or determined, if PRODUCER notifies JSA in writing within thirty (30) days after such invoice date, stating that PRODUCER has made diligent efforts and is unable to collect such premiums. If commission applies to these adjustments, none will be allowed to PRODUCER on premium collected directly by JSA or Insurer under this provision. The requirements of this section may be modified by JSA as to a specific coverage if the Insurer does not permit JSA to return the item or if the Insurer requires a shorter return period than thirty (30) days.
Adjustable Premiums. When an adjustment or determination is made by an audit, loss sensitive adjustment or interim report, such amounts or premiums are fully earned and due at the time of invoice or notification.