{"id":6115,"date":"2019-10-10T12:09:12","date_gmt":"2019-10-10T10:09:12","guid":{"rendered":"https:\/\/www.prismalife.com\/?post_type=encyclopedia&#038;p=6115"},"modified":"2020-02-04T08:28:51","modified_gmt":"2020-02-04T07:28:51","slug":"premium","status":"publish","type":"encyclopedia","link":"https:\/\/www.prismalife.com\/en\/prismawiki\/premium\/","title":{"rendered":"Premium"},"content":{"rendered":"<p>Payment by the <a href=\"https:\/\/www.prismalife.com\/en\/prismawiki\/policyholder\/\" target=\"_self\" title=\"The parties to an insurance contract are the insurer on the one hand and the policyholder on the other. Both, natural and legal persons are eligible as policyholders.\" class=\"encyclopedia\">policyholder<\/a> for the insurance cover. A distinction is made between first <a href=\"https:\/\/www.prismalife.com\/en\/prismawiki\/premium-2\/\" target=\"_self\" title=\"Payment by the policyholder for the insurance cover. A distinction is made between first premium and subsequent premium. Initial premium: Premium where the payment brings the insurance cover into effect, unless provisional cover has been granted or retroactive cover has been agreed (material commencement of insurance). If the initial premium is not paid on time,&hellip;\" class=\"encyclopedia\">premium<\/a> and subsequent <a href=\"https:\/\/www.prismalife.com\/en\/prismawiki\/premium-2\/\" target=\"_self\" title=\"Payment by the policyholder for the insurance cover. A distinction is made between first premium and subsequent premium. Initial premium: Premium where the payment brings the insurance cover into effect, unless provisional cover has been granted or retroactive cover has been agreed (material commencement of insurance). If the initial premium is not paid on time,&hellip;\" class=\"encyclopedia\">premium<\/a>.<\/p>\n<p><strong>Initial <a href=\"https:\/\/www.prismalife.com\/en\/prismawiki\/premium-2\/\" target=\"_self\" title=\"Payment by the policyholder for the insurance cover. A distinction is made between first premium and subsequent premium. Initial premium: Premium where the payment brings the insurance cover into effect, unless provisional cover has been granted or retroactive cover has been agreed (material commencement of insurance). If the initial premium is not paid on time,&hellip;\" class=\"encyclopedia\">premium<\/a><\/strong>: <a href=\"https:\/\/www.prismalife.com\/en\/prismawiki\/premium-2\/\" target=\"_self\" title=\"Payment by the policyholder for the insurance cover. A distinction is made between first premium and subsequent premium. Initial premium: Premium where the payment brings the insurance cover into effect, unless provisional cover has been granted or retroactive cover has been agreed (material commencement of insurance). If the initial premium is not paid on time,&hellip;\" class=\"encyclopedia\">Premium<\/a> where the payment brings the insurance cover into effect, unless provisional cover has been granted or retroactive cover has been agreed (material commencement of insurance). If the initial <a href=\"https:\/\/www.prismalife.com\/en\/prismawiki\/premium-2\/\" target=\"_self\" title=\"Payment by the policyholder for the insurance cover. A distinction is made between first premium and subsequent premium. Initial premium: Premium where the payment brings the insurance cover into effect, unless provisional cover has been granted or retroactive cover has been agreed (material commencement of insurance). If the initial premium is not paid on time,&hellip;\" class=\"encyclopedia\">premium<\/a> is not paid on time, the Insurer is released from the obligation to pay benefits upon occurrence of an <a href=\"https:\/\/www.prismalife.com\/en\/prismawiki\/insured-event\/\" target=\"_self\" title=\"An insured event is an event for which - if it occurs during the term of insurance - the insurer is obliged to pay benefits.\" class=\"encyclopedia\">insured event<\/a> and is entitled to withdraw from the contract. However, this requires that the <a href=\"https:\/\/www.prismalife.com\/en\/prismawiki\/policyholder\/\" target=\"_self\" title=\"The parties to an insurance contract are the insurer on the one hand and the policyholder on the other. Both, natural and legal persons are eligible as policyholders.