Premium Administration Clause Samples

The Premium Administration clause outlines the procedures and responsibilities related to the collection, payment, and management of insurance premiums. It typically specifies who is responsible for remitting premiums, the timing and method of payments, and any administrative fees or adjustments that may apply. For example, it may require the policyholder to pay premiums to a designated administrator or set out consequences for late payments. This clause ensures that premium payments are handled efficiently and transparently, reducing the risk of coverage lapses due to administrative errors or misunderstandings.
Premium Administration. Make monthly payroll deductions based on the premium and insured salary provisions and timelines provided and outlined by the OSSTF Provincial LTD program;
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Premium Administration. I. Make monthly payroll deductions based on the premium and insured salary provisions and timelines provided and outlined by the OSSTF Provincial LTD program; II. submit all payroll deduction (premiums) along with the required supporting information defined by OSSTF and the Teacher Bargaining Unit (ie. premium rate used in calculation, total insured salary, number of insured lives, policy and division number, premium period); III. collect and submit appropriate premiums from eligible teachers who elect LTD coverage while on approved leave of absence; IV. support the information and process requirements in the agreed-upon payroll feed (as per A vi); V. all of the above requirements must be performed within the contractual and administrative timelines established for the Provincial OSSTF LTD Program; VI. process premium refunds for members who have had incorrect deductions due to items such as administration errors, not eligible etc.
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Premium Administration. Consistent with C.4.6 of its proposal, the Contractor shall operate a system to ▇▇▇▇, collect and account for enrollee premiums, including: 1. The Contractor shall calculate the appropriate premium amount, ▇▇▇▇, and collect premiums from health risk pool program enrollees or enrollee’s designee. 2. The Contractor shall use premiums collected and any interest earned on premiums held by the high risk pool program solely to offset the approved administrative expenses and high risk pool program enrollee claims for health services as included in this Contract.
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Premium Administration. 5 VI. Increasing Amounts at Risk ................................... 7 VII.
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Premium Administration. A. Each month, GENERAL AMERICAN will send the CEDING COMPANY a statement showing the premiums due for all new cessions processed during the month and for renewing cessions with anniversaries in that month. Any premium adjustments due to terminations, reinstatements, reissues or other changes dated earlier than sixty (60) days before the billing period will also be listed. The CEDING COMPANY will remit within thirty (30) days of the billing date the net amount shown as due GENERAL AMERICAN. All premiums not paid within thirty (30) days of the due date shown on the statement will be in default. B. GENERAL AMERICAN reserves the right to charge interest at an annual rate of 8% when: 1. Renewal premiums are not paid within sixty (60) days of the due date shown on the statement. 2. Premiums for new business are not paid within one-hundred twenty (120) days of the effective date of the policy. C. It is understood that GENERAL AMERICAN'S account statements call for payment of premiums due for the forthcoming year of coverage. Unearned premiums resulting from lapses, terminations and deaths will be returned to the CEDING COMPANY based on the number of days coverage was not provided, without interest. D. GENERAL AMERICAN will have the right to terminate this Agreement when premiums are in default by giving ninety (90) days written notice of termination to the CEDING COMPANY. As of the close of the last day of this ninety (90) day notice period, GENERAL AMERICAN'S liability for all risks reinsured under this agreement will terminate. The first day of the ninety (90) day notice of termination under Section B of this Article will be the day the notice is received in the mail by the CEDING COMPANY or if the mail is not used, the day it is delivered to the CEDING COMPANY. If all premiums in default are received within the ninety (90) day time period, the Agreement will remain in effect. E. Payments between the CEDING COMPANY and GENERAL AMERICAN may be paid net of any amount due and unpaid under all reinsurance agreements between both parties.
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Premium Administration. The Premium due frequency for VUL Plans is hereby changed from monthly in arrears to annually in advance. Article IV,
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Premium Administration. (effective January 1, 2002) is hereby revised and replaced by the attached Article IV, Premium Administration (effective January 1, 2003).
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Premium Administration. I. Make monthly payroll deductions based on the premium and insured salary provisions and timelines provided and outlined by the OSSTF Provincial LTD program; Central Terms Table of Contents, or Local Terms Table of Contents II. submit all payroll deduction (premiums) along with the required supporting information defined by OSSTF and the Teacher Bargaining Unit (ie. premium rate used in calculation, total insured salary, number of insured lives, policy and division number, premium period);
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Related to Premium Administration

  • Program Administration An activity relating to the general management, oversight and coordination of community development programs. Costs directly related to carrying out eligible activities are not included.

