Common use of Non-Payment of Premiums Clause in Contracts

Non-Payment of Premiums. The payment of reinsurance premiums is a condition to the liability of the Reinsurer for reinsurance provided by this Agreement. If reinsurance premiums are not paid within 60 days of the due date, the Reinsurer may terminate reinsurance for all Reinsured Policies having reinsurance premiums in arrears. If the Reinsurer elects to terminate any Reinsured Policies after such 60 day period, it will then give the Company at least 45 days’ prior written notice, to be sent via overnight delivery from a major carrier (Federal Express, USPS, UPS, DHL, etc.) of its intention to terminate such reinsurance. If all reinsurance premiums in arrears, including any which may become in arrears during such 45 day notice period, are not paid before the end of the notice period, the Reinsurer’s obligations for those Reinsured Policies will be limited to obligations relating to events arising on or before the last date for which reinsurance premiums have been paid in full for each Reinsured Policy. If reinsurance is terminated according to this Article, the appropriate amount of benefit reserves to be held in respect of the reinsured amounts being terminated will be paid by the party with the positive balance, determined as of the effective date of termination, based on U.S. generally accepted accounting principles (“GAAP”) consistent with FASB Accounting Standard Codification Topic 944, Financial Services–Insurance computed using the Reinsurer’s original pricing assumptions without provision for adverse deviation, less any amount of unamortized deferred acquisition cost assets related thereto and excluding any provisions for adverse deviations or similar deficiency or special reserves net of outstanding balances. The Reinsurer’s right to terminate reinsurance will not prejudice its right to collect premiums, and applicable interest as specified in Exhibit C, for the period reinsurance was in force, through and including the 45 day notice period. The Company may not force termination through the non-payment of reinsurance premiums to avoid the Agreement’s requirements or to transfer the Reinsured Policies to another party. I486326US-14 (02-21-2014) (QT #06655US13)

Non-Payment of Premiums. All premiums which remain outstanding will be referred to Xxxxxxx Xxxxxxxxx Ltd and will be subject to a surcharge of 15% plus VAT to cover the collection costs incurred. The surcharge together with all other charges and legal fees incurred will be your responsibility and will be legally enforceable. Non Refundable Premiums • Legal expenses • Breakdown or associated policies • Professional Indemnity (errors & omissions) policies • Minimum and deposit policies • Terrorism In the event of a mid-term policy cancellation for other policies, insurers may provide a return premium. In view of the cost involved, we will not issue any refund premiums less than £10 after deductions. Insurers will not provide return premiums where claims have been reported or pending during the period of insurance. Please refer to individual policies for further details. Non refundable Charges In addition to premiums charged by an insurer, we may at our own discretion make the following charges to cover our administrative costs; Mid term adjustments: maximum £30 or 10% of the premium, whichever is the greater Cancellations: deduction of the commission on the full premium. Business insurance broking: at our discretion £200 or 25% of the premium which ever is the greater Administrative charges £25 maximum for replacement cheques £50 maximum for Direct Debit defaults and cancellations Lost certificates and documents, maximum of £15 Late payment, 5% of premium per month. Net rated risks (where no commission is payable by insurers), maximum of 25% of premium or £100, whichever is greater. Refunds on Credit & Debit cards (if an alternative payment method is required) a maximum of reinsurance premiums is a condition 2% Renewal Premiums Paid by Instalments We shall contact you with the renewal premium and terms for the coming year in good time before the renewal of your policy. If you have not contacted us before the renewal date, we shall renew the policy automatically on your behalf. If you do not wish to renew your policy, please let us know as soon as possible but in any event prior to the liability of renewal date. We should also advise you to cancel your direct debiting instruction with your bank prior to the Reinsurer for reinsurance provided by this Agreementrenewal date. If reinsurance premiums are not paid within 60 days of the due date, the Reinsurer may terminate reinsurance for all Reinsured Policies having reinsurance premiums in arrears. If the Reinsurer elects to terminate any Reinsured Policies after such 60 day period, it will then give the Company at least 45 days’ prior written notice, to be sent via overnight delivery from a major carrier (Federal Express, USPS, UPS, DHL, etc.) of its is your intention to terminate such reinsurancerenew the policy, no action is required by you and the policy will renew automatically. If all reinsurance premiums in arrears, including any which may become in arrears during such 45 day notice period, are not paid before the end We shall send your new certificate of the notice period, the Reinsurer’s obligations for those Reinsured Policies will be limited insurance to obligations relating to events arising on or before the last date for which reinsurance premiums have been paid in full for each Reinsured Policy. If reinsurance is terminated according to this Article, the appropriate amount of benefit reserves to be held in respect of the reinsured amounts being terminated will be paid by the party with the positive balance, determined as of the effective date of termination, based on U.S. generally accepted accounting principles (“GAAP”) consistent with FASB Accounting Standard Codification Topic 944, Financial Services–Insurance computed using the Reinsurer’s original pricing assumptions without provision for adverse deviation, less any amount of unamortized deferred acquisition cost assets related thereto and excluding any provisions for adverse deviations or similar deficiency or special reserves net of outstanding balances. The Reinsurer’s right to terminate reinsurance will not prejudice its right to collect premiums, and applicable interest as specified in Exhibit C, for the period reinsurance was in force, through and including the 45 day notice period. The Company may not force termination through the non-payment of reinsurance premiums to avoid the Agreement’s requirements or to transfer the Reinsured Policies to another party. I486326US-14 (02-21-2014) (QT #06655US13)you.

