Installment Premiums
- The premium due should be received in the Plan's office before the due date on the premium notice. If not received, a cancellation notice for non-payment of premium is mailed.
- The policy remains in force if the premium due is either received in the Plan's office PRIOR TO the cancellation date or the payment envelope is postmarked by the Post Office PRIOR TO the cancellation date. If a timely payment is received, a reinstatement notice is mailed indicating the policy remains in force.
- If the premium due is received but is not timely, it is not accepted. The payment is returned. There is no grace period. The policy terminated on the cancellation date.
- If the premium due is never received, the policy terminated on the cancellation date.
- If coverage is still needed after termination, a completely new submission is required. We may require the full annual premium be paid as deposit with this new submission if the customer has had repeated late payments.