Planned Premium Clause Samples
The Planned Premium clause defines the amount and schedule of premium payments that the policyholder is expected to make under an insurance policy. Typically, it specifies the frequency (such as monthly or annually) and the dollar amount of each payment, guiding both the insurer and the insured on the expected funding of the policy. This clause ensures that there is a clear understanding of the payment obligations, helping to prevent lapses in coverage due to missed or insufficient payments.
Planned Premium. The Planned Premium is the amount of premium you have told us you intend to pay and is shown in the Policy Specifications. We will send you Planned Premium Reminder Notices for as long as premiums can be paid. You may change the Planned Premium by Written Request. Payment of the Planned Premium does not guarantee that the policy will continue In Force.
Planned Premium. The amount and frequency of premium payments you elected to pay in your last application. This is only an indication of your preference of future premium payments. You may change the amount and frequency of premium payments at any time. Section 5.8, Grace Period, describes the amount of premium required to keep your contract in force.
Planned Premium is the amount of premium you plan to pay. It is shown in the Policy Specifications and may be changed by Written Request. Payment of the Planned Premium does not guarantee that the policy will continue in force. Premium Allocation – Allocation of the initial Net Premium will be done on the issue date or, if later, the date the premium is received and accepted by us. Any Net Premiums received before your policy has been placed in force, due to the presence of outstanding requirements, will be allocated to the Money Market Variable Account until the requirements are satisfied. At such time, the Accumulated Value in the Money Market Variable Account will be transferred to the Investment Options according to the premium allocation specified in the application or your most recent allocation instructions received by us, if any. Net Premiums received after your policy has been placed in force will be allocated to the Investment Options according to your most recent allocation instructions. Upon Written Request, you may change the premium allocation.
Planned Premium. The premium amount and payment frequency selected by you. The Planned Premium on the Date of Issue is shown on page 3.
Planned Premium is the amount of premium you plan to pay. It is shown in the Policy Specifications and may be changed by Written Request. Payment of the Planned Premium does not guarantee that the policy will continue in force, nor does failure to pay the Planned Premium, in itself, cause the policy to enter the Grace Period and be in danger of lapse (see the Grace Period and Lapse provision). Premium Allocation Before the Free Look Transfer Date – Any Net Premium received before the Free Look Transfer Date will be allocated to the Money Market Variable Account on the Policy Date or, if later, the date the premium is received and accepted by us. On the Free Look Transfer Date, the Accumulated Value in the Money Market Variable Account will be allocated to the Investment Options according to the premium allocation specified in the application or your most recent instructions received by us, if any. Premium Allocation On or After the Free Look Transfer Date – Any Net Premium received by us on or after the Free Look Transfer Date will be allocated to the Investment Options according to the premium allocation specified in the application or your most recent instructions received by us, if any.
Planned Premium. The planned annual, semi-annual, quarterly or monthly premium payment is shown in Section 1, Contract Data.
Planned Premium. The planned premium amount is shown on the Schedule and is the basis for premium reminder notices. The least amount of any planned premium payment after the initial premium payment is $50.00. PREMIUM REMINDER NOTICES FOR PLANNED PREMIUM. WE will, subject to OUR rules then in effect: 1. provide a premium reminder notice: a. annually; b. semiannually; or c. quarterly; 2. arrange billing under OUR electronic payment plan; or 3. change the timing and premium amount. WE reserve the right to stop any premium reminder notices if WE do not receive a payment for a period of 36 consecutive months. PREMIUM LIMITS FOR PLANNED PREMIUM. WE have the right to: 1. limit any increase in PLANNED PREMIUM; 2. limit the number and amount of additional premiums and PLANNED PREMIUM.
Planned Premium. The Planned Premium is the amount of premium you have told us you intend to pay and is shown in the Policy Specifications. We will send you Planned Premium Reminder Notices for as long as premiums can be paid. You may change the Planned Premium by Written Request. Payment of the Planned Premium does not guarantee that the policy will continue In Force. Premium Load — The Premium Load is equal to the premium paid multiplied by the Premium Load Rate. The Premium Load Rate we use will not exceed the Maximum Premium Load Rate shown in the Policy Specifications. Premium Allocation Before the Free Look Transfer Date — Any Net Premium we receive before the Free Look Transfer Date will be allocated to the Money Market Variable Account on the Policy Date or, if later, the date we receive your premium allocation instructions. On the Free Look Transfer Date, the Accumulated Value in the Money Market Variable Account will be transferred to the Investment Options according to the most recent premium allocation instructions we received from you. Premium Allocation On or After the Free Look Transfer Date — Any Net Premium we receive on or after the Free Look Transfer Date will be allocated to the Investment Options according to the most recent premium allocation instructions we received from you. Premium Processing — We deduct the Premium Load at the time we receive the premium payment. We will credit the resulting Net Premium to the Accumulated Value.