Premium Refund definition

Premium Refund means any refund of premium paid or payable by the Insurer in respect of an Insurance Policy/s;
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Premium Refund at the Insured's Death. We may require return of this Policy when settlement is made. Proceeds will be paid in a lump sum unless you choose a settlement option we make available.
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Premium Refund has the meaning given to it in Section 3.10(d);
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Examples of Premium Refund in a sentence

  • In the event of such cancellation, the Named Insured shall be entitled to a refund of premium for an amount calculated in accordance with the Short Term Premium Refund Table set out below, but subject to the Company retaining a minimum amount of HK$400 from the premium paid.

  • When is a Premium Refund Applicable?In the event the Policy is canceled for a reason other than a material misrepresentation any unearned amount of collected premium will be refunded.

  • Premium Refund PolicyPremiums received by Us are fully earned upon receipt.

  • Premium Refund If you cancel your OSB and have overpaid your premium, we will issue a refund within 45 business days.

  • The Borrower irrevocably directs the Insurer to make all payments of Premium Refund and all other monies payable under the Insurance Policy/s directly to Hunter upon request.

  • To secure the payment to Hunter of the Total Repayment Amount, the Borrower assigns absolutely to Hunter all monies paid or payable under the Insurance Policy/s (including any Premium Refund) and further, assigns absolutely to Hunter its right to cancel the Insurance Policy/s.

  • In addition the magnetic polarisability β (p) has been shown to be a crucial input in the determination of the two-photon-exchange contribution to the Lamb shift in muonic hydrogen and the isovector β (p) − β (n) has been connected to the nucleonelectromagnetic mass difference (see references in [9]).

  • Cancellation ProvisionThis Policy may be cancelled at any time at the request of the Policyholder in writing to the Company and the refund premium, if any, shall be calculated in accordance with the Short Term Premium Refund Table set out below and subject to minimum retaining premium HK$888.

  • Kansas Observe the Contract and confirm that no credit insurance was purchased or, if so, confirm the “Credit Insurance Premium Refund Notice” is in the Receivable File and the date of the form is within ten days of the Contract purchase date.

  • No pro-rata premium refunds will apply unless the policy is cancelled within the Premium Refund Guarantee of 14 days.


More Definitions of Premium Refund

Premium Refund has the meaning given to it in the Collateral and Premium Adjustment Article.
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Premium Refund means the amount of premium that will be refunded by the Insurance Company as per defined guidelines, as defined in para 2.2 herein below. Performance Evaluation THAT the parties hereby agree that the Government shall monitor the performance of the Insurance Company based on the defined parameters and impose such conditions as outlined in this document. Monitoring parameters That the performance of Insurance Company shall be monitored on the parameters provided in Annexure I of this supplementary agreement. That for the purpose of evaluation MoLE may make use of the information collected as part of implementation or monitoring of RSBY. Where there is a variance between facts as claimed by insurance company and as revealed from the data available with MoLE, decisions shall be based on the data available with MoLE, SNAs and reports from SNAs, Grievance Redressal Mechanism etc. That there may be cases where condition at Sr. No 2,3 & 4 of Annexure-I related to hospital empanelment may not be fulfilled due to limited availability of the hospitals for the empanelment. In all such cases, the Insurance Company shall obtain a certificate from the District Administration regarding non-availability of the hospitals and in such a case, if Insurance Company is able to submit the certificate, then value attached to these parameters shall not be considered while calculating the threshold limits under Annexure 1. That failure to meet the minimum performance criteria of marks would render the insurance company Liable to such deduction of premium as stipulated Annexure 1 of this document Liable for its de-empanelment from “Empaneled List of Insurers” by MOLE when exceeding the threshold limit set in Annexure 1 of the document. That the conditions of the Supplementary Agreement shall apply to the period of starting ___________ and ending on midnight of ____________. That the performance evaluation of insurance company, on parameters of Annexure I of this Supplementary Agreement shall be conducted by SNA on a bi-annual basis. Premium Refund THAT the Insurance Company shall be required to refund premium as stipulated below if they fail to reach the claim ratio specified below at the full period of insurance Policy. THAT the Premium Refund shall be as per the formula below: In case the claim ratio [(Claims paid / Premium received)] is less than 70% then the Insurance Company will return the difference between actual claim ratio and 70% to SNA. The claims data shall be updated b...
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Related to Premium Refund

  • Premium tax means a tax paid by insurance companies to provincial and territorial governments calculated as a percentage of gross premiums written.

  • Premium Amount The amount of premium due to the Note Insurer in accordance with the terms of the Insurance Agreement.

