Return of Premium Sample Clauses
A Return of Premium clause stipulates that the policyholder will receive a refund of some or all premiums paid if certain conditions are met, such as surviving the policy term without making a claim. Typically found in life or health insurance policies, this clause may require the policyholder to maintain the policy in good standing for the entire term and may exclude refunds if the policy is surrendered early or if claims have been paid. Its core practical function is to provide a financial incentive for maintaining the policy and to offer a form of savings or risk mitigation, addressing concerns about losing all paid premiums if no claim is made.
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Return of Premium. If no Policy is issued on an application, the whole amount of all monies collected by Broker will be immediately returned to the applicant. If Company finds it necessary, for any reason, to cancel a Policy and refund premiums, any compensation paid to Broker on the amount refunded shall be repaid to Company, or may be deducted from any compensation payable to Broker under this Agreement.
Return of Premium. In the event any return of premium is due to the Ceding Company, the Reinsurer will return the premium paid hereunder and the Ceding Company or its agent will recover Taxes paid to the United States Government in accordance with this Article VII. Notwithstanding the foregoing, in the event that the Ceding Company’s attempt to recover such Taxes is denied, contested or disputed by the United States Government, then the Reinsurer shall reimburse the Ceding Company for such Taxes within thirty (30) days of receipt of written notice of such denial, contest or dispute.
Return of Premium. If no policy, certificate or contract is issued on an application, then the whole amount of all monies collected by Sub-Producer shall be returned to the applicant by the Company.
Return of Premium. (a) Retrocessionaire shall calculate the Return Premium as of each anniversary of the inception of the Reinsurance Contracts and upon the earlier of the commutation of, final settlement under or termination of the Reinsurance Contracts (each such date and including the Effective Date hereof, a "CALCULATION DATE") and shall promptly notify Retrocedant of such determination. As of each anniversary of the date hereof, if the difference between the current calculation of aggregate Return Premiums accrued since the prior anniversary and the prior calculation of aggregate Return Premiums as of the next preceding anniversary is positive, Retrocessionaire shall promptly pay such difference to Retrocedant. If the difference is negative, Retrocedant shall promptly pay such difference to Retrocessionaire, provided however, that no payment will be required if the cumulative aggregate Return Premium for such Reinsurance Contract would be less than zero upon such payment.
(b) The Return Premium as of any Calculation Date shall be equal to:
(i) any profit commission that Retrocedant is obligated to pay under the Reinsurance Contract, as determined therein since the prior Calculation Date, plus
(ii) the product of: the Deficit Accrual Percentage, as listed in Section E of the Appendix of the Reinsurance Contract, and the greater of the difference between the Beginning Deficit and the Ending Deficit, and zero. The Beginning Deficit as of any Calculation Date shall be the deficit (as defined in the Reinsurance Contract) as of the prior Calculation Date. If the inception anniversary date of the Reinsurance Contract does not coincide with the Effective date, the Beginning Deficit as of the Calculation Date that is the Effective Date shall be adjusted to include premiums earned, excluding deficit penalty premium accruals, and cumulative losses incurred, including any incurred but not reported loss reserves carried by Retrocedant, since the immediately prior anniversary date. The Ending Deficit shall be the deficit as of such Calculation Date.
Return of Premium. We reserve the right to rescind the coverage for one or all Enrollees due to misrepresentation or fraud on the Contractholder’s application or an Enrollee’s enrollment form, if such misrepresentation materially affects the acceptance of the risk. If, on the date coverage is rescinded, no claims have been paid, We will return all Premiums paid for such coverage to the Contractholder and/or We will reserve the right to deduct an amount equal to the amount of such claims paid from the Premiums to be returned to the Contractholder.
Return of Premium. This death benefit is equal to A or B, whichever is greater, where: A is 100% of premium payments, less Adjusted Withdrawals (as defined below).
Return of Premium. If either you or we cancel the policy, we will refund you any unearned premium.
Return of Premium. If “you” financed your insurance premiums through a Premium Finance Company and “you” assigned your right to collect unearned premiums to the Premium Finance Company, then “we” shall return the unearned premium to the Premium Finance Company. "Your" rights and duties under this policy may not be assigned without "our" written consent. However, if a "named insured" shown on the Declarations dies, coverage will be provided for:
A. The surviving spouse if resident in the same household at the time of death. Coverage applies to the spouse as if a "named insured" shown in the Declarations; and
B. The legal representative of the deceased person as if a "named insured" shown in the Declarations. This applies only with respect to the representative's legal responsibility to maintain or use "your covered auto". TWO OR MORE AUTO POLICIES BANKRUPTCY
Return of Premium. Should the Company for any reason return a premium on a policy, you shall repay to the Company on demand, the amount of compensation received on the premium so returned. INDEBTEDNESS
Return of Premium. If the Insured declares at the latest six months after the expiry of any policy year that the gross profit earned during the accounting period of twelve months most nearly concurrent with any period of insurance, as certified by the Insured’s auditors, was less then the sum insured thereon, a pro rata return of premium not exceeding one third of the premium paid on such sum insured for such period of insurance shall be made in respect of the difference. If any accident has occurred giving rise to a claim under this Section, such return shall be made in respect only of so much of said difference as is not due to such incident.