55A - HARTFORD INSURNACE - Laserfiche WebLink

Home Browse Search

PREMIUM PROVISIONS Initial Monthly Premium Rates The initial monthly premium rates to be charged for employee coverage and/or child/spouse coverage, if applicable, are shown on the following page(s). The first premium is due and payable on the effective date of The Policy. Subject to The Policy's grace period provision, all premiums after the first must be paid when or before they are due. Premiums are based on the employee's age on his or her effective date and thereafter on the first day of the month following the month in which his or her birthday occurs. For Lang Term Disability Benefits, the amount of an employee's Indexed Pre -disability Earnings which is disregarded in determining his or her Monthly Benefit because of the Maximum Monthly Benefit limitation will also be disregarded in determining the amount of the total insured payroll. The Initial Monthly Premium Rates may be converted as follows To Convert Rates to: Use a Conversion Factor of: annual rates 11.8227 semi-annual rates 5.9557 quarterly rates 2.9852 Grace Period The Company will allow the Policyholder a 60 day grace period for the payment of all premiums after the first. During this 60 day period, The Policy will stay in force. If the owed premium is not paid by the 60th day, The Policy will automatically terminate. If the Policyholder gives The Company written advance notice of an earlier cancellation date, The Policy will terminate on the earlier date. Premium is due for each day The Policy is in force. Monthly Premium Rate Guarantee Initial Monthly Premium Rates are guaranteed as follows: Benefit Rate Guarantee Period Long Term Disability Benefits until January 1, 2020 Basic Life Insurance until January 1, 2020 Supplemental Life Insurance until January 1, 2020 Supplemental Dependent Life Insurance until January 1, 2020 Basic Accidental Death and Dismemberment Benefit until January 1, 2020 Supplemental Accidental Death and Dismemberment Benefit until January 1, 2020 Subject to the Rate Guarantee Period shown above, The Company has the right to change premium rates on any premium due date if: 1) written notice is delivered to the Policyholder's last address on record; and 2) the change is effective at least 31 days after the date of notice. The Rate Guarantee Period supersedes only those provisions appearing elsewhere in this Policy which give The Company the right to change the premium rates, and then, only for the period of time for which the rates are guaranteed. However, The Company may change the premium rates during the Rate Guarantee Period if there is a change in The Policy, or if there is a 10% increase or decrease in the number of insured Employees, or if the Policyholder adds or deletes a subsidiary or affiliated business entity. The Company may also change the premium rates during the Rate Guarantee Period if there has been a material misstatement in the reported experience during the pre -sale process. The Rate Guarantee Period in no way affects, amends or supersedes any other provision in The Policy. Form GBD-1000 A (10/08) (CA) 4 55A-9