Premium Changes Clause Samples
The "Premium Changes" clause defines the conditions under which the amount paid for insurance coverage, known as the premium, may be adjusted during the policy term. Typically, this clause outlines the circumstances that can trigger a premium increase or decrease, such as changes in risk factors, coverage modifications, or regulatory requirements. For example, if the insured adds new assets or if there is a change in the law affecting insurance rates, the premium may be recalculated accordingly. The core function of this clause is to provide a clear mechanism for adjusting costs, ensuring both parties understand when and how premium amounts can change, thereby preventing disputes and maintaining fairness throughout the policy period.
Premium Changes. Health Options files rates with the applicable State and Federal regulatory bodies on an annual basis. Rates are approved for the Calendar Year. Health Options Members will be given at least 60 days’ notice of any changes to existing rates for their effective plan. Members that enroll in the last quarter of the Calendar Year should check the following year rates during Open Enrollment.
Premium Changes. If contributions for any calendar year exceed expenses during the plan year, the premium may be adjusted, reduced, or eliminated for specific pay dates. The method of such adjustment, reduction or elimination shall be agreed upon by the parties.
Premium Changes. Premiums for benefits may be adjusted by the Employer in accordance with the Employer’s policies and practices regarding the Standard Benefits Plans.
Premium Changes. The Employer shall continue to make reasonable efforts to control premium amounts for coverage under the Standard Benefits Plans. The total premiums will be adjusted annually consistent with the Employer’s policies and practices regarding the Standard Benefits Plans. Employer’s and employees’ proportionate shares of premiums for the health plans in subsequent calendar years shall be established as set forth in Section 2 above.
Premium Changes. The premium for this policy is based on information we have received from you or other sources. You agree:
1. that if any of this information material to the development of the policy premium is incorrect, incomplete or changed, we may adjust the premium accordingly during the policy period.
2. to cooperate with us in determining if this information is correct and complete, and to advise us of changes in this information. Any adjustment of your premium will be made using the rules in effect at the time of the change. Premium adjustment may be made as the result of a change in:
1. autos insured by the policy, including changes in use.
2. drivers, driver's age, or driver's marital status.
Premium Changes. If a change to your Policy requires a premium adjustment or other action, we will:
a. adjust the premium or take required action, to be effective the date of the change, in accord with
b. give you notice of the premium or other change. The premium due for this Policy is based on information we have received from you and other sources. You agree to cooperate with us in determining if this information is correct and complete. If this information is incorrect, incomplete, or changes during the policy period, we may adjust your premium during the policy period, or take other appropriate action.
Premium Changes. Health Options files rates with the applicable State and Federal regulatory bodies on an annual basis. SAMPLE of any changes to existing rates for their effective plan. Members that enroll in the last quarter of the Calendar Year should check the following year rates during Open Enrollment.
Premium Changes. The Board of Directors shall conduct an annual review, based on sound actuarial principals, of Premiums to determine whether a rate adjustment is required for any Participating Member(s) or Plan(s). Premium changes shall be approved by the Board and disclosed to Participating Members at least sixty (60) days prior to the effective date of the change. Participating Members shall be solely responsible for notifying Covered Persons and appropriate union representatives of such changes.
Premium Changes. Employer is responsible for notifying Infinisource of the applicable premium amounts as well as any other related information that Infinisource deems necessary (e.g. due dates, etc.) and any changes to the applicable premiums at least thirty (30) days prior to the effective date of such change.