Minimum Aggregate Deductible definition

Minimum Aggregate Deductible means the lowest possible Aggregate Deductible applicable to the Contract Period or fraction thereof. This amount is set forth in the Schedule. Number of Covered Units means the total number of Covered Units existing in any Contract Month. It represents both individual employees and employees plus their families. Paid means that funds are actually disbursed by the Contractholder or his Agent. Payment of a claim is the unconditional and direct payment of a claim to a Covered Person or his health care provider. Payment will be deemed Paid on the date that both (1) the payor directly tenders payment by mailing (or otherwise delivering) a draft or check to a Covered Person or his health care provider, and (2) the account upon which the payment is drawn contains, and continues to contain, sufficient funds to permit the check or draft to be honored. If the account upon which the payment is drawn is funded by a separate account or line of credit or “sweep” account, then the funding account must contain sufficient funds to permit the check or draft to be honored by the institution upon which it is drawn. Authorization for release of funds by the Contractholder or its Agent does not meet the definition of Paid under this Contract.
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Examples of Minimum Aggregate Deductible in a sentence

  • It is the Insured's intent that the Insured shall be the sole beneficiary of this Contract so as to enable the Insured to stabilize funding of the Plan against losses in excess of the Individual Stop-Loss Attachment Point and/or the greater of the Minimum Aggregate Deductible or the Aggregate Stop-Loss Attachment Point set forth herein.

  • Such proof of loss shall be provided to BCBSND as soon as is reasonably possible but no later than 31 days after Plan Benefits exceed the Individual Stop-Loss Attachment Point for any Member and/or the greater of the Minimum Aggregate Deductible or the Aggregate Stop-Loss Attachment Point and after Plan Benefits have been paid as defined in Section III.(A) above.

  • To the extent that the Insured determines that a claim for benefits should be granted in accordance with the procedure outlined herein, said benefits shall not constitute Plan Benefits for purposes of determining the Individual Stop-Loss Attachment Point and/or the Minimum Aggregate Deductible or Aggregate Stop-Loss Attachment Point or for purposes of determining reimbursement under the terms of the Stop-Loss Contract.

  • In no instance will the Aggregate Stop-Loss Attachment Point be less than the Minimum Aggregate Deductible.

  • BCBSND agrees to reimburse the Insured for Plan Benefits that exceed the Individual Stop-Loss Attachment Point and/or the greater of the Minimum Aggregate Deductible or the Aggregate Stop-Loss Attachment Point during a Contract Period only when and to the extent the Plan Benefits are actually paid.

Related to Minimum Aggregate Deductible

  • Maximum Aggregate Purchase Price has the meaning assigned to such term in the Pricing Side Letter.

  • Minimum Tranche Amount has the meaning specified in Section 2.15(b).

  • Minimum Funding Amount means, on any date of determination, the amount set forth in the table below: The date that is six months following the Original Effective Date December 20, 2018 60% of the Financing Commitment December 21, 2018 March 20, 2019 65% of the Financing Commitment March 21, 2019 Day prior to the last day of the Ramp-Up Period 75% of the Financing Commitment The last day of the Ramp-Up Period The last day of the Reinvestment Period 85% of the Financing Commitment

  • VWAP Minimum Price Threshold means, with respect to any particular VWAP Purchase Notice, the Sale Price on the VWAP Purchase Date equal to the greater of (i) 80% of the Closing Sale Price on the Business Day immediately preceding the VWAP Purchase Date or (ii) such higher price as set forth by the Company in the VWAP Purchase Notice.

  • Maximum Available Commitment means, subject to the proviso contained in the third sentence of Section 2.02(a), at any time of determination, (a) the Maximum Commitment at such time less (b) the aggregate amount of each Interest Advance outstanding at such time; provided that following a Provider Advance or a Final Advance, the Maximum Available Commitment shall be zero.