Return Premium Clause Samples

The Return Premium clause outlines the circumstances under which an insurer must refund a portion of the premium to the policyholder. Typically, this occurs if the insurance policy is canceled before its expiration date or if there is a reduction in coverage that lowers the risk. For example, if a policyholder cancels their policy halfway through the coverage period, they may be entitled to a prorated return of the unused premium. The core function of this clause is to ensure fairness by preventing the insurer from retaining unearned premiums when coverage is no longer provided.
Return Premium. Any premium returned to the employer group excluding premium refund.
View SourceView Similar (2)
Return Premium. Upon the Payment in Full of the Loan and all other Obligations (other than pursuant to a voluntary prepayment in full pursuant to Section 2.8.2 hereof), whether as a result of the application of Net Cash Proceeds from any Disposition, the contractual acceleration of the Loan hereunder, an acceleration of the Loan by Agent in accordance with this Agreement or otherwise, Borrower shall pay to Agent, for the benefit of Lenders, an amount equal to the Return Premium as of such date of determination.
View Source
Return Premium. The Insured shall have no right to any return of Premium except as described in Conditions III, IV and XIX.
View Source
Return Premium. If all or any portion of the Loans are prepaid, or required to be prepaid, pursuant to Section 2.03(b)(iii), Section 2.03(c), Section 2.03(d) or Section 9.02, then, in all cases, the Borrower shall pay to the Administrative Agent (for further distribution to the Lenders), for the respective ratable accounts of the Lenders, on the date on which such prepayment is paid or required to be paid, in addition to the other Obligations so prepaid or required to be prepaid, the Return Premium (calculated, in the case of prepayment required under Section 9.02, as set forth in Section 9.02(b)).
View Source
Return Premium. All return premiums and credits due on policies where a premium finance company has paid or has a financial interest in the policy shall be paid directly to the finance company by AICU. The Agent is not authorized to deduct credits due finance companies from payments made to AICU.
View Source

Related to Return Premium

  • Shift Premium Effective July 1, 2020, an employee shall be paid a shift premium of ninety-five cents (95c/ ) per hour for each hour worked between 1500 hours and 0700 hours provided that such hours exceed two (2) hours if worked in conjunction with the day shift.

  • Overtime Premium a) Time and one-half (1/2) shall be paid as follows: 1) For all hours worked over 8 (eight) hours per day. 2) For all hours worked over 40 (forty) hours per week. 3) For all hours worked on Sunday, unless part of the employees regularly scheduled workweek. b) Double time plus holiday pay shall be paid for all hours worked on holidays that are defined in this Agreement.

  • Night Shift Premium All hours worked by an employee between ten (10:00) p.m. and seven (7:00) a.m. shall be considered as shift work and paid for at the applicable straight time/overtime rate plus two ($2.00) dollars per hour shift premium for each full hour worked during this period. Night-shift premium shall not be added to the employee’s hourly rate of pay for the purpose of computing overtime pay.

  • Overtime and Premium Pay A nurse shall be paid at the rate of one and one- half (1½) times the nurse’s regular hourly rate of pay for all hours worked in any one category listed below, including statutory overtime pay under 9.4.1 or premium pay under 9.4.2 through

  • Weekend Premium An employee shall be paid a weekend premium of one dollar and forty-five cents ($1.45) per hour for each hour worked between 2400 hours Friday to 2400 hours Sunday or such other 48 hour period that the Hospital may establish. If an employee is in receipt of premium payment pursuant to a local scheduling regulation with respect to consecutive weekends worked, he will not receive weekend premium under this provision. Effective June 28, 2005, the weekend premium shall be increased to $1.55 per hour.