Laserfiche WebLink
<br />PREMIUMS AND PREMIUM RATES <br /> <br />PA YMENT OF PREMIUM. No coverage provided by this Policy will be in effect until the fIrst premium for such coverage is paid. <br />for coverage to remain in effect, the Employer must pay each subsequent premium on or before its due date at the Company's Home <br />OffIce. The premium must be paid in U.S. dollars, <br /> <br />PREMIUM RATES. The initial premium rates for this Policy are shown on the Face Page of this Policy, Premium rates are subject <br />to change. <br /> <br />PREMIUM RATE CHANGE, The Company may change any premium rate: <br />1. when this Policy's terms are changed: <br />(a) as agreed upon by the Policyholder and the Company; or <br />(b) as a result of a change in federal, state or locallaw which affects this Policy; <br />2. when the Company's liability is changed as a result of a change in federal, state, or locallaw; <br />3. when the Policyholder or any covered division, subsidiary or affIliated company relocates; <br />4. when a division, subsidiary, or affIliated company is added to or removed from this Policy; <br />5. when the number of Insured Employees changes by 25% or more from the number of Insured Employees on the <br />date this Policy took effect or the most recent Rate Guarantee Date expired, if later; <br />6. when the Employer ceases to be covered by the state Workers' Compensation program or any other program of <br />like intent; or <br />7. on any premium due date on or after: <br />(a) this Policy's fIrst anniversary; or <br />(b) any later Rate Guarantee Date agreed upon by the Company, <br /> <br />Unless the Company and the Group Policyholder agree otherwise, the Company will give at least 45 days' advance written <br />notice of any increase in premium rates, <br /> <br />MONTHLY PREMIUM AMOUNT. The amount of monthly premium due on each due date will be the Total Covered Payroll <br />multiplied by the premium rate. Changes will not be pro-rated daily. Instead, premium will be adjusted as follows. <br />1. When an Insured Employee's insurance (or increased amount of insurance) takes effect, premium will be charged <br />from the monthly due date coinciding with or next following that change. <br />2. When all or part of an Insured Employee's insurance terminates, the applicable premium will cease on the <br />monthly due date coinciding with or next following that termination. <br />3. When premiums are paid other than monthly, increases or decreases will result in an adjustment from the <br />premium due date coinciding with or next following that change. <br /> <br />The above manner of charging premium is for accounting purposes only. It will not extend insurance coverage beyond a date it <br />would have otherwise terminated. <br /> <br />Each premium payment will include any adjustments in past premiums, which are needed due to changes that have not yet been taken <br />into account. If a premium adjustment involves a return of unearned premium, the amount of the return will be limited to the prior <br />12-month period. <br /> <br />GRACE PERIOD. A Grace Period of 31 days from the due date will be allowed for the payment of each premium after the fIrst. <br />This Policy will remain in effect during the Grace Period. The Policyholder will be liable to the Company for the payment of all <br />premiums due for the period this Policy remains in effect, however. <br /> <br />WAIVER OF PREMIUM. Premium will be administered as follows during any period for which benefIts are payable. <br />1. Long Term Disability premium payments are waived for an Insured Employee who is Disabled, during any <br />period for which benefIts are payable. <br />2. If coverage is to be continued following a period during which premiums were waived; then premium payments <br />must be resumed, as they become due. <br /> <br />GL3001-LTD-l1 98 FL <br /> <br />18 <br /> <br />01/01/01 <br />