Premium Holiday definition

Premium Holiday means a period when all Regular Premium payments to the Policy are temporarily suspended.
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Premium Holiday means a period of not longer than six months where an EMPLOYER or aPRINCIPAL MEMBER from sectors that are severly impacted by the State of Emergency and COVID-19 pandemic,do not pay premiums to the FUNDdue to the State of Emergency or COVID-19. In this period Members will not receive any benefits.
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Premium Holiday. In the event that a “premium holiday” is declared by the County’s health plan administrator or provider in which health plan premiums are not required to be paid for a period of time, the following shall occur:
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Examples of Premium Holiday in a sentence

  • If the full amount of a regular premium is not paid by the premium due date, your policy will be deemed to have lapsed unless it has acquired a policy value that is sufficient to pay for all applicable fees and charges for your policy and premiums for the premium-paying supplementary agreements, in which case your policy shall be on Premium Holiday.

  • When your policy is on Premium Holiday, the premiums payable for any premium-paying supplementary agreements will be deducted by cancellation of units.

  • The following conditions apply to the Premium Holiday:• During the period your Policy is on Premium Holiday, you will not have to pay premiums.

  • In case the Basic Policy is put on a scheduled or automatic Premium Holiday, the frequency and method of premium payment preceding the commencement of such Premium Holiday shall be followed.

  • If you missed paying premium when due, a Premium Holiday Charge will be charged on monthly basis.

  • The Holiday and Premium Holiday rate of pay shall be as follows: Holiday pay shall be compensated at double time, which is the regular rate of pay (inclusive of all the subject officer’s incentives or add-on pays) for the day worked, plus credit for the holiday, which is accrued additional leave time; and double time and one half (2.5) on a Premium Holiday, (which is pay for the day worked and accrued additional leave time or payment), depending on which type of Holiday was worked.

  • In the event this Premium Holiday period is exceeded, the Company will deduct Early Encashment Charges from the Initial Units Account.

  • Example: Premium Holiday - a step E patrol officer on dogwatch with a Bachelor’s degree making $4,912 per month base with 20 years would receive $589.44 per month in longevity.

  • Your policy will remain on Premium Holiday until you resume payment of the full outstanding amount of regular premiums or until your policy lapses, whichever occurs first.

  • Implication of Premium Holiday on Fees and Charges During premium holiday, supplementary charge will not be imposed.


More Definitions of Premium Holiday

Premium Holiday. If the employer received a premium holiday(s), the employees shall not be required to pay their portion of the premium(s) for the holiday month(s).
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Premium Holiday means the feature which gives the option to the Policyholder to discontinue Regular Premiums under the Policy for the number of years chosen (and as mentioned in the Schedule); as per the terms & conditions mentioned in Section 10b) below. The Premium Holiday feature has to be chosen at the Policy Commencement Date.
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Premium Holiday means the period during which the payment of Regular Premiums has been suspended in accordance with Clause 2.3.
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Related to Premium Holiday

  • Bank Holiday means any day that is specified or proclaimed as a bank holiday, pursuant to section 1 of the Banking and Financial Dealings Act 1971;

  • Holiday means the twenty-four (24) hour period commencing at 0001 hours of a day designated as a paid holiday in this Agreement.

  • General Holiday means every Sunday and any other day which is a

  • Statutory Holiday means New Year’s Day, Family Day, Good Friday, Victoria Day, Canada Day, Civic Holiday, Labour Day, Thanksgiving Day, Christmas Day, and Boxing Day; and

  • public holiday means any day other than Saturday or Sunday on which the banks in the City of London are not open for business;

  • Legal Holiday means a Saturday, a Sunday or a day on which banking institutions in the City of New York or at a place of payment are authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for the intervening period.

  • Unscheduled Holiday means that a day is not a Valuation Business Day and the market was not aware of such fact (by means of a public announcement or by reference to other publicly available information) until a time later than 9:00 a.m. local time in Buenos Aires two Valuation Business Days prior to the scheduled Valuation Date;

  • Legal Holidays has the meaning specified in Section 1.14.

  • Weekday means Monday – Friday.

  • NERC Holidays means a holiday as defined by the North American Electric Reliability Corporation or any successor thereto.

  • Public Holidays means those days declared as public holidays in accordance with the Holidays Act 1983.

  • Premium Due Date means date specified in the Schedule on which the Instalment Premium will become due.

  • Premium Payment Date in respect of any Option, means the date on which the Premium is due and payable, as agreed to at the time the Option is entered into, as evidenced in a Confirmation.

  • Weekend means a Saturday and the following Sunday, assuring a minimum of fifty-six (56) hours off duty;

  • Current Sick Leave means those days of sick leave for the current contract year, which leave is granted at the rate of one day of sick leave per month worked, or major part thereof.

  • Holidays shall be deemed to mean and include New Year’s Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

  • Day means calendar day.

  • Afternoon shift means any shift finishing after 6.00pm and at or before midnight.

  • Payment Due Date means the date by which the Date of Payment must occur, in accordance with the provisions of Sections 504.3 through 504.5 of this Exhibit, in order for NYSERDA not to be liable for interest pursuant to Section 504.6.

  • Paid sick leave – means paid leave under the Emergency Paid Sick Leave Act.

  • Bank Business Day means a day on which the Bank conducts business activities as per its effective opening hours, so when the Bank is open for the purpose of executing payment transactions.

  • TARGET2 Business Day means, a day in which the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET2) System or any successor is open.

  • Due Date The day of the month on which the Monthly Payment is due on a Mortgage Loan, exclusive of any days of grace.

  • School business day means any calendar day except Saturdays, Sundays, and any federal and school holidays upon which the office of the Superintendent is open to the public for business. A school business day concludes or terminates upon the closure of the Superintendent’s office for the calendar day.

  • Payment Day means a day (other than a Saturday or Sunday) on which commercial banks and foreign exchange markets are open for business (including dealings in foreign exchange and foreign exchange currency deposits) in the principal financial centre for the Settlement Currency or if the Settlement Currency is euro, any day on which the Trans-European Automated Real-time Gross settlement Express Transfer (TARGET) System is open;

  • Policy Issuance Date means the date of first issuance of these Terms and Benefits.