Premium Clause Samples
The Premium clause defines the amount and terms under which the policyholder must pay a specified sum to the insurer in exchange for insurance coverage. Typically, this clause outlines the payment schedule, acceptable methods of payment, and any consequences for late or missed payments, such as policy suspension or cancellation. Its core practical function is to ensure that the insurer receives compensation for assuming risk, thereby maintaining the validity and enforceability of the insurance contract.
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Premium. Once your contract of insurance has been concluded, we will send you an invoice (also referred to as a debit note). You must pay the premium due in accordance with payment dates specified in the invoice. Failure to meet the payment date may lead insurers to cancel your policy. No payment shall be deemed to have been received until we have received cleared funds. Where insurers have specified that the premium must be received by a certain date, failure to comply can result in automatic termination of your insurance contract. We shall be entitled (but not obliged) without providing notice to you to set off amounts due to us from you, against any amounts which we may receive on your behalf i.e. claims moneys, refunded premiums and other sums.
Premium. Once your contract of insurance has been concluded, we will send you an invoice (also referred to as a debit note). You must pay the premium due in accordance with the amounts and payment dates specified in the invoice. Failure to meet the payment date may lead insurers to cancel your policy. No payment shall be deemed to have been received until we have received cleared funds. Where insurers have specified that the premium must be received by a certain date, failure to comply can result in automatic termination of your insurance contract.
Premium. This term means the same as Reimbursement Premium.
Premium. A premium of ten percent (10%) of the hourly rate (straight-time) will be paid for all hours worked on a Sunday. All shift premiums are paid only on straight-time earnings for the shift hours. If overtime is worked beyond the hours of the shift, then the overtime payment replaces any shift premium.
Premium. This is a single Premium policy.
Premium. Effective April 1, 2009, an employee on-call shall be paid premium of $3.75 per hour for the first 72 hours on-call in a calendar month. Thereafter, the employee shall receive $4.25 per hour.
Premium. The Concessionaire acknowledges and agrees that as set forth in the Bid, it shall pay to the Authority a premium in the form of an upfront fee (“Upfront Premium”) as set forth in Clause 26.2.1.
Premium. A payment made under a Contract by an applicant or purchaser to purchase benefits under the Contract.
Premium. An employee on call shall be paid a premium of one dollar and twenty-five cents ($1.25) per hour for the first seventy-two (72) hours on call in a calendar month. Thereafter, the employee shall receive one dollar and fifty cents ($1.50) per hour.
Premium. The Subscriber is liable for payment to the Group of their contribution toward the monthly premium, if any.