Common use of Monthly Charge Clause in Contracts

Monthly Charge. The monthly charge for the Agreement is assessed against the policy accumulation value. The charge for the Agreement is equal to the long-term care cost of insurance rate multiplied by the long-term care net amount at risk. The long-term care net amount at risk will equal the greater of zero and the long-term care amount less the sum of all previous cash indemnity benefit payments minus the policy accumulation value.