VOLUNTARY EXCESS Sample Clauses

A Voluntary Excess clause specifies the amount an insured party agrees to pay out of pocket towards a claim before the insurer covers the remaining costs. In practice, this means that if a claim arises, the insured will contribute the agreed excess amount, and the insurer will only pay for losses exceeding this threshold. This clause typically applies to insurance policies such as motor, property, or health insurance, and the excess can be chosen by the policyholder, often in exchange for a lower premium. Its core function is to reduce minor claims, encourage responsible behavior, and help control insurance costs for both the insurer and the insured.
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VOLUNTARY EXCESS. In the event of the Insured opting, the Policy shall be subject to voluntary excess as mentioned in the Policy Schedule. This voluntary excess shall be applicable to Financial Injury claims inclusive of defence cost arising out of any one accident. The Company's liability shall attach for the claims in excess of such compulsory and voluntary excess.
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VOLUNTARY EXCESS. In the event of the Insured opting the policy shall be subject to a voluntary excess as mentioned in the schedule. This voluntary excess shall be applicable to each and every claim. The Company's liability shall attach for the claim in excess of such compulsory and Voluntary excess.
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VOLUNTARY EXCESS. This is an additional amount by which you chose to increase your excess, in addition to your basic excess. In return for paying a voluntary excess you pay a lower premium as stated in your schedule. You will have to pay this amount together with your basic and / or any compulsory excess before the insurer will settle your claim.
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VOLUNTARY EXCESS. The following discounts on the premium may be allowed for Voluntary Excess opted by the Insured except for policy for Doctors and Medical Practitioners. Voluntary Excess (Percentage of Limit of Indemnity per Discount (%) any one Accident) 7.5 5.0 10 7.5 15 10.0 20 12.5 25 15.0 35 20.0 50 25.0 The Voluntary Excess shall be in addition to the Compulsory Excess and shall be applicable to both property damage claims and/or death/bodily injury claims inclusive of defence costs arising out of any one accident.
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Related to VOLUNTARY EXCESS

  • Voluntary and Involuntary Prepayments (a) Any receipt by ▇▇▇▇▇▇ of principal due under this Note prior to the Maturity Date, other than principal required to be paid in monthly installments pursuant to Section 3, constitutes a prepayment of principal under this Note. Without limiting the foregoing, any application by ▇▇▇▇▇▇, prior to the Maturity Date, of any proceeds of collateral or other security to the repayment of any portion of the unpaid principal balance of this Note constitutes a prepayment under this Note. (b) Borrower may voluntarily prepay all of the unpaid principal balance of this Note on an Installment Due Date so long as Borrower designates the date for such prepayment in a Notice from Borrower to Lender given at least 30 days prior to the date of such prepayment. If an Installment Due Date (as defined in Section 1(a)) falls on a day which is not a Business Day, then with respect to payments made under this Section 10 only, the term "Installment Due Date" shall mean the Business Day immediately preceding the scheduled Installment Due Date. (c) Notwithstanding subsection (b) above, Borrower may voluntarily prepay all of the unpaid principal balance of this Note on a Business Day other than an Installment Due Date if Borrower provides Lender with the Notice set forth in subsection (b) and meets the other requirements set forth in this subsection. Borrower acknowledges that ▇▇▇▇▇▇ has agreed that Borrower may prepay principal on a Business Day other than an Installment Due Date only because Lender shall deem any prepayment received by Lender on any day other than an Installment Due Date to have been received on the Installment Due Date immediately following such prepayment and Borrower shall be responsible for all interest that would have been due if the prepayment had actually been made on the Installment Due Date immediately following such prepayment. (d) Unless otherwise expressly provided in the Loan Documents, Borrower may not voluntarily prepay less than all of the unpaid principal balance of this Note. In order to voluntarily prepay all or any part of the principal of this Note, Borrower must also pay to Lender, together with the amount of principal being prepaid, (i) all accrued and unpaid interest due under this Note, plus (ii) all other sums due to Lender at the time of such prepayment, plus (iii) any prepayment premium calculated pursuant to Section 10(e). (e) Except as provided in Section 10(f), a prepayment premium shall be due and payable by Borrower in connection with any prepayment of principal under this Note during the Prepayment Premium Period. The prepayment premium shall be whichever is the greater of subsections (A) and (B) below:

  • Voluntary Exit Option If after making offers of early retirement, individual layoff notices are still required, prior to issuing those notices the Hospital will offer a voluntary early exit option in accordance with the following conditions: i) The Hospital will first make offers in the classifications within department(s) where layoffs would otherwise occur. If more employees than are required are interested, the Hospital will make its decision based on seniority. ii) If insufficient employees in the department affected accept the offer, the Hospital will then extend the offer to employees in the same classification in other departments. If more employees than are required are interested, the Hospital will make its decision based on seniority. iii) In no case will the Hospital approve an employee’s request under (i) and (ii) above for a voluntary early exit option, if the employees remaining are not qualified to perform the available work. iv) The number of voluntary early exit options the Hospital approves will not exceed the number of employees in that classification who would otherwise be laid off. The last day of employment for an employee who accepts a voluntary early exit option will be at the Hospital’s discretion and will be no earlier than thirty (30) calendar days immediately following the employee’s written acceptance of the offer. An employee who elects a voluntary early exit option shall receive, following completion of the last day of work, a separation allowance of two (2) weeks' salary for each year of service, to a maximum of fifty-two (52) weeks' pay.

  • Voluntary Layoff Appointing authorities will allow an employee in the same job classification and department where layoffs will occur to volunteer to be laid off provided that the employee is in a position requiring the same skills and abilities, as a position subject to layoff. Any volunteer for layoff shall have no formal layoff option. If the appointing authority accepts the employee’s voluntary request for layoff, the employee will submit a non-revocable letter stating they are accepting a voluntary layoff from the University. The employee will be placed on all applicable rehire lists.

  • Voluntary Deductions A. The Employer agrees to deduct from the wages of any employee who is a member of the Union a PEOPLE deduction as provided for in a written authorization. Such authorization must be executed by the employee and may be revoked by the employee at any time by giving written notice to both the Employer and the Union. The Employer agrees to remit any deductions made pursuant to this provision to the Union together with an electronic report showing: 1. Employee name;

  • Voluntary Prepayment Subject to the following conditions, the Borrower may prepay the whole or any part of the Loan on the last day of an Interest Period.