Renewal Premium
(first payment due at the beginning of the renewal policy period)
- The premium due should be received in the Plan's office before the due date on the premium notice. This due date is about two weeks prior to the policy renewal date. If not received, a cancellation/policy expiration notice is mailed.
- The policy remains in force if the premium due is either received in the Plan's office PRIOR TO the cancellation/policy expiration date or the payment envelope is postmarked by the Post Office PRIOR TO the cancellation/policy expiration date.
- The premium due will still be accepted if it is received in the Plan's office within 30 days after the cancellation/policy expiration date. The policy did terminate. However, the policy will start again effective the day after the premium due is received in the Plan's office (subject to underwriting). There is a lapse of coverage from the cancellation/policy expiration date until the new effective date.
- If the premium due is received in the Plan's office after this 30 day period, it is not accepted. The payment is returned. The policy terminated on the cancellation/policy expiration date. The policy does not start again.
- If the premium due is never received, the policy terminated on the cancellation/policy expiration 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.