Stop-Loss Premium definition
Stop-Loss Premium means the Monthly or annual premium, calculated in accordance with the formulas indicated in Items A.5. and/or B.6. of the most current Exhibit, that is required by the Company for the risk assumed for the Stop-Loss Insurance indicated in Item A.1. and/or B.1. of the most current Exhibit. The Policyholder shall pay to the Company the Stop-Loss Premium on the first date after it receives the Stop-Loss Premium invoice that Amounts Billed must be paid under the Administrative Services Contract. If the Policyholder’s payment is more than one business day late, the Policyholder shall pay a late fee in the amount as described in this Policy.
Stop-Loss Premium means the Monthly or annual premium, calculated by multiplying the number of Coverage Units for a particular Month by the premium rate indicated in Items A.4. and/or B.5. of the most current Exhibit, that is required by the Company for the risk assumed for the Stop-Loss Insurance indicated in Item A.1. and/or
Stop-Loss Premium means the Monthly or annual premium, calculated in accordance with the formulas indicated in Items A.8. and/or B.5. of the most current Exhibit, that is required by the Com- pany for the risk assumed for the Stop Loss Coverage specified on the most current Exhibit and under the terms of the Policy. The Policyholder shall pay to the Company the Stop Loss Premium within ten (10) calendar days of receipt of a billing.
Examples of Stop-Loss Premium in a sentence
The Company shall bill the Policyholder in advance for the Stop-Loss Premium amount due and the Policyholder shall remit payment within ten (10) calendar days of receipt of a billing.
More Definitions of Stop-Loss Premium
Stop-Loss Premium means the Monthly or annual premium, calculated in accordance with the formulas indicated in Items A.8. and/or B.5. of the most current Application, that is required by the Company for the risk assumed for the Stop Loss Coverage indicated in Item A.7. and/or
Stop-Loss Premium means the monthly or annual premium, calculated in accordance with the formulas indicated in items B.6. and/or C.6. of the most current Stop Loss Application, that is required by the Company for the risk assumed by the Company for issuing the Policyholder Stop Loss Coverage, as specified on the most current Stop Loss Application and under the terms of the Policy. The Stop Loss Premium shall be paid by the Policyholder to the Company within ten (10) calendar days of receipt of a billing. If group elected Terminal Liability Option (“TLO”) in accordance with items B.5. and/or C.5. of the most current Stop Loss Application refer to Sections III. C. 2. and/or III. D. 2. below for information about premium payments. The first premium payment is due on the first (1st) day of the Policy Period. Subsequent monthly premiums are due on the first (1st) day of each Policy Month thereafter. The premium is not considered paid until the Company receives the premium payment. The Stop Loss Premium may be subject to change by the Company as follows:
(a) At the end of the Policy Period shown in the most current Stop Loss Application, provided that sixty (60) days prior written notice of the change is given to the Policyholder by the Company;
(b) On the implementation date of any changes or benefit variances in the Policyholder’s Plan, its administration, or the level of benefit valuation which would increase the Company’s risk; SAMPLE
(c) On any date changes imposed by governmental entities that increase expenses incurred by the Company, provided that the change to the Stop Loss Premium shall be limited to an amount sufficient to recover such increase in expenses; or
(d) On any date that the number of Covered Persons enrolled changes by an amount equal to 10% or more of total enrollment over a one‐calendar‐month period or 25% or more of total enrollment over a three‐Month period.
(e) The Company may from time to time determine to ▇▇▇▇▇ (in whole or in part) the Stop Loss Premium due under this Policy for particular period(s). Any abatement of the Stop Loss Premium by the Company represents a determination by the Company not to collect the abated portion of the Stop Loss Premium for the applicable period(s) and does not effect a reduction in the rates under the Policy. An abatement for one period shall not constitute a precedent or create an expectation or right as to any abatement in any future period(s).
Stop-Loss Premium means the monthly or annual premium, calculated in accordance with the formulas indicated in Items A.8. and/or B.5. of the most current Application, that is required by the Company for the risk assumed for the Stop Loss Coverage indicated in Item A.7. and/or