Define: "Premium Notice"
A notice from an insurance company to a policy owner that a premium will be due on a given date.
OTHER USES -- "A Premium due notice will be mailed directly to the authorized person approximately 15 days prior to the policy renewal date. A reminder notice will be mailed approximately 15 days after the due date.
More Examples of Premium Notice:
Policyholders have to pay their premiums on time to avoid policy lapses. To remind our policyholders on premium payment, NTUC INCOME sends them premium notices. There are 2 types of premium notices: notice of premium due (NPD) and notice of giro deduction (NGD). Premium notices are usually generated on the 23rd of every month.
For monthly premium mode, the premium notice is sent every month.
For non-monthly (ie quarterly/ half-yearly/ yearly) premium mode, the premium notice is sent around 25th of the month prior to premium due date*. If the premium remains outstanding, the premium notice will be sent again during the current month and a last notice sent on the subsequent month.
Some policyholders may have made their payment but they still receive the premium notice, stating they have overdue premiums. This is a situation where the payment was not registered before the premium notice is generated. Policyholders may ignore the premium notice. If their subsequent payments are on time, the next cycle of premium notice will be back to showing 2 month premiums due (i.e. current and next months' premiums).
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