Premiums and Allowances Clause Samples
The 'Premiums and Allowances' clause defines the additional payments or benefits provided to employees beyond their base salary. This clause typically outlines the circumstances under which premiums, such as overtime pay, shift differentials, or hazard pay, are granted, as well as any allowances for expenses like travel, meals, or uniforms. Its core function is to ensure employees are fairly compensated for extra duties or costs incurred, thereby promoting transparency and compliance with employment standards.
Premiums and Allowances. The reinsurance base premium rate shall equal the monthly premium rate set forth in Exhibit D. For technical reasons relating the uncertain status of deficiency reserve requirements by the various state insurance departments, the life reinsurance rate cannot be guaranteed for more than one (1) year. The Guardian reserves the right to increase the reinsurance premiums hereunder on inforce business. However, in no event shall The Guardian increase the reinsurance premium rates to a level in excess of the rates determined by the 1980 CSO mortality table at the maximum valuation rate. The ceding company has the right to recapture at any time any and all policies whenever The Guardian increases its reinsurance premiums for inforce policies above the original schedule of reinsurance premiums or whenever the reinsurance premium on a particular policy exceeds the actual valuation mortality rate used by the ceding company at any future policy duration. The reinsurance premium for the Waiver of Premium benefit shall be the proportionate share of the ceding company’s disability premium less the following percentages of premium discount: 75% in the first year and 10% in renewal years. The reinsurance flat extra premium shall be discounted as follows:
(a) On flat extras assessed for more than 5 years the discount shall be 75% in the first year, and 10% in renewal years.
(b) On flat extras assessed for 5 years or less the premium discount shall be 10% in all years.
Premiums and Allowances. All allowances under this section, except Article 25.03, shall be subject to the same percentage increase as occurs in the basic payroll. Note: This clause takes effect January 1, 1994.
Premiums and Allowances. The reinsurance base premium rate shall equal the reinsurance share of the premiums collected on the business covered under this treaty. The reinsurance premium for the Waiver of Premium benefit shall be the proportionate share of the ceding company’s disability premium less the following percentages of premium discount: 75% in the first year and 10% in renewal years. The allowances for the base plan are described in Exhibit D. Article VIII: Payment of Premiums The reinsurance premiums are payable monthly. The first monthly premium is due within 45 days after the end of the month of issue. The renewal monthly premiums are due and payable within 15 days following the end of each month. The ceding company shall submit monthly reports on new business, first year renewals, regular renewals, changes, terminations and reinstatements. These reports should be in substantial accord with the reporting requirements in Exhibit F. In the event of non-payment of any reinsurance premiums when due, The Guardian’s liability shall continue. However, The Guardian shall have the right to terminate reinsurance coverage for in force business, but only after it has given three months notice in writing of its intention to terminate coverage and only if reinsurance premiums remain unpaid. Such termination cannot be made if an Order of Liquidation of the ceding company is in effect. Any reinsurance which has terminated for nonpayment of premiums may be reinstated within 60 days of the termination date upon payment of all overdue premiums with interest. Interest will be calculated using the 13 week Treasury ▇▇▇▇ rate reported in the “Money Rates” section of the Wall Street Journal or a comparable publication. The interest rate will be the rate reported on the last working day of the calendar month prior to the date of reinstatement. However, The Guardian will have no liability in connection with any claim incurred between the date of termination and the date of reinstatement of reinsurance.
Premiums and Allowances. Section 3.1 Cedent's Payment Obligations....................................... 8 Section 3.2 Reinsurer's Payment Obligations.................................... 8 Section 3.3
Premiums and Allowances. Shift Premium
Premiums and Allowances. 12.01 Employees who are required to work a twelve (12) hour shift schedule on a casual basis shall be paid shift and weekend premiums for non- overtime shifts as follows:
(a) The following table outlines the premium for each full night shift worked: $15.45 On date of ratification $15.72 2012 July 1 $16.00 2013 July 1
(b) The following table outlines the premium for each full shift worked, which begins on Saturday: $16.11 On date of ratification $16.39 2012 July 1 $16.68 2013 July 1
(c) The following table outlines the premium for each full shift worked, which begins on Sunday: $38.41 On date of ratification $39.08 2012 July 1 $39.76 2013 July 1
(d) Shift employees who are required by facility management to conduct face- to-face turnovers will be eligible for thirty (30) minutes compensation or banked time per shift at the employee’s discretion.
Premiums and Allowances. Lead Hand Allowance
Premiums and Allowances. Section 3.1 Transfer.........................................................9 Section 3.2 Retrocedent's Payment Obligations...............................10
Premiums and Allowances. The reinsurance base premium rate shall equal the reinsurance share of the premiums collected on the business covered under this treaty. The reinsurance premium for the Waiver of Premium benefit shall be the proportionate share of the ceding company’s disability premium less the following percentages of premium discount: 75% in the first year and 10% in renewal years. The allowances for the base plan are described in Exhibit D.
Premiums and Allowances. Section 3.1 Transfer (a) As of the date hereof, the Retrocedent shall transfer to the Retrocessionaire a registrable security interest in all of the Retrocedent's right, title and interest in, to and under all receivables under the Reinsured Contracts for the Reinsured Liabilities ("Receivables") as set forth on the Closing Statement of Business attached as Schedule 2.8 to the Transfer and Purchase Agreement (which right, title and interest shall include, without limitation, the right to collect the Receivables).