PREMIUM PAYMENT PLAN Sample Clauses

PREMIUM PAYMENT PLAN. The Premium Payment Plan for a full Fund Year shall be as follows: • $0 to $2,000 - 50% due January 1st, 50% due April 1st. • Over $2,000 - 25% due January 1st, remainder due in 6 monthly installments February - July. Upon failure to make a required payment of premium by the due date, the required premium payment shall accumulate interest at a floating rate equal to the prime rate (as published by the Wall Street Journal), plus six percent (6%) per annum or, if such rate is illegal, at the maximum rate allowed by law from the date the payment was due until the date of payment of the required premium payment plus accumulated interest. This Schedule 1 shall in no way impair the right of the Group to declare a default and pursue any and all remedies for non- payment of premium by a Member pursuant to the terms of this Agreement and the bylaws of the Group (including recov- ery of costs of collection and attorneys’ fees). SCHEDULE 2 ASSESSMENT PLAN In the event that the Group incurs a Deficit in any Fund Year, such Deficit shall be made up immediately. If such deficit exists the Members shall pay an additional premium assessed pursuant to the provisions of Section 7 (d) of the Indemnity Agreement and assessed pro-rata based on the Net Premium of the Members shall be subject to automatic assessment without further action by the Group. In the event an individual Mem- ber fails to pay any premium, assessment or other contribu- tion to the Group when due, the Members of the Group shall be subject to automatic assessment without further action by the Group. These obligations with respect to the Fund Year in question shall survive termination of this Agreement and any termination of the Member’s membership in the Group. SCHEDULE 3 REFUND OR CREDIT PLAN For the Fund Year 20 and, Unless modified, for subsequent years. With advice from the Administrator and approval from the Commissioner of Insurance, the Board of Directors of the Massachusetts Retail Merchants’ Workers’ Compensation Group, Inc. (the “Group”) will, after the end of each Fund Year, determine the total Surplus available either for distribution to the Members of the Group as a return, or to be taken into account in establishing the Contribution for subsequent years. The Surplus for any Fund Year shall be determined by an independent actuary for the Group and shall be equal to the market value of assets less the percent value of liabilities, less reserves for incurred but not reported claims, and less the ...
Sample 1Sample 2Sample 3See All (4)
AutoNDA by SimpleDocs
PREMIUM PAYMENT PLAN. The Premium Payment Plan for a full Fund Year shall be as follows: • $0 to $2,000 - 50% due January 1st, 50% due April 1st. • Over $2,000 - 25% due January 1st, remainder due in 6 monthly installments February - July. Upon failure to make a required payment of premium by the due date, the required premium payment shall accumulate interest at a floating rate equal to the prime rate (as pub- lished by the Wall Street Journal), plus six percent (6%) per annum or, if such rate is illegal, at the maximum rate al- lowed by law from the date the payment was due until the date of payment of the required premium payment plus ac- cumulated interest. This Schedule 1 shall in no way impair the right of the Group to declare a default and pursue any and all rem- edies for non-payment of premium by a Member pursuant to the terms of this Agreement and the bylaws of the Group (including recovery of costs of collection and attorneys’ fees).
Sample 1
PREMIUM PAYMENT PLAN. An eligible employee can elect benefits under the premium payment plan by electing to pay for his or her share of the contributions related to the various benefit programs offered by the County on a pre-tax basis. An eligible employee can also elect to pay his or her share of the contributions with after-tax deductions outside of this Plan.
Sample 1

Related to PREMIUM PAYMENT PLAN

  • Premium Payment The Bank shall pay any premiums due on the Policy.

  • Premium Pay “Premium Pay” is a special pay rate for working during times that are less desirable, such as weekends, holidays or late shifts. The City will not pay the Consultant Premium Pay.

  • Payment Plan Despite the payment terms in Annexure B, We may, but are not obliged to, enter into a specific payment plan with You if You can demonstrate a financial need. However, any payment plans:

  • Premium Payments If an employee with at least three years of service in the employ of the Shaker Heights Board of Education should exhaust his/her sick leave within the time specifications of this contract and is granted a leave of absence by the Board, the Board shall continue to pay his/her premiums in accordance with his/her work assignment for the following fringe benefits for a period not to exceed twelve (12) months. The payment of such premiums will cease on the effective date an employee retires, resigns, goes on disability retirement or his/her contract is terminated.

  • Payment Plans Employees covered by the Samaritan Choice medical insurance plan who have outstanding balances that are payable to Samaritan Health Services for in network, covered, and authorized (if medically necessary) services will be provided payment plan offerings upon request from the employee. The request will be made to Patient Financial Services, and may be directed through the Hospital Patient Financial Counselor. Patient Financial Services will work with employees to identify the appropriate payment arrangement based on the employee financial needs/eligibility. Within 120 days from first patient statement, employees must contact Patient Financial Services and identify themselves as a SHS SEIU member and ask for a payment plan arrangement that does not exceed six percent (6%) of their household income. Such requests will be granted using the existing SHS payment options and funding programs. To be eligible for a payment plan, employees must comply with all requirements for establishing appropriate payment options/eligibility, including the completion of a financial assistance application with supporting documentation. Employees who comply with all terms of the payment plan(s) will not be subject to collections or wage garnishment.

  • PREMIUM TAX The Reinsurer will not reimburse the Ceding Company for premium taxes.

  • Flexible Spending Account The parties agree that the State shall have the right to use State Employee Health Plan funds to cover the administrative costs of operating the medical and dependent care flexible spending account programs.

  • Flexible Spending Accounts Employees in the unit shall have access to the County’s flexible spending account program, which provides employees with the options of dependent care assistance benefits with a calendar year maximum of $5,000, and medical expense reimbursement benefits with a calendar year maximum of $2,400. The County shall maintain this plan in compliance with IRC §125. Employee premiums for flexible spending account benefits shall be deducted on a pre-tax basis from employee pay.

  • Holiday Premium Pay A Nurse working on a recognized Holiday is entitled to the following compensation for any hours worked on the calendar date of the recognized Holiday:

  • Health Spending Account contributions by the Executive will cease on the Effective Date. The Executive may submit claims against the balance accrued to the Effective Date, until the end of the calendar year in which the Effective Date occurs.

Time is Money Join Law Insider Premium to draft better contracts faster.