Additional Term Life Insurance Sample Clauses

Additional Term Life Insurance a. The Board shall make available to each Member of the Bargaining Unit and each retiring Member of the Bargaining Unit a plan by which additional term life insurance may be purchased by a Member of the Bargaining Unit or a retiring Member of the Bargaining Unit to increase their own coverage. Such additional coverage must be in multiples of $1,000.00 and its purchase is subject to the following conditions: b. A Member of the Bargaining Unit remaining in active service shall pay the cost of such insurance through payroll deduction. c. A Member of the Bargaining Unit remaining in active service wishing to purchase additional insurance under this provision shall notify the Director of Business Services within the first ten (10) working days of the first semester of the school year. d. A Member of the Bargaining Unit who is retiring at the end of the current school year and wishes to purchase insurance under this provision shall notify the Director of Business Services at least thirty (30) calendar days prior to the effective date of retirement. e. A Member of the Bargaining Unit who is retiring at the end of the current school year shall pay the cost of such insurance on a semi-annual basis and due dates shall be established by the Director of Business Services. If payments are not received by these dates, the Board may cancel the insurance.
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Additional Term Life Insurance. All administrators who have student contact will receive an additional $90,000 Term Life Insurance paid by the Board of Education.
Sample 1
Additional Term Life Insurance. The Company will, during the term of this Agreement, maintain at its expense, term insurance upon the life of Employee in the face amount of $500,000, payable to such beneficiary as Employee shall designate from time to time in writing to the Company and, in the absence of such designation, to his estate. Such insurance shall be in addition to such group term insurance as the Company maintains for the benefit of salaried employees generally of the rank and status of Employee.
Sample 1
Additional Term Life Insurance. The Company will purchase and keep in effect (or will reimburse Executive the cost of purchasing and keeping in effect) term life insurance on Executive's life in an amount of not less than $1 million (with the death benefit payable to Executive's designated beneficiary).]
Sample 1
Additional Term Life Insurance. In addition to any life insurance provided to Executive under Section 8.1, Company shall commencing on the Effective Date pay the premiums for a period of 120 months on a $3 million term life insurance policy on Executive from a company mutually agreed to by Company and Executive, which policy is to be owned by Executive's designee.
Sample 1
Additional Term Life Insurance a. Each teacher shall have the privilege of having a payroll deduction to purchase additional group coverage under guidelines as related to the Board adopted life insurance plan presently in force. b. The guidelines shall be written as per direction of the insurer and the Superintendent.
Sample 1
Additional Term Life Insurance. In addition to any life insurance provided to Executive under Section 7.1, Company shall continue to pay the premiums for a period of 62 months on a $3 million term life insurance policy on Executive from a company mutually agreed to by Company and Executive, which policy is to be owned by the Xxxxxxx X. Xxxxxxxx Article VIII Descendants Trust.
Sample 1
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Related to Additional Term Life Insurance

  • Group Term Life Insurance The Welfare Plan will include Group Term Life Insurance in accordance with the following Table of Hourly Job Rate Brackets and corresponding coverages. Benefits will be payable as a result of death from any cause on a twenty-four (24) hour coverage basis.

  • Term Life Insurance The Employer will maintain and make available to full-time and part-time employees, the current term life insurance plan as set forth in the document "Summary of Health Benefits, Maryland State Employees."

  • Basic Life Insurance 37.1 The Employer shall pay one hundred percent (100%) of the monthly premium of the basic life insurance plan. 37.2 The basic life insurance plan shall provide: (a) Effective June 1, 2002, coverage equal to one hundred percent (100%) of annual salary or ten thousand dollars ($10,000), whichever is greater; (b) where an employee is continuously disabled for a period exceeding six (6) months, the Employer will continue to pay monthly premiums on behalf of the employee until the earliest of recovery, death, or the end of the month in which the employee reaches age sixty-five (65). Any premiums paid by the employee for this coverage between the date of disability and the date this provision comes into force shall be refunded to the employee; (c) a conversion option for terminating employees to be obtained without evidence of insurability and providing coverage up to the amount for which the employee was insured prior to termination (less the amount of coverage provided by the Employer in the case of retirement). The premium of such policy shall be at the current rates of the insuring company. Application must be made within thirty-one (31) days of the date of termination of insurance. The Employer will advise terminating employees of this conversion privilege. The minimum amount that may be converted is two thousand dollars ($2,000). The conversion options shall be: 1. Any standard life or endowment plans (without disability or double-indemnity benefits) issued by the insurance carrier. 2