Premium Refund definition

Premium Refund has the meaning given to it in Section 3.10(d);

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

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.

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. 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. 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. 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 by the insurance company within 30 days of submission of clai...

Examples of Premium Refund in a sentence

• 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.

• In the event that, following the Closing, any such Insured Office Loans are paid in full prior to maturity and BUYER receives a Premium Refund, BUYER shall credit the account of such Insured Office Loan customer with the appropriate portion of any such Premium Refund.

• Regular Part-time employees who work less than twenty (20) hours per week shall have access to the Benefit Premium Refund as per Article 11.04 (G)(iv)(2).

• Cancellation is effective as of the date the Insured notifies AFSC that the acres have been Put to Another Use, and the Premium refund is based on the Cancellation and Premium Refund Schedule.

• The Premium Refund File will be delivered by the Company to the Insured within one (1) Business Day of remitting any premium refund to the Insured.

• The issue of the legal validity of the information published on the Internet is addressed/clarified.

• 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.

• Benefit Premium Refund Subject to the following conditions, casuals shall, on enrolment in the aforementioned benefit plans, be entitled to an annual lump sum refund paid by the Employer at the appropriate rate for the coverage obtained.

• It is expressly understood and agreed that this right includes without limitation the right to audit Premium Refund account records and all accounting records affecting HCM programs.

• BJP-190-1 1298 Commercial Lines Policy Jacket LAH-Notice 0813 Policyholder Notice (Loss Assistance Hotline) IL N 177 0912 California Premium Refund Disclosure Notice PP2015 2015 Privacy Policy Notice CPD-PIIC 0614 Common Policy Declarations IL0985 0108 Disclosure Pursuant to Terrorism Risk Ins Act of 2002 PI-CANC-CA 1 1013 California Cancellation Amendment Policy Number: PHSD1041997 Item 1.

More Definitions of Premium Refund

Premium Refund has the meaning given in Clause 27.3(c);

Premium Refund has the meaning given to it in the Collateral and Premium Adjustment Article.

Premium Refund means any refund of premium paid or payable by the Insurer in respect of a Policy.