O-2002-2546 - Laserfiche WebLink

Browse Search

SECTION 7-PREMIUMS PAYMENT OF PREMIUMS No coverage under this Policy shall be in effect until the fIrst premium for the Policy is paid For coverage to remain in effect, each subsequent premium must be paid on or before its due date. You are responsible for paying premiums when they become due. Premium due dates are determined from the Effective Date. Each premium due date is the same day of each month corresponding with the Effective Date. If there is no such date in any applicable month, the last day of that month shall be used GRACE PERIOD We will allow a thirty-one day Grace Period for the payment of each premium due after the payment of the fIrst premium DurL.'lg this Grace Period, this coverage shall remain in effect. If any premium is not paid within this thirty-one day period, coverage under this Policy will automatically terminate without further notice. Such termination will be effective as of the premium due date immediately following the end of the last period for which the minimum monthly premium has been paid. PREMluMAATE CHANGE We have the right to modify Aggregate Monthly Factor(s) or SpecifIc Monthly Premium Rates on any of the following dates: 1. the effective date of any change in benefIts or other amendment to the Plan; or 2. the date that You acquire or dispose of any subsidiary, affIliated company, corporate division or assets relating thereto; or 3. any Anniversary Date as shown on the cover page ofthis Policy; or 4. any premium due date, when there is a ten percent or more change in the number of Covered Persons during a Policy Period; or 5. at such time as We determine that the last two months of claims in the preceding Policy Period vary by more than ten percent from the average monthly paid claims for the prior ten months. SL-2001 13 (6/01)