REQUIRED PREMIUM Sample Clauses
The REQUIRED PREMIUM clause establishes the obligation for a party, typically the insured, to pay a specified premium amount as a condition for coverage under an insurance policy or agreement. This clause details the amount due, the payment schedule, and the consequences of non-payment, such as suspension or termination of coverage. Its core function is to ensure that the insurer receives the necessary funds to provide coverage, thereby allocating financial responsibility and maintaining the enforceability of the insurance contract.
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REQUIRED PREMIUM. Each participating employee will contribute 50% of the premium cost of $0.30 per thousand per month, whichever is the lesser.
REQUIRED PREMIUM. The monthly premium cost is paid by the Company.
REQUIRED PREMIUM. Active Employees: Effective May 1, 2006, each participating employee will be provided a Basic Term Life Insurance of $75,000 at no premium cost to the employee. An eligible employee who elects to participate in the Optional Term Life Insurance will be required to contribute the necessary premium as required. Retired Employees: No contribution is required.
REQUIRED PREMIUM. The Company shall pay 75% of the cost of the plan and the Employee shall pay 25%. Employees on WSIB and WI will contribute 50% of the premium cost or thirty (.30) per thousand per month, which ever is the lesser up to 12 months. For the purpose of this coverage for those on WSIB or WI the premium paying arrangement in place during the September 1, 2005 Collective Agreement will apply.
REQUIRED PREMIUM. Each participating employee will contribute thirty cents per thousand dollars of coverage per month towards the premium cost. The premium cost for the coverage will be borne by the Company.
REQUIRED PREMIUM. Each participating employee will contribute of the premium cost of per thousand per month, whichever is the lesser. per employee, or as may be amended.