Premium Processing. Except as otherwise set forth herein, the State shall have no payment obligations to the Contractor, and the Contractor shall have no recourse to the State, for Premium payments. The State shall be responsible for the aggregation and administration of Premiums for Qualified Employers and Qualified Individuals purchasing insurance through VHC. The State shall be responsible for: (1) the submission of bills to each Employer on a monthly basis in a form that identifies Employer and Employee contributions and the total amount due; (2) collecting the amounts due from each Employer; (3) determining that portion of collected premiums which is payable to Contractor; and (4) making payments to Contractor for Enrollees in Contractor’s Certified QHPs within timeframes identified in the Payment ICD and Companion Guide attached to the Trading Partner Agreement between the parties; and (5) promptly processing non-payment termination transactions transmitted to the State by Contractor. In no event shall the State be liable to Contractor with respect to any interest or other charges relating to Premium payments received by the State that are not yet disbursed by the State to the Contractor; provided, however, the State shall be liable to the extent of its own negligent acts or omissions or intentional misconduct which results in the failure to distribute Premium payments to Contractor which are owing for coverage provided pursuant to the QHPs attached hereto in Exhibit 1. In no event shall Contractor be liable for the negligent acts or omissions or intentional misconduct of the State, including billing errors attributable to the State and, to the extent Contractor has provided coverage for Premiums received, Contractor shall not be required to rescind such coverage.
Premium Processing. We deduct the Premium Load at the time we receive the premium payment. We will credit the resulting Net Premium to the Investment Options based on your instructions on file with us. Premium Limitation – We reserve the right to require Evidence of Insurability for any premium payment that would result in an increase in the Net Amount at Risk. If such Evidence of Insurability is not satisfactory, we may limit or refuse the premium payment, unless it is necessary to keep the Policy In Force. Guideline Premium Limit – This subsection applies only if the Guideline Premium Test is the Death Benefit Qualification Test specified in the Policy Specifications. In order for this Policy to qualify as a life insurance contract under Section 7702 of the Code, the sum of the premiums paid less a portion of any withdrawals, as specified in the Code, may not exceed the Guideline Premium Limit, which is the greater of: • The Guideline Single Premium; or • The sum of the annual Guideline Level Premiums to the earlier of the date of payment or the younger Insured’s Age 100. The Guideline Premiums are shown in the Policy Specifications. The Guideline Premiums may change whenever there is a change in the Total Face Amount of insurance, whether scheduled or otherwise, or certain other Policy benefits or factors. Any such Guideline Premium change will be shown in a supplemental schedule that we will send to you at the time of the change. The Guideline Premiums are used to determine the premium limits beyond which this Policy would fail to qualify as a life insurance contract under the Code. Payment of the Guideline Premiums does not guarantee that the Policy will never lapse and additional premiums may be necessary to prevent the Policy from lapsing in the future. The Guideline Premiums are determined by the rules that apply to this Policy as set forth in the Code. The Guideline Premiums will be adjusted to conform to any changes in the Code. To the extent that a premium payment would exceed such limits, we will refund the excess payment to you in accordance with the Tax Qualification as Life Insurance section of this Policy, provided that we may not refuse any premium payment necessary to keep this Policy In Force. Further, we reserve the right to make distributions from the Policy to the extent we deem necessary to continue to classify this Policy as a life insurance contract under the Code, in accordance with the Tax Qualification as Life Insurance section of this Policy.
Premium Processing. EquiTrust Life shall:
Premium Processing. Infinisource will consider premiums timely sent if they are received in the offices of Infinisource or postmarked by the applicable grace date as listed on the premium invoice. Premiums collected by Infinisource will be deposited into a custodial bank account maintained by Infinisource as set forth in the Agreement. Infinisource will send to Employer all premiums collected during a month by the 15th business day following the end of the month, reduced by the 2% administrative fee which Infinisource will keep as part of its overall administrative fee. Infinisource will submit premiums to appropriate third parties only if feasible and upon written request from Employer. In addition, Infinisource will retain any interest earned on such funds while held in an Infinisource maintained custodial account as an administrative fee. Notwithstanding the above, premiums will not be co-mingled with Infinisource’s own funds. In the event that a premium payment is rejected due to insufficient funds or the fact the qualified beneficiary has stopped payment, such payment will be construed as a non-payment. If Infinisource has already sent the premium to the Employer before Infinisource becomes aware of the rejected payment, Employer shall reimburse Infinisource the amount of the rejected payment, and the qualified beneficiary’s period of coverage will be adjusted accordingly.
Premium Processing. Upon Bank approval for premium processing, higher limits may be enabled for inbound and outbound transactions in an aggregate maximum dollar amount of $5,000 per day, and $10,000 per calendar month.
Premium Processing. We deduct the Premium Load at the time we receive the premium payment. We will credit the resulting Net Premium to the Investment Options based on your instructions on file with us.