\" class=\"encyclopedia\">policyholder<\/a> is responsible for the non-payment. This also applies to the <a href=\"https:\/\/www.prismalife.com\/en\/prismawiki\/single-premium\/\" target=\"_self\" title=\"Payment of the premium in advance for the entire insurance period.\" class=\"encyclopedia\">single premium<\/a>.<\/p>\n<p><strong>Subsequent <a href=\"https:\/\/www.prismalife.com\/en\/prismawiki\/premium-2\/\" target=\"_self\" title=\"Payment by the policyholder for the insurance cover. A distinction is made between first premium and subsequent premium. Initial premium: Premium where the payment brings the insurance cover into effect, unless provisional cover has been granted or retroactive cover has been agreed (material commencement of insurance). If the initial premium is not paid on time,&hellip;\" class=\"encyclopedia\">premium<\/a><\/strong>: <a href=\"https:\/\/www.prismalife.com\/en\/prismawiki\/premium-2\/\" target=\"_self\" title=\"Payment by the policyholder for the insurance cover. A distinction is made between first premium and subsequent premium. Initial premium: Premium where the payment brings the insurance cover into effect, unless provisional cover has been granted or retroactive cover has been agreed (material commencement of insurance). If the initial premium is not paid on time,&hellip;\" class=\"encyclopedia\">Premium<\/a> for an insurance that is due after the initial <a href=\"https:\/\/www.prismalife.com\/en\/prismawiki\/premium-2\/\" target=\"_self\" title=\"Payment by the policyholder for the insurance cover. A distinction is made between first premium and subsequent premium. Initial premium: Premium where the payment brings the insurance cover into effect, unless provisional cover has been granted or retroactive cover has been agreed (material commencement of insurance). If the initial premium is not paid on time,&hellip;\" class=\"encyclopedia\">premium<\/a>. If a subsequent <a href=\"https:\/\/www.prismalife.com\/en\/prismawiki\/premium-2\/\" target=\"_self\" title=\"Payment by the policyholder for the insurance cover. A distinction is made between first premium and subsequent premium. Initial premium: Premium where the payment brings the insurance cover into effect, unless provisional cover has been granted or retroactive cover has been agreed (material commencement of insurance). If the initial premium is not paid on time,&hellip;\" class=\"encyclopedia\">premium<\/a> is not paid on time, the insurer may set a payment deadline for the <a href=\"https:\/\/www.prismalife.com\/en\/prismawiki\/policyholder\/\" target=\"_self\" title=\"The parties to an insurance contract are the insurer on the one hand and the policyholder on the other. Both, natural and legal persons are eligible as policyholders.\" class=\"encyclopedia\">policyholder<\/a> at the <a href=\"https:\/\/www.prismalife.com\/en\/prismawiki\/policyholder\/\" target=\"_self\" title=\"The parties to an insurance contract are the insurer on the one hand and the policyholder on the other. Both, natural and legal persons are eligible as policyholders.\" class=\"encyclopedia\">policyholder<\/a>&rsquo;s expense, stating the legal consequences.<\/p>","protected":false},"author":1,"template":"","encyclopedia-category":[],"encyclopedia-tag":[],"class_list":["post-6115","encyclopedia","type-encyclopedia","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.prismalife.com\/en\/wp-json\/wp\/v2\/encyclopedia\/6115","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.prismalife.com\/en\/wp-json\/wp\/v2\/encyclopedia"}],"about":[{"href":"https:\/\/www.prismalife.com\/en\/wp-json\/wp\/v2\/types\/encyclopedia"}],"author":[{"embeddable":true,"href":"https:\/\/www.prismalife.com\/en\/wp-json\/wp\/v2\/users\/1"}],"version-history":[{"count":1,"href":"https:\/\/www.prismalife.com\/en\/wp-json\/wp\/v2\/encyclopedia\/6115\/revisions"}],"predecessor-version":[{"id":7552,"href":"https:\/\/www.prismalife.com\/en\/wp-json\/wp\/v2\/encyclopedia\/6115\/revisions\/7552"}],"wp:attachment":[{"href":"https:\/\/www.prismalife.com\/en\/wp-json\/wp\/v2\/media?parent=6115"}],"wp:term":[{"taxonomy":"encyclopedia-category","embeddable":true,"href":"https:\/\/www.prismalife.com\/en\/wp-json\/wp\/v2\/encyclopedia-category?post=6115"},{"taxonomy":"encyclopedia-tag","embeddable":true,"href":"https:\/\/www.prismalife.com\/en\/wp-json\/wp\/v2\/encyclopedia-tag?post=6115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}