Revival of a Policy definition

Revival of a Policy means restoration of the Policy, which was discontinued due to the non-payment of Premium, by the Company with all the benefits mentioned in the Policy document, with or without rider benefits, if any, upon the receipt of all the Premiums due and other charges/late fee, if any, as per the terms and conditions of the Policy, upon being satisfied as to the continued insurability of the insured/Policyholder on the basis of the information, documents and reports furnished by the Policyholder;
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Revival of a Policy means restoration of the policy by the insurer, which was discontinued due to the non-payment of premium, with all benefits, with or without rider benefits if any, mentioned in the policy document, upon the receipt of all the premiums due and other charges if any, as per the terms and conditions of the policy, upon being satisfied as to the continued insurability of the policyholder on the basis of the information, documents and reports furnished by the policyholder. Grace Period3. The grace period for payment of the premium for all types of linked insurance policies shall be as follows:-i. Fifteen days, where the policyholder pays the premium on a monthly basis;ii. Thirty days, in all other cases. Options of a policyholder upon discontinuance of the policy4. A policyholder shall be entitled to exercise one of the following options upon the discontinuance of the policy: (i) Revival of the policy, or(ii) Complete withdrawal from the policy without any risk cover. Obligations of the insurer for revival of the policy5. Where a policy is discontinued, the insurer shall take the following steps to enable the policyholder to exercise the option as available in terms of regulation 4: (i) Send a notice within a period of fifteen days from the date of expiry of grace period to such a policyholder to exercise the said options within a period of thirty days of receipt of such notice.Provided that where the policyholder does not exercise the option within the stipulated period of thirty days, the policyholder shall be deemed to have exercised the option mentioned at sub-regulation (ii) of regulation 4.Explanation: The fund value of the policy shall be part of the segregated fund chosen till the policyholder exercises his/her option or till the expiry of thirty days of notice period which ever is earlier. During this period the policy is deemed to be inforce with risk cover as per terms and conditions of the policy. (ii) Where the policyholder exercises the option to revive the policy, the risk cover along with investments made in the segregated funds, less applicable charges as per the terms and conditions of the policy, shall be continued. Obligations of the insurer upon complete withdrawal of the policy6. (1) Where the policyholder exercises the options available at sub-regulation (ii) of Regulation 4 or does not exercise the option available in terms of the proviso to sub- regulation (i) of regulation 5, the fund value of the policy shall be credited to the discont...
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Examples of Revival of a Policy in a sentence

  • Revival of a Policy - means restoration of the Policy, which was discontinued due to the non-payment of Premium, by the Company with all the benefits mentioned in the Policy document, with or without rider benefits, if any, upon the receipt of all the Premiums due and other charges/late fee, if any, as per the terms and conditions of the Policy, upon being satisfied as to the continued insurability of the insured on the basis of the information, documents and reports furnished by the Policyholder.

  • The Revival of a Policy will be subject to satisfactory evidence of continued insurability of the Life Assured and payment of outstanding Premiums with interest.

  • Revival Period - means the period of three consecutive years from date of first unpaid premium, during which period the Policyholder is entitled to revive the Policy, which was discontinued due to the non-payment of Premium, in accordance with the terms of Revival of a Policy.

  • Revival Period- means the period of three consecutive years from date of first unpaid premium, during which period the Policyholder is entitled to revive the Policy, which was discontinued due to the non-payment of Premium, in accordance with the terms of Revival of a Policy.

  • The benefits payable during the waiting period are as defined in Part C Section 1.1. Waiting Period is not applicable in case of Revival of a Policy.

  • The benefits payable during the waiting period are as defined in Part C Section 1.1. Waiting period is not applicable In case of Revival of a Policy.

  • On Revival of a Policy with Simple Reversionary Income Bonus, the declared bonuses during the period when the Policy was in Lapse/Reduced Paid-up status, shall accrue under the Policy and will be paid out on Survival to the payout years as per the table mentioned under Clause C.3 or on Death, whichever is earlier.

