PREMIUMS AND RENEWAL
Paying Premiums
The Initial Premium is due on the Policy Effective Date. Premium payments that purchase additional Paid-Up Value may be made at any time until the Policy converts to Final Paid-Up Status. Premium purchases during a Policy Year cannot exceed the Maximum Annual Premium. Subject to the Grace Period provision, the Policy will convert to Final Paid-Up Status at the end of a Buy-Up Period during which You have not paid at least the Minimum Purchase Premium. The Factors used to determine the Paid-Up Value a premium purchases are subject to change as described below and on the first page of the Policy. Premiums are payable to Us. Your Schedule shows the: Initial Premium; Minimum Purchase Premium; Buy-Up Period; and Maximum Annual Premium.
Notifying Us of Changes
You are responsible for notifying Us if an automatic method of premium payment changes. You must notify Us within 30 days of the effective date of the change. If payments are being made through electronic funds transfer or other automatic payment methods, and the payment cannot be accomplished for any reason, We will bill You directly.
Premium Factor Changes
As stated on the first page of this Policy, We have a limited right to change the Purchase Factors used to computer the Paid-Up Value a premium payment will purchase. Premiums for the purchase of Paid-Up Value are based on Your age when they take effect. Purchase Factors will not change due to a change in Your health, or use of benefits. Purchase Factors may change on a class basis; and only as applicable to future purchases. Purchase Factors changes may be implemented due to:
- a change in benefits or terms of coverage. This includes any such changes required by any law, regu...
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... Against Unintentional Lapse
You have the right to designate at least one person, in addition to Yourself, who is to receive notice of lapse for non-payment of premium during a Buy-Up Period. You may change this designation at any time. To do so, You must notify Us in writing. Every two (2) years We will remind You in writing of this right.
Right to Lower Minimum Premium Requirements
You have the right, at any time, to reduce planned future purchase premiums. To do that You do not need to notify Us, but must pay at least the Minimum Purchase Premium during the Buy-Up Period. You will not be required to provide proof of good health.
The premium reduction will not result in a change in the Purchase Factor used to calculate Paid-Up Value additions. A reduction in the premium paid for future purchases will not affect previous amounts of Paid-Up Value.
were paid piece rates so if any problems did occur such as a drop in
The second payment determination base is known as fee schedule. This payment method is neither based on provider’s cost nor prov...
On March 10, 1937, Joseph Lewis and Jack Green started Progressive Mutual Insurance Company. They wanted to provide vehicle owners with security and protection and they thought an insurance company was a good investment for a couple of lawyers who were just getting started. Since its beginning, Progressive has taken an innovative approach to auto insurance. They offered drive-in claims service before any other auto insurance company and in another industry first, they allowed customers to pay their premiums in installments. An appealing option for those who could not afford annual payments. Progressive wanted and still wants to make auto insurance accessible and easy so more people could protect their vehicles.
Allstate insurance is the second largest property and casualty insurance company by premiums in the United States. Allstate insurance handles about 12% of the U.S home and auto insurance market. (Allstate, 2014). Many of Allstate’s customers fall under what one could refer to as a traditional selection of insurance for automobiles. Recently, Allstate has noticed a major shortcoming in lifestyle insurance, which includes coverage for motorcycles, boats, and other recreational vehicles, in comparison to its competitors. The motorcycle insurance sector is a 10.4 billion dollar industry and growing (PRWEB, 2012). The U.S. Department of Transportation website reports some astounding figures, including that 5,370,035 motorcycles were registered three years before the article, 7,138,476 motorcycles registered at the time of the article, and grew to 9,477,243 registered motorcycles at the end of 2012 (NHTSA, 2013). It is obvious as to why Allstate would identify motorcycle insurance as a worthy lifestyle product to devote marketing research dollars into in order to develop new strategies for cornering a share of the market.
...r the condition to be covered, or be charged extraordinary sums for premiums. The employee must not go without coverage for more than 63 days to avoid the pre-existing condition clauses in a policy. In reality, the government should make Medicaid benefits available to the newly unemployed or low-wage earners due to their now “low-income” status. The reality is that even if the government did make Medicaid benefits available, the state of the economy has caused many states to reduce Medicaid benefits for budgetary reasons.
As regulations keep changing, it is important to note that consumer guarantees are only applicable for goods and services purchased on or after 1st January 2011. The laws that applied before 1st January 2011 might cover any purchases made before this time.
When one examines managed health care and the hospitals that provide the care, a degree of variation is found in the treatment and care of their patients. This variation can be between hospitals or even between physicians within a health care network. For managed care companies the variation may be beneficial. This may provide them with opportunities to save money when it comes to paying for their policy holder’s care, however this large variation may also be detrimental to the insurance company. This would fall into the category of management of utilization, if hospitals and managed care organizations can control treatment utilization, they can control premium costs for both themselves and their customers (Rodwin 1996). If health care organizations can implement prevention as a way to warrant good health with their consumers, insurance companies can also illuminate unnecessary health care. These are just a few examples of how the health care industry can help benefit their patients, but that does not mean every issue involving physician over utilization or quality of care is erased because there is a management mechanism set in place.
Another downfall to HMO coverage is selective-contracting. This is a process where hospitals deny treatment to patients because their...
There are a variety of options chosen that determine an individual’s insurance premium. One option in determining cost are the controllable factors individuals choose when...
Health insurance comes as second nature to many of us. We grab that blue and white card and put it in our wallet and forget about it until we are sick or injured. When this happens, there it is, cushioning our fall like the extra padding it provided to cushion our wallets. This is not the case with everyone, however. Many Americans have no cushion to fall back on, no blue and white card to show the emergency room when they have an unexpected health concern. No HMO with a convenient co-pay amount when their son or daughter develops an ear infection.
The rapid growth of managed care is the response to limited financial resources and the demand for healthcare services to be affordable. Economic viability is a crucial aspect of health care. Managed care plans were developed to provided health care services, but also to be a method to collect payment for services. There are different types of managed care plans. For example, health maintenance organization (HMO), preferred provider organization (PPO), and point-of-service (POS) plans. For brevity of this paper the HMO managed care system will be discussed along with the relevance of the role of the advance practitioner practicing in HMO setting.
Offering employee benefits is one way a company must competes in today’s marketplace to retain old employees and attracts new ones. These benefit packages may range from offering basic health insurance to additional discretionary and perk benefits such as vacation and retirement packages. Benefit packages are often a large portion of employee costs and Federal mandates require an employer to carry and offer certain benefits even if they offer nothing else. Federally required employee benefits make up approximately a quarter of the costs associated with employer offered benefit packages. Some of these mandated benefits include Social Security, Worker’s Compensation Insurance, and the Family Medical Leave Act.
“Medicare and the New Health Care Law — What it Means for You.” (2010). Medicare Publications, http://www.medicare.gov/Publications/Pubs/pdf/11467.pdf
The company mailed me a form stating, that I could, mail the form, fax it, or go online:www.yourdependentverification.com/plan-smart-info.
(c) a requirement that firms with over 50 employees offer coverage or pay a penalty, (d) a major expansion of Medicaid, and (d) regulating health insurers by requiring that they provide and maintain coverage to all applicants and not charge more for those with a history of illness, as well as requiring community rating, guaranteed issue, non-discrimination for pre-existing conditions, and conforming to a spec...