Termination for Non-Payment of Premium. If the payment received does not pay the Aggregate Premium, plus any other due charges in full, the Insurance Company has the discretionary authority to terminate the Policy, or place an administrative hold on the payment of Policy benefits. A payment of less than the full amount due will be deemed non- payment. If the Group has access to pharmacy benefits through the Insurance Company’s pharmacy benefit manager, and its Members incur claims after the termination date of Coverage, the Group must reimburse the Insurance Company for the cost of these services.
Termination for Non-Payment of Premium. When Group fails to pay Premium on or before the Premium Due Date, Group shall have a period of at least thirty-one (31) days to pay all Premiums owed (“Grace Period”). The Grace Period shall begin the day after the Premium Due Date. This Agreement will remain in full force and effect throughout the Grace Period and Group will remain responsible for payment of Premiums during the Grace Period (and any additional period prior to termination, if that occurs). If the Health Plan receives full payment of Premiums on or before the last day of the Grace Period, this Agreement will remain in effect according to its terms and conditions. If Group fails to pay all Premiums owed (including those owed for the Grace Period) on or before the last day of the Grace Period, then the Health Plan may, at its option and in lieu of any other remedy, terminate this Agreement without further extension or consideration. The Health Plan will notify Group of the past-due amount and the effective date of termination. Such notice shall be sent at least fifteen (15) days prior to the effective date of termination. If Premiums are paid after the Grace Period ends, the Health Plan may charge interest on the overdue Premiums Interest shall not accrue during the Grace Period, and the interest rate shall be six (6) percent per year or the maximum amount permitted by applicable law, whichever is less. If any renewal Premium is not paid in full within the time granted for payment, a later acceptance of Premium in full by us or by any agent authorized by us to accept the Premium, without requiring a reinstatement application in connection with the acceptance of the Premium in full, shall reinstate the Agreement. However, if we or the agent requires an application for reinstatement and issues a conditional receipt for the premium tendered, the Agreement will be reinstated upon approval of the application by us or, lacking approval, upon the 45th day following the date of its conditional receipt. Termination for Fraud, Intentionally Furnishing Incorrect or Incomplete Information and/or Violation of Contribution or Participation Requirements If the Group fails to (a) adhere to the Health Plan’s contribution or participation requirements, including those listed in the Eligibility and Enrollment section below, or (b) performs an act that constitutes fraud or intentional misrepresentation of material information to the Health Plan under the terms of coverage, the Health Plan will terminate this Ag...
Termination for Non-Payment of Premium. If the payment received does not pay the Aggregate Premium, plus any other due charges in full, the Insurance Company may terminate the Policy, effective on the last day of the grace period. A payment of less than the full amount due will be deemed non- payment. If the Group has access to pharmacy benefits through the Insurance Company’s pharmacy benefit manager, and its Members incur claims after the termination date of Coverage, the Group must reimburse the Insurance Company for the cost of these services. • Finance Charge The Insurance Company may impose a finance charge of 5% per month. This applies to the amount of any Aggregate Premiums not remitted to the Insurance Company on or before the first day of any billing period after the expiration of the Grace Period. This applies through the duration of this Policy. • TERM The initial term of this Policy is set forth in the Application. The Policy will automatically renew for an additional 12 month period unless terminated by the Group upon not less than 30 days advance written notice prior to the end of the renewal date. The Insurance Company shall give the Group not less than 30 days’ written notice of any: (1) change in the Premium for providing Coverage to Members; (2) material changes in the covered services; or (3) other material changes in the provisions of this Policy; that will become effective on a renewal date. Payment of the applicable Aggregate Premium on or after that date shall constitute acceptance of those changes by the Group, individually and on behalf of all Members.
Termination for Non-Payment of Premium. The Health Plan may terminate this Agreement for non-payment of Premium. Upon nonpayment of Premium, the Health Plan will notify the Group of the past-due amount and the effective date of termination, which will be thirty-one (31) days from the date of the written notice, unless the Health Plan does not intend to renew this Agreement beyond the period for which Premium have been accepted and notice of intention not to renew has been delivered to the Group at least forty-five (45) days before the Premium are due. The thirty-one (31) days from the written notice by the Health Plan through the termination date will constitute a grace period. This Agreement will remain in full force and effect throughout the grace period. If the Health Plan receives full payment within the grace period, this Agreement will remain effective according to the terms and conditions in the Agreement. If the Health Plan receives written notice from the Group to terminate this Agreement before the end of the grace period, the Health Plan shall collect Premium for the grace period, which shall be calculated beginning on the first day of the grace period until the date on which written notice was received, or the date of termination stated in the notice, whichever is later. If the Health Plan does not receive full payment by the end of the grace period, this Agreement will be terminated without further extension or consideration. The Group will be liable for all unpaid amounts due through the date of termination. If Premium for the thirty-one (31)-day grace period are paid after the grace period ends, the Health Plan may charge interest for the Premium. However, (a) interest may not begin to accrue during the thirty-one
Termination for Non-Payment of Premium. If the Reinsured fails to terminate a Policy for non-payment of the premium by the Policyholder to the Reinsured, as set forth in Article VII – Payments by Reinsured, sub-section 7.3, the Reinsurer shall have the right to terminate its reinsurance for the Policy, effective as of the end of the grace period in the Policy for payment of premium by the Policyholder.
