Premium Change definition

Premium Change on Contract Change Date(s).--We show the Contract Change Date(s) in the Contract Data pages. We also show in the Schedule of Premiums on page 3 that the amount of each scheduled premium will change on each Contract Change Date and what the new premium will be. However, when a Contract Change Date arrives we will recompute a new premium amount to be used in calculating the premium account. The new premium that we recompute will be no greater than the new premium for that date which we show on page 3. In addition, if the premium account is less than zero, we will set the premium account to zero. (Continued on Next Page) II-129 PREMIUM PAYMENT AND REINSTATEMENT (Continued) The Schedule of Premiums may also show that the premium changes at other times. This may occur, for example, with a contract issued with extra benefits or in an extra rating class if, in either case, this calls for a higher or extra premium for a limited period of time.
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Premium Change means any changes of a financial nature to financial aspects of insurance policies, including but not limited to rates, charges, costs, credits, discounts, or fees.
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Examples of Premium Change in a sentence

  • Unscheduled Premiums; Premium Change on Contract Change Date; Default; Grace Period; Premium Account; Reinstatement Beneficiary ...............................................................

  • Scheduled Premiums; Unscheduled Premiums; Premium Change on Contract Change Date; Default; Grace Period; Premium Account; Reinstatement Beneficiary ............................................................

  • Scheduled Premiums; Unscheduled Premiums; Premium Change on Contract Change Date; Default; Grace Period; Premium Account; Reinstatement Beneficiary ...............................................................

  • Unscheduled Premiums; Premium Change on Contract Change Date; Default; Grace Period; Premium Account; Reinstatement Beneficiary ............................................................

  • If necessary, the Premium Recalculation Date and the Premium Change Date will be changed to reflect the correct age.

  • Scheduled Premiums; Unscheduled Premiums; Premium Change on Contract Change Date; Default; Grace Period; Premium A▇▇▇▇▇▇; Reinstatement Beneficiary ...............................................................

  • Unscheduled Premiums; Premium Change on Contract Change Date; Default; Grace Period; Premium Account; Reinstatement Beneficiary ..............................................

  • Premium Change on Contract Change Date(s).--We show the Contract Change Date(s) in the Contract Data pages.

  • If necessary, the Premium Recalculation Date and the Premium Change Date will be changed to reflect the correct age; and .

  • The values and benefits will be the amounts which would have been purchased for the correct age and sex based on premiums paid before the Premium Recalculation Date, Unscheduled Payments paid in all years and the new premium due starting on the correct Premium Change Date; .