Annual Premium Payment definition

Annual Premium Payment. For cover to start, we must receive your premium within 30 days of the start date. If we do not receive your premium, your policy will not start. If you want to renew your policy, we must receive your premium within 30 days of the anniversary date. If your payment is not received, the policy will not renew. You will only have cover up to midnight on the last day of the year that we have received a premium for. Monthly Premium Payment If you pay monthly in advance and we cannot collect the premium on the debit order date, we will try to debit your bank account on the following debit order date with the outstanding premium and the new premium due for the current month. In the event that only one premium is received this premium will be utilised for the first monthly unpaid premium and the current month’s premium will remain unpaid and will be re-debited at the next debit date. If we still cannot collect this premium, the policy will end on the last day of the month that we received a premium for. If you have a claim during a period when a debit order has not been paid, depending on the reason or being unpaid, we may, at our discretion, consider the claim once we have received the outstanding premium. For consequences regarding non-payment, please refer to your policy wording. The protection of your interests is our primary concern and we strive to ensure that there is no circumstance that could give rise to actual or potential conflict of interest in dealing with you. For more details, a conflict of interest management policy is available to clients upon request. For a copy of the Insurer’s conflict of interest policy, please visit ▇▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇.▇▇▇/legal/fais- disclosure/ You may exercise your cooling off rights within 14 (fourteen) days after receipt of your policy documents by providing us with written or verbal notice to cancel your policy. Provided that no benefit has yet been paid or claimed or an insured event has not yet occurred, all premiums or monies paid by you, to Bryte up to the date of receipt of the notice or received on any date thereafter will be refunded to you, subject to the deduction of any risk cover enjoyed.
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Examples of Annual Premium Payment in a sentence

  • The Employer will, on or as of the date hereof and on each of the first four anniversaries of the date hereof, make cash payments on the Policy in the amount of $96,315 (each payment being an "Annual Premium Payment" and collectively, the "Aggregate Premium Payments").

  • The Employer made on or about September 7, 1999, and will make on each of the first four anniversaries of the September 7, 1999 cash premium payments on the Policy in the amount of $100,800 (each payment being an "Annual Premium Payment" and collectively, the "Aggregate Premium Payments").

  • Annual Premium Payment The first payment is due immediately or before the inception date.

  • The Employer will, on or as of the date hereof and on each of the first four anniversaries of the date hereof, make cash premium payments on the Policy in the amount of $100,800 (each payment being an "Annual Premium Payment" and collectively, the "Aggregate Premium Payments").