Premium Contribution. 3.1 You agree to contribute CEI Premium Contribution per month to the pool (“Premium Contribution”). This Premium Contribution will be collected upon registration and upon renewal which takes place on the 28th of each month and will be kept in a separate segregated account. 3.2 In the event of a claim by a Member, a prorated amount of your Premium Contributions will be used to satisfy the claim. Your pro-rated contribution is calculated as follows: Total Claims for the month / total Premium Contributions from the CEI Members subjected to a maximum contribution cap equivalent to your Premium Contributions (“Cap”). (For example, if there is one verified claim for SGD3,000 for the month and there are SGD300,000 total Contributions collected, your Contribution for that month is 1% of your Premium Contribution) 3.3 At the end of each term, any unclaimed amount after deducting the Membership Fee will be available for withdrawal or cash out to your designated accounts by the 10th day of each month. For example, if there is no claim for the month of January, you can request for your cash out (i.e. full Premium Contribution less of Membership Fee) by 10th of February. 3.4 At any time, you will be able to see your contribution balance amount through your account dashboard.
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Sources: Car Excess Insurance Community Program Agreement, Car Excess Insurance Community Program Agreement