Pay Premium Sample Clauses
The "Pay Premium" clause establishes the obligation of one party, typically the insured, to pay a specified premium amount to the insurer as a condition for maintaining insurance coverage. This clause outlines the timing, method, and frequency of premium payments, such as monthly or annually, and may address consequences for late or missed payments, like policy suspension or cancellation. Its core practical function is to ensure that the insurer receives compensation for providing coverage, thereby maintaining the enforceability and continuity of the insurance policy.
Pay Premium. Where the Employer requires an employee to be available on standby during off-duty hours, an employee shall be entitled to a standby payment of nineteen ($19) dollars for each eight (8) consecutive hours or portion thereof that the employee is on standby. The quantum of the Standby Pay Premium shall be adjusted in accordance with Annex An employee designated for standby duty will be available during the period of standby by pager and return for duty promptly and normally within one (1) hour of receiving the page. In designating employees for standby, the Employer will endeavour to provide for the equitable distribution of standby duties. No standby payment shall be granted if an employee is unable to report for duty when required. An employee who is on standby who reports to work shall, in addition to the standby pay, be compensated in the Call Back Pay provisions of Article
Pay Premium. A. $2.00 per hour premium will be paid when nurses are floated out of their home campus to another campus or a facility outside of their home campus. When necessary to float a float pool nurse away from their home campus, the nurse will be chosen from a pre-established volunteer list. If there are no volunteers, assignments will be done based upon inverse seniority. The premium will only be paid for hours worked away from the home campus (including time spent traveling away from the home campus if floated during the course of a shift). Further, all nurses in the float pool cost code will receive $2.00 per hour premium for all hours worked.
B. Non-Float Pool Nurses who float from their home base unit shall receive the $2.00 per hour premium for hours spent floating when they float at least 50% of their hours worked in a pay period. ▇▇▇▇▇▇▇ Health System reserves the right to adjust float pool pay premium as determined to be necessary to recruit, retain and remain competitive in the health care market. These rates will not be affected by any cost of living increase. The two dollar ($2.00) premium shall not be decreased during the term of this agreement. ▇▇▇▇▇▇▇ Health System has the sole right to determine the use of the Float Pool at any facilities within ▇▇▇▇▇▇▇ Health System.
Pay Premium