Non-Payment of Premiums. The payment of reinsurance premiums is a condition to the liability of the Reinsurer for reinsurance provided by this Agreement. If reinsurance premiums are not paid within 60 sixty (60) calendar days of the due date, the Reinsurer may terminate reinsurance for all Reinsured Policies having reinsurance premiums in arrears. If the Reinsurer elects to terminate any Reinsured Policies after such 60 sixty (60) calendar day period, it will then give the Company at least 45 ninety (90) calendar days’ ' prior written notice, to be sent via overnight delivery from a major carrier (Federal Express, USPS, UPS, DHL, etc.) notice of its intention to terminate such reinsurance. If all reinsurance premiums in arrears, including any which may become in arrears during such 45 ninety (90) calendar day notice period, are not paid before the end of the notice period, the Reinsurer’s 's obligations for those Reinsured Policies will be limited to obligations relating to events arising on or before the last date for which reinsurance premiums have been paid in full for each Reinsured Policy. If reinsurance is terminated according to this Article, the appropriate amount unearned premiums, net of benefit reserves to be held in respect of the reinsured amounts being terminated outstanding balances, will be paid by the party with the positive balance. Terminated reinsurance may be reinstated, determined as subject to approval by the Reinsurer, within thirty (30) calendar days of the effective date of termination, based on U.S. generally accepted accounting principles (“GAAP”) consistent with FASB Accounting Standard Codification Topic 944, Financial Services–Insurance computed using and upon payment of all reinsurance premiums in arrears including any interest accrued thereon. The Reinsurer will have no liability for any claims incurred between the Reinsurer’s original pricing assumptions without provision for adverse deviation, less any amount date of unamortized deferred acquisition cost assets related thereto termination and excluding any provisions for adverse deviations or similar deficiency or special reserves net the date of outstanding balancesthe reinstatement of the reinsurance. The Reinsurer’s 's right to terminate reinsurance will not prejudice its its· right to collect premiums, premiums and applicable interest as specified in Exhibit C, net of any other payments owed by the Reinsurer to the Company, for the period reinsurance was in force, through and including the 45 ninety (90) calendar day notice period. The Company may not force termination through the non-payment of reinsurance premiums to avoid the Agreement’s 's requirements or to transfer the Reinsured Policies to another party. I486326US-14 (02-21-2014) (QT #06655US13).

Non-Payment of Premiums. The payment of reinsurance premiums is a condition to the liability of the Reinsurer for reinsurance provided by this Agreement. If reinsurance premiums are not paid within 60 days of the due date, the Reinsurer may terminate reinsurance for all Reinsured Policies having reinsurance premiums in arrears. If the Reinsurer elects to terminate any Reinsured Policies after such 60 day period, it will then give the Company at least 45 days’ prior written notice, to be sent via overnight delivery from a major carrier (Federal Express, USPS, UPS, DHL, etc.) of its intention to terminate such reinsurance. If all reinsurance premiums in arrears, including any which may become in arrears during such 45 day notice period, are not paid before the end of the notice period, the Reinsurer’s obligations for those Reinsured Policies will be limited to obligations relating to events arising on or before the last date for which reinsurance premiums have been paid in full for each Reinsured Policy. If reinsurance is terminated according to this Article, the appropriate amount of benefit reserves to be held in respect of the reinsured amounts being terminated will be paid by the party with the positive balance, determined as of the effective date of termination, based on U.S. generally accepted accounting principles principle (“GAAP”) consistent with FASB Accounting Standard Codification Topic 944, Financial Services–Services - Insurance computed using the Reinsurer’s original pricing assumptions without provision for adverse deviation, less any amount of unamortized deferred acquisition cost assets related thereto and excluding any provisions for adverse deviations or similar deficiency or special reserves net of outstanding balances. The Reinsurer’s right to terminate reinsurance will not prejudice its right to collect premiums, and applicable interest as specified in Exhibit C, for the period reinsurance was in force, through and including the 45 day notice period. The Company may not force termination through the non-payment of reinsurance premiums to avoid the Agreement’s requirements or to transfer the Reinsured Policies to another party. I486326US-14 I478580US-13 (0206-2101-20142013) Stand-alone ADB (QT #06655US1306635US13)

Non-Payment of Premiums. The payment of reinsurance premiums is a condition to the liability of the Reinsurer for reinsurance provided by this Agreement. If reinsurance premiums are not paid within 60 days of the due date, the Reinsurer may terminate reinsurance for all Reinsured Policies having reinsurance premiums in arrears. If the Reinsurer elects to terminate any Reinsured Policies after such 60 day period, it will then give the Company at least 45 15 days’ prior written notice, to be sent via overnight delivery from a major carrier (Federal Express, USPS, UPS, DHL, etc.) notice of its intention to terminate such reinsurance. If all reinsurance premiums in arrears, including any which may become in arrears during such 45 15 day notice period, are not paid before the end of the notice period, the Reinsurer’s obligations for those Reinsured Policies will be limited to obligations relating to events arising on or before the last date for which reinsurance premiums have been paid in full for each Reinsured Policy. If reinsurance is terminated according to this Article, the appropriate amount of benefit reserves to be held in respect of the reinsured amounts being terminated will be paid by the party with the positive balance, determined as of the effective date of termination, based on U.S. generally accepted accounting principles (“GAAP”) consistent with FASB Accounting Standard Codification Topic 944, Financial Services–Insurance Statement 60 computed using the Reinsurer’s original pricing assumptions without provision for adverse deviation, less any amount of unamortized deferred acquisition cost assets related thereto and excluding any provisions for adverse deviations or similar deficiency or special reserves reserves, net of outstanding balances. The Reinsurer’s right to terminate reinsurance will not prejudice its right to collect premiums, and applicable interest as specified in Exhibit C, for the period reinsurance was in force, through and including the 45 15 day notice period. The Company may not force termination through the non-payment of reinsurance premiums to avoid the Agreement’s requirements or to transfer the Reinsured Policies to another party. I486326US-14 (02-21-2014) (QT #06655US13).