  • Premium surcharge means a payment required from a subscriber, in addition to the subscriber's medical premium contribution, due to an enrollee's tobacco use or an enrolled subscriber's spouse or state registered domestic partner choosing not to enroll in their employer- based group medical when:

  • Premium payment plan means a benefit plan whereby state and

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

  • Premium pay Per the statute, recipients have broad latitude to designate critical infrastructure sectors and make grants to third-party employers for the purpose of providing premium pay or otherwise respond to essential workers. While the interim final rule generally preserves the flexibility in the statute, it does add a requirement that recipients give written justification in the case that premium pay would increase a worker’s annual pay above a certain threshold. To set this threshold, Treasury analyzed data Federal Register / Vol. 86, No. 93 / Monday, May 17, 2021 / Rules and Regulations 26817 from the Bureau of Labor Statistics to determine a level that would not require further justification for premium pay to the vast majority of essential workers, while requiring higher scrutiny for provision of premium pay to higher- earners who, even without premium pay, would likely have greater personal financial resources to cope with the effects of the pandemic. Treasury believes the threshold in the interim final rule strikes the appropriate balance between preserving flexibility and helping encourage use of these resources to help those in greatest need. The interim final rule also requires that eligible workers have regular in-person interactions or regular physical handling of items that were also handled by others. This requirement will also help encourage use of financial resources for those who have endured the heightened risk of performing essential work.

  • 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.

  • Prepayment Premium Period means the period during which, if a prepayment of principal occurs, a prepayment premium will be payable by Borrower to Lender. The Prepayment Premium Period is the period from and including the date of this Note until but not including the first day of the Window Period.

  • Premium Letter means the letter agreement dated the Closing Date among LBAC, the Issuer and the Note Insurer referring to payment of the Premium.

  • 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 Payment Term means the term specified in the Schedule, during which the Premiums are payable by You;

  • Insurance Premium means the amount that each Debtor shall pay on a monthly basis to Agos pursuant to the relevant Consumer Loan Agreement, in relation to the insurance premium paid by Agos to the relevant Insurance Company under any Financed Insurance Policy.

  • State premium tax liability means any liability

  • Premium Rate has the meaning assigned to such term in the Premium Letter.

  • Required Surety Payment With respect to any Additional Collateral Loan that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion of the Realized Loss with respect to such Mortgage Loan and (ii) the excess, if any, of (a) the amount of Additional Collateral required at origination with respect to such Mortgage Loan over (b) the net proceeds realized by the Subservicer from the related Additional Collateral.

  • Premium Mortgage Loan Any Group 1 Premium Mortgage Loan or Group 2 Premium Mortgage Loan.

  • Extra Premium means an additional amount charged by Us, as per Our Underwriting Policy, which is determined on the basis of disclosures made by You in the Proposal Form or any other information received by Us including medical examination report of the Life Insured.

  • Prepayment Premiums Any prepayment fees and penalties to be paid by the Mortgagor on a Mortgage Loan.

  • Special Hazard Loss Coverage Amount With respect to the first Distribution Date, $10,348,874. With respect to any Distribution Date after the first Distribution Date, the lesser of (a) the greatest of (i) 1% of the aggregate of the principal balances of the Mortgage Loans, (ii) twice the principal balance of the largest Mortgage Loan and (iii) the aggregate of the principal balances of all Mortgage Loans secured by Mortgaged Properties located in the single California postal zip code area having the highest aggregate principal balance of any such zip code area and (b) the Special Hazard Loss Coverage Amount as of the Closing Date less the amount, if any, of Special Hazard Losses allocated to the Certificates since the Closing Date. All principal balances for the purpose of this definition will be calculated as of the first day of the calendar month preceding the month of such Distribution Date after giving effect to Scheduled Payments on the Mortgage Loans then due, whether or not paid.

  • Insurance premium finance company means a person engaged in the business of

  • LPMI Fee With respect to each LPMI Loan, the portion of the Mortgage Interest Rate as set forth on the related Mortgage Loan Schedule (which shall be payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds), which, during such period prior to the required cancellation of the LPMI Policy, shall be used to pay the premium due on the related LPMI Policy.

  • Special Primary Insurance Premium With respect to any Special Primary Insurance Policy, the monthly premium payable thereunder. Statutory Trust Statute: Chapter 38 of Title 12 of the Delaware Code, 12 Del.C. §3801 et seq., as the same may be amended from time to time.

  • Medicare Levy Surcharge means an extra charge payable by high income earners beyond the standard Medicare Levy if they do not have qualifying private hospital insurance coverage. This charge is assessed as part of an individual or family’s annual tax return.

  • Insurance Amount has the meaning set forth in Section 6.08(c).

  • Deposit Premium means a provisional premium which is agreed upon in the event of it being impossible at the due date of the premium to determine the exact premium, and which represents a reasonable estimate of the premium;

  • Prepayment Premium means, with respect to the Mortgage Loan, any prepayment premium, spread maintenance premium, yield maintenance premium or similar fee required to be paid in connection with a prepayment of the Mortgage Loan pursuant to the Mortgage Loan Documents, including any exit fee.