Premium Expense definition

Premium Expense means the expense identified with the Medical Insurance Benefits elected by a Participant in accordance with Section 3.2.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Premium Expense means the Participant’s cost for the insurance benefits that are part of the Employer’s benefit program.

Premium Expense or "Premiums" means the Participant's cost for the Covered Benefits described in this document.

Examples of Premium Expense in a sentence

• The Net Premium is the premium payment received less the Premium Expense Charge shown in Section 1, Contract Data.

• The Premium Expense Charge will be deducted from any premiums paid and the amount remaining will be the Net Premium.

• The remainder of a premium after deduction of the Premium Expense Charge.

• The Premium Expense Charge will consist of the amounts shown on the Policy Schedule Pages (page 4).

• The amount of the net premium will be: - the premium paid; less - the Premium Expense Charge.

• The Company will refund the sum of (a) the Contract Fund Value on the date the returned Policy is received at the Home Office plus (b) any Premium Expense Charge, Monthly Policy Charge and service charges deducted under this Policy.

• Upon receipt of payment, the Company will add the premium, less Premium Expense Charges and any Monthly Policy Charges due and unpaid, according to the allocation of Net Premiums (Section 4.3) currently in effect.

• The Premium Expense Charge will consist of the amounts shown on page 4.

• On the date this Policy is reinstated, the Policy Value will be equal to the premium paid less the sum of: • the Premium Expense Charge; and • all Monthly Policy Charges that were due and unpaid before the end of the Policy Grace Period and the Monthly Policy Charge on the effective date of reinstatement.

• The amount of the Net Premium will be: • the premium paid; less • the Premium Expense Charge.

More Definitions of Premium Expense

Premium Expense. The meaning set forth in Section 3.5(cc) hereof.

Premium Expense has the meaning set forth in Section 5.11(b).

Premium Expense. Charge The amount we deduct from each premium payment. We show this charge in Section 1, Contract Data.

Premium Expense. Charges The premium expense charges are the amounts we deduct from each premium payment. These charges are shown in Section 1, Contract Data.

Premium Expense means the expense identified with the Benefit Program elected by a Participant in accordance with Section 3.2.