  • PAY ADMINISTRATION 49.01 An employee is entitled to be paid for services rendered at the pay specified in Appendix “A” for the classification of the position to which the employee is appointed. 49.02 No payment or notification shall be made for one ($1.00) or less. 49.03 A service pay increase of two point two five percent (2.25%) will be paid to an employee once every year on the anniversary date of hiring or promotion. This increase is based on the employee’s performance appraisal. No increase within the pay range will be given for an appraisal that is less than satisfactory. In the absence of an appraisal, performance shall be deemed satisfactory. 49.04 When an employee is required by the Employer to substantially perform the duties of a higher classification level in an acting capacity and performs those duties for at least fifteen (15) days, he shall be paid action pay calculated from the date on which he commenced to act as if he had been appointed to that higher classification level for the period in which he acts. 49.05 A reclassification is a change in the level of a position resulting from a review or audit. 49.06 If a position is reclassified to a level having a higher attainable maximum rate of pay, the rate of pay shall be determined by applying the promotion or transfer rules unless specified otherwise in the collective agreement or pay plan. 49.07 If a position is reclassified to a level having a lower attainable maximum rate of pay, the employee shall retain the rates of pay of the former level until the maximum of the new level reaches the salary being paid to the employee. Meanwhile, the economic increase mentioned in Appendix “A” will be paid to the employee in a lump-sum. 49.08 When an employee occupies a position, identified by the Gallery as bilingual, and the employee meets the language requirements, as confirmed by a second language examination, he/she shall receive a bilingual bonus of $800.00 per annum. In order to be eligible for the bonus, the employee must have received a salary for at least ten days in the month. The Bilingual Bonus paid to part-time employees shall be pro-rated. 49.09 Where the rates of pay set forth in Appendix “A” of this Agreement have an effective date prior to the date of the singing of this Agreement, the retroactive period shall apply to employees, former employees or in the case of death, the estate of former employees who were members of the bargaining unit identified in Article 2 of this Agreement during the retroactive period. 49.10 In order for former employees or, in the case of death, for the estate of the former employee to receive payment in accordance with the above, the Employer shall notify, by registered mail, such individuals at their last known address that they have thirty (30) days from the date of receipt of the registered letter to request in writing such payment, after which time any obligation upon the Employer to provide payment ceases.

  • Settlement Administration 5.1. The Settlement Administrator shall, in consultation with Lead Class Counsel and Defendant’s Counsel and under the supervision of the Court, administer the relief provided by this Settlement Agreement by processing Claim Forms in a rational, responsive, cost effective and timely manner. The Settlement Administrator shall maintain reasonably detailed records of its activities under this Settlement Agreement. The Settlement Administrator shall maintain all such records as are required by applicable law in accordance with its normal business practices and such records will be made available to Lead Class Counsel and Defendant’s Counsel, the Parties and/or their representatives upon request. The Settlement Administrator shall also provide reports and other information to the Court as the Court may require. The Settlement Administrator shall provide Lead Class Counsel and Defendant’s Counsel with information concerning Notice, administration and implementation of the Settlement Agreement. Should the Court request, the Parties, in conjunction with the Settlement Administrator, shall submit a timely report to the Court summarizing the work performed by the Settlement Administrator, including a report of all amounts from the Settlement Fund paid to members of the Settlement Class on account of Approved Claims. Without limiting the foregoing, the Settlement Administrator shall: (a) Forward to Defendant’s Counsel and Lead Class Counsel electronic copies of all original documents and other materials received in connection with the administration of the Settlement Agreement within thirty (30) days after the date on which all Claim Forms have been finally approved or disallowed per the terms of the Settlement Agreement; (b) Receive exclusion forms and other requests from Class Members to exclude themselves from the Settlement Agreement and promptly provide to Lead Class Counsel (c) Provide weekly summaries to Lead Class Counsel and Defendant’s Counsel, including without limitation, reports regarding the number of Claim Forms received and the amount of benefits sought, the number thereof approved by the Settlement Administrator, and the categorization and description of Claim Forms rejected, in whole or in part, by the Settlement Administrator; (d) Make available for inspection by Lead Class Counsel or Defendant’s Counsel the Claim Forms and any supporting documentation received by the Settlement Administrator at any time upon reasonable notice. 5.2. The Settlement Administrator shall be obliged to employ reasonable procedures to screen claims for abuse or fraud, and shall reject a Claim Form where there is evidence of abuse or fraud. The Settlement Administrator shall also reject a Claim Form that does not contain all requested information necessary to screen the claim for fraud or abuse. 5.3. Both Defendant’s Counsel and Lead Class Counsel shall have the right to challenge the acceptance or rejection of a Claim Form submitted by Class Members. The Settlement Administrator shall follow any agreed-upon decisions of Defendant’s Counsel and Lead Class Counsel. To the extent Defendant’s Counsel and Lead Class Counsel are not able to agree on the disposition of a challenge, the Magistrate Judge shall timely decide such challenge. The Parties agree that the Settlement Administrator shall thereafter follow the decision of the Magistrate Judge resulting from any such challenge. 5.4. Any Class Member who does not, in accordance with the terms and conditions of this Agreement, seek exclusion from the Settlement Class or timely file a Claim Form will not be entitled to receive any cash award or any other benefits pursuant to this Settlement Agreement, but will otherwise be bound together with all Class Members by all of the terms of this Settlement Agreement, including the terms of the Judgment to be entered in the Action and the releases provided for in the Agreement, and will be barred from bringing any action against any of the Released Parties concerning the Released Claims.