Receipt of Premium Sample Clauses

The 'Receipt of Premium' clause defines the insurer's obligation to provide coverage only upon receiving the insurance premium payment from the policyholder. In practice, this means that the insurance policy does not become effective until the premium is paid, and if payment is delayed or not made, the insurer is not liable for any claims during that period. This clause ensures that the insurer is protected from risk exposure without compensation and clarifies for the policyholder when coverage actually begins.
Receipt of Premium. The initial and subsequent reinsurance premiums must be received by the Reinsurer as stated in Article 9 in order to maintain the Reinsurer's liability on each individual risk.
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Receipt of Premium. Receipt by Allianz Life of the initial reinsurance premium and of each subsequent reinsurance premium, in accordance with the provisions of Article VII of this agreement, shall be a condition precedent to Allianz Life’s indemnification of the reinsurance to the Ceding Company.
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Receipt of Premium. All payments under the Contracts shall be made by check or wire payable to Insurer or by other method acceptable to Insurer as set forth in the Prospectus. Payments made in connection with the Contracts, whether Premium or otherwise, are the exclusive property of Insurer. Such payments, if received by Principal Underwriter, shall be held in a fiduciary capacity and shall be transmitted promptly to Insurer or its designated servicing agent at the address stated in the Prospectus and in accordance with applicable law, rules, and regulations. Insurer reserves the right to reject any Premium payment for a Contract.
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Receipt of Premium. Payment to SafeHealth of premiums or ------------------- charges with respect to the Benefit Agreements by or on behalf of the HNT-AZ or HNL insureds or subscribers shall be considered receipt by HNT-AZ or HNL as appropriate. The payment of return premiums or claims by HNT-AZ and HNL to SafeHealth is not considered payment to the insured, or claimant until the payment is received by the insured or claimant. Nothing in this Section 2.02 shall limit the rights of either HNT-AZ or HNL against SafeHealth resulting from SafeHealth's failure to make payments to HNT-AZ or HNL or any of their insureds, Subscribers or claimants.
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Receipt of Premium. Receipt by Allianz Life of the initial reinsurance premium and of each subsequent reinsurance premium, in accordance with the provisions of Article VII of this agreement, shall be a condition precedent to Allianz Life's indemnification of the reinsurance to the Ceding Company. Incontestable Policies: ----------------------- If a claim is made to the Ceding Company on a policy which is incontestable, Allianz Life shall accept the decision of the Ceding Company in payment or settlement of that claim. Allianz Life shall indemnify the Ceding Company for Allianz Life's percentage of reinsurance liability upon receiving proof of loss and notice that the Ceding Company has paid the claim. Contestable: ------------ If a claim is contestable and the Ceding Company has more net amount at risk than Allianz Life, Allianz Life shall abide the issue as it shall be settled by the Ceding Company for Allianz Life's percentage of reinsurance liability upon receipt of proof of loss and of payment by the Ceding Company to the claimant. ARTICLE X - CLAIMS (continued) If a claim is contestable and Allianz Life has more net amount at risk than the Ceding Company, all documentation in connection with such claim shall be submitted to Allianz Life for its advice and counsel on the claim before conceding any liability, making any settlement, or denying benefits. However, such consultation shall not impair the Ceding Company's freedom to determine its action on the claim.
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Receipt of Premium. Responsibility for collecting Premiums shall be as specified in the Coinsurance Agreement. All payments under the Contracts shall be made by check or wire payable to the responsible party or by other method acceptable to the responsible party as set forth in the Prospectus. Payments made in connection with the Contracts, whether Premium or otherwise, if received by Principal Underwriter, shall be held in a fiduciary capacity and shall be transmitted promptly to the responsible party or its designated servicing agent at the address stated in the Prospectus and in accordance with applicable law, including FINRA Rule 2821. The responsible party may reject any Premium payment for a Contract.
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Related to Receipt of Premium

  • Payment of Premium Unless otherwise agreed in writing by the Parties, the Buyer shall be obligated to pay the Premium related to an Option no later than its Premium Payment Date.

  • Payment of Premiums Each Borrower shall punctually pay all premiums or other sums payable in respect of the obligatory insurances effected by it and produce all relevant receipts when so required by the Security Trustee.

  • Waiver of Premium In the event an employee becomes totally disabled before age seventy (70), there shall be a waiver of premium for all life insurance coverage that the employee had at the time of disability.

  • Allocation of Premiums No premium shall be paid under the Bond unless the Board of Trustees of the Trust, including a majority of those Trustees who are not “interested persons” of the Trust as defined by Section 2(a)(19) of the 1940 Act, shall approve the portion of the premium to be paid by the Trust, on behalf of each Fund. The premium payable on the Bond shall be allocated between the Trust and the Manager as determined by the Board of Trustees of the Trust.

  • Benefits – Prepayment or Repayment of Premiums During Unpaid Portion of Leave 11.4.1 Teachers may prepay or repay benefit premiums payable during the duration of parental leave. 11.4.2 Subject to the terms and conditions of the benefits insurance carrier policies, teachers on parental leave may make arrangements through the School Division to prepay one hundred (100) per cent of the benefit premiums for applicable benefits provided for in the existing collective agreement, for a period of up to eighteen (18) months. 11.4.3 Notwithstanding clause 11.3, subject to the terms and conditions of the benefits insurance carrier policies, upon request by the teacher, the School Division will continue paying the School Division portion of the benefit costs for a teacher on parental leave, for the remainder of the parental leave, up to eighteen (18) months, provided the teacher repays the School Division portion of the benefit premiums. 11.4.4 A teacher who commits to clause 11.4.3 is responsible to repay the amount of the School Division paid benefit premiums, and shall reimburse the School Division upon return from the leave, in a mutually agreeable, reasonable manner over the period of no more than eighteen (18) months following the teacher’s return to duty. 11.4.5 If a teacher fails to return to their teaching duties, the teacher shall be responsible to forthwith repay the School Division paid benefit premiums, and shall reimburse the School Division upon receipt of an invoice. 11.4.6 If a teacher has not fully repaid the cost of benefit premiums previously paid by the School Division under clause 11.4.3 the teacher is not eligible to reapply for additional consideration under clause 11.4.3.