Premium Refunds Clause Samples
The Premium Refunds clause outlines the conditions under which an insurance premium, or a portion of it, may be returned to the policyholder. Typically, this clause applies if the policy is canceled before its expiration date or if certain events specified in the policy occur, such as a reduction in risk or overpayment. Its core function is to ensure fairness by providing a mechanism for returning unearned premiums, thereby protecting policyholders from paying for coverage they no longer receive.
Premium Refunds. If one or more of the premiums paid include charges for an Employee [and or Dependent] whose coverage has ended before the due date of that premium, any refund of premium will depend on whether the Employee contributed toward the premium payment or whether it was paid in full by the Contractholder. If the Employee contributed toward the premium payment, [Carrier] will not refund the premium and coverage will continue in force through the end of the period for which premium has been contributed by the Employee. If the premium was paid in full by the Contractholder, any refund of premium will depend on whether claims were incurred during the period of no more than two months for which refund is requested. If no claims have been incurred [Carrier] will refund premiums paid for a maximum of two months prior to the date [Carrier] receives written notice from the Contractholder that the Employee’s [and or Dependent’s] coverage has ended. If claims have been incurred during the period prior to [Carrier’s] receipt of written notice that the Employee [and Dependent’s] coverage has ended, [Carrier] shall not be required to refund premium to the Contractholder. Premiums are to be paid by the Contractholder to [Us] [[XYZ] for remittance to [Us]]. [Note to carriers: Use the XYZ variable text for SHOP policies where premium must be paid to the SHOP-designated entity. Include the appropriate name at the XYZ variable.] Each may be paid at [Our] [XYZ’s] office [or to one of our authorized agents.] A premium payment is due on each premium due date stated on the first page of this Contract. The Contractholder may pay each premium other than the first within 31 days of the premium due date without being charged interest. Those days are known as the grace period. [The Contractholder is liable to pay premiums for the time this Contract is in force.] [Note to carriers: include the previous sentence regarding liability for premiums for contracts issued outside the SHOP] [If the premium is not paid by the end of the grace period the Contract will terminate as of the paid-to-date.] [Note to carriers: include the previous sentence regarding termination as of the paid-to-date for contracts issued inside the SHOP] If the premium has not been paid before the end of the grace period, this Contract automatically terminates as of the last day of the grace period. The Contractholder may make written request to Us that the Contract be reinstated. If We accept the request for reinstatement, ...
Premium Refunds. If one or more of the premiums paid include charges for an Employee [and or Dependent] whose coverage has ended before the due date of that premium, any refund of premium will depend on whether the Employee contributed toward the premium payment or whether it was paid in full by the Contractholder.
Premium Refunds. The Insurer must not refund any premiums paid (whether in full or in part) except in accordance with Schedule 5.
Premium Refunds. Requests for premium refunds will only be considered in the case of non-departure or early return, subject to the following conditions:
a) On a Single Trip Plan, the request must be received prior to the policy Departure Date, otherwise it will be considered and administered as an early return request.
b) On an Annual Plan, the request must be received before the Effective Date. No refund is available if the request is received after that date.
a) No claim is either paid or pending.
b) No expense has been incurred by the Insurer for an Emergency return of the Insured Person and/or his/her travel companion to their province of residence.
c) The Insurer must receive the request for refund and supporting documentation (exhibiting the Insured Person’s name, the date and the location of the transaction*) within 30 days of returning to his/her province of residence. *ex.: credit card statement, credit card receipt, written confirmation obtained at the border, plane ticket or boarding pass. The premium refund will be calculated beginning on the day following Your return in Your province of residence (subject to the presentation of supporting documentation showing Your date of return). There will be no administrative charges; however no refund will be made on amounts due of less than CAN $20. Premium paid can only be refunded prior to the Effective Date of the policy.
Premium Refunds. Any refunds received for employee health, hospitalization, disability, life, dental or any other employee insurance premium, whether paid for by the Board or employee, shall revert to the Board to pay future premiums or premium increases.
Premium Refunds. When submitting your refund request, please include:
Premium Refunds. Upon termination of this policy, YOU may be entitled to a premium refund. If so, WE will mail it to the address shown on the Declarations page. All premium refunds, except policy and service fees, are done on a pro-rata basis. Policy and service fees are fully earned at policy inception and non- refundable.
Premium Refunds. The Insureds shall be entitled to retain all premium refunds previously paid or owing on Decisioned Legacy Claims in accordance with the terms of the applicable Master Policy. The Insureds shall distribute premium refunds to the appropriate investors, as applicable.
Premium Refunds. ▇▇▇▇ hereby assumes TIC’s obligation to refund any premium attributable to periods either before or after the Assumption Date on the Disability Business which shall become refundable with respect to the Assumed Liabilities.
Premium Refunds. Notwithstanding any provision hereof to the contrary, in the event that, for any reason whatsoever, no death benefit is payable under the Policy upon the death of the Executive and in lieu thereof the Insurer refunds all or any part of the premiums paid for the Policy, the Corporation and the Executive's beneficiary or beneficiaries shall have the unqualified right to share such premiums based on their respective cumulative contributions thereto.