Premium Loading definition

Premium Loading means the additional premium on top of the Standard Premium charged by the Company to the Policy Holder according to the additional risk assessed for the Insured Person.

Premium Loading means the additional premium on top of the Standard

Premium Loading means the additional premium on top of the Standard Premium charged by the Company to the Policy Holder according to the additional risk assessed for the Insured Person. "Prescribed Diagnostic Imaging Tests" shall mean computed tomography (“CT” scan), magnetic resonance imaging (“MRI” scan), positron emission tomography (“PET” scan), PET-CT combined and PET- MRI combined. "Prescribed Non-surgical Cancer Treatments" shall mean chemotherapy, radiotherapy, targeted therapy, immunotherapy and hormonal therapy for cancer treatment. "Reasonable and Customary" shall mean, in relation to a charge for Medical Service, such level which does not exceed the general range of charges being charged by the relevant service providers in the locality where the charge is incurred for similar treatment, services or supplies to individuals with similar conditions, e.g. of the same sex and similar Age, for a similar Disability, as reasonably determined by the Company in utmost good faith. The Reasonable and Customary charges shall not in any event exceed the actual charges incurred.In determining whether a charge is Reasonable and Customary, the Company shall make reference to the followings (if applicable) –(a) treatment or service fee statistics and surveys in the insurance or medical industry;(b) internal or industry claim statistics;(c) gazette published by the Government; and/or(d) other pertinent source of reference in the locality where the treatments, services or supplies are provided. "Registered Medical Practitioner", "Specialist", "Surgeon" and "Anaesthetist" shall mean a medical practitioner of western medicine, (a) who is duly qualified and is registered with the Medical Council of Hong Kong pursuant to the Medical Registration Ordinance (Cap. 161 of the Laws of Hong Kong) or a body of equivalent standing in jurisdictions outside Hong Kong (as reasonably determined by the Company in utmost good faith); and

Examples of Premium Loading in a sentence

• Where the Policy Holder requests the Company to re-underwrite these Terms and Benefits at the time of Renewal for reduction in Premium Loading or removal of Case-based Exclusion(s) according to the Company's underwriting practices.

• For the avoidance of doubt, if the Premium Loading is set as a percentage of the Standard Premium (i.e. rate of Premium Loading), the amount of Premium Loading payable shall be automatically adjusted according to the change in Standard Premium.

• During each Policy Year and upon Renewal, the Company shall not impose any additional rate of Premium Loading (or any additional amount of Premium Loading if the Premium Loading is set in monetary terms rather than as a percentage of the Standard Premium) or Case-based Exclusion(s) on the Insured Person by reason of any change in the Insured Person's health conditions.

• The circumstances that a fact shall be considered “material” include, but not limited to, the situation where the disclosure of such fact as required by Hong Kong Lifewould have affected the underwriting decision of Hong Kong Life, such that Hong Kong Life would have imposed Premium Loading, included Case-based Exclusion(s), or rejected the application.

• Upon reduction of the Deductible on the relevant Renewal Date, the premium payable shall include the Standard Premium according to the then prevailing Standard Premium schedule adopted by the Company for such available Deductible option, and any Premium Loading the Policy Holder has agreed for the Policy.

• Where the Policy Holder requests the Company to re-underwrite these Terms and Benefits at the time of Renewal for reduction in Premium Loading or removal of Case- based Exclusion(s) according to the Company's underwriting practices.

• The circumstances that a fact shall be considered "material" include, but not limited to, the situation where the disclosure of such fact as required by the Company would have affected the underwriting decision of the Company, such that the Company would have imposed Premium Loading, included Case-based Exclusion(s), or rejected the application.

• For the avoidance of doubt, if the Premium Loading is set as a percentage of the StandardPremium (i.e. rate of Premium Loading), the amount of Premium Loading payable shall be automatically adjusted according to the change in Standard Premium.

• The circumstances that a fact shall be considered “material” include, but not limited to, the situation where the disclosure of such fact as required by the Company would have affected the underwriting decision of the Company, such that the Company would have imposed Premium Loading, included Case- based Exclusion(s), or rejected the application.

• Premium Loading The actuaries use the mortality and interest figures to calculate what is in effect a “net premium” and certain “loadings” or adjustments to cost have to be made before the figure the customer will actually pay is established.

More Definitions of Premium Loading

Premium Loading means any additional amount payable as premium, over and above the premium payable for an insurance cover under the Scheme; and

Premium Loading means the additional premium on top of the Standard Premium charged by the Company to the Policy Holder according to the additional risk assessed for the Insured Person. "Prescribed Diagnostic Imaging Tests" shall mean computed tomography (“CT” scan), magnetic resonance imaging (“MRI” scan), positron emission tomography (“PET” scan), PET-CT combined and PET-MRI combined. "Prescribed Non-surgical Cancer Treatments" shall mean chemotherapy, radiotherapy, targeted therapy, immunotherapy and hormonal therapy for cancer treatment. "Reasonable and Customary" shall mean, in relation to a charge for Medical Service, such level which does not exceed the general range of charges being charged by the relevant service providers in the locality where the charge is incurred for similar treatment, services or supplies to individuals with similar conditions, e.g. of the same sex and similar Age, for a similar Disability, as reasonably determined by the Company in utmost good faith. The Reasonable and Customary charges shall not in any event exceed the actual charges incurred.