  • The Company shall add back to the fund, the Discontinuance Charges, if applicable, deducted at the time of discontinuance of the Policy.x On Revival of a Policy, discontinued after Lock-in Period, Premium Allocation Charges will be deducted before allocating the balance amount to the Unit Account.

  • Do€derlein Vaginal Bacillus: A contribution to the study of the Lacto- Bacilli.

  • The benefits payable during the waiting period are as defined in Part C Section 1.1.Waiting period is not applicable In case of Revival of a Policy.

Related to Revival of a Policy

  • D&O Tail Policy has the meaning set forth in Section 5.8(c).

  • Tail Policy has the meaning set forth in Section 6.18(b).

  • Errors and Omissions Insurance Policy means an errors and omissions insurance policy maintained by the Master Servicer, the Special Servicer, the Trustee, the Custodian or the Certificate Administrator, as the case may be, in accordance with Section 8.2, Section 9.2 and Section 7.17, respectively.

  • Commissioner of Police means the person holding or acting in the office of Commissioner of Police under the Police Act 1892;

  • application for international protection means a request made by a third country national or a stateless person for protection from a Member State, who can be understood to seek refugee status or subsidiary protection status, and who does not explicitly request another kind of protection, outside the scope of this Directive, that can be applied for separately;

  • Pre-existing Medical Condition means any condition which:

  • Statement of Policy means the summary explanation of information and facility policies

  • Safeguard Policy Statement or “SPS” means ADB's Safeguard Policy Statement (2009);

  • Hazard Insurance Policy means, with respect to each Contract, the policy of fire and extended coverage insurance (and federal flood insurance, if the Manufactured Home is secured by an FHA/VA Contract and such Manufactured Home is located in a federally designated special flood area) required to be maintained for the related Manufactured Home, as provided in Section 5.09, and which, as provided in said Section 5.09, may be a blanket mortgage impairment policy maintained by the Servicer in accordance with the terms and conditions of said Section 5.09.

  • Insurance Commissioner means the Insurance Commissioner

  • Tariff Policy means a Tariff Policy adopted by the Council in terms of Section 74 of the Local Government: Municipal Systems Act 32 of 2000.

  • Master Policy means a single worker’s compensation insurance policy issued by an insurer authorized to do business in this state to an employee leasing company in the name of the employee leasing company that covers more than one client of the employee leasing company.

  • CSR Policy means the present Corporate Social Responsibility Policy of the Company, which covers the activities to be undertaken by the Company as specified in Schedule VII to the Act and the CSR Expenditure thereon.

  • D&O Policy has the meaning set forth in Section 6.18(b).

  • Mortgage Impairment Insurance Policy A mortgage impairment or blanket hazard insurance policy as described in Section 4.11.

  • Blanket insurance policy means a group policy covering a defined class of

  • R&W Policy means a representation and warranty insurance policy for the benefit of Buyer obtained in connection with this Agreement on the terms described on Schedule 1.01 of the Buyer Disclosure Schedule.

  • Regulatory Agreement means the regulatory agreement between HPD and the Owner establishing certain controls upon the operation of the Exemption Area during the term of the Exemption.

  • Security Policy Framework means the Cabinet Office Security Policy Framework (available from the Cabinet Office Security Policy Division);

  • Debilitating medical condition means one or more of the following:

  • Provider of financial assurance means an entity that provides financial assurance to an Owner or Operator of an underground storage tank through one of the mechanisms listed in these Regulations, including a guarantor, insurer, risk retention group, surety, issuer of a letter of credit, issuer of a state required mechanism, or a state.

  • Insurance Affordability Program means a program that is one of the following:

  • Commissioner of Competition means the Commissioner of Competition appointed pursuant to the Competition Act or a person designated or authorized pursuant to the Competition Act to exercise the powers and perform the duties of the Commissioner of Competition;

  • Standard Hazard Insurance Policy means a fire and casualty extended coverage insurance policy in such amount and with such coverage as required by this Agreement.

  • policy of life insurance means any instrument by which the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, or any instrument evidencing a contract which is subject to payment of premiums for a term dependent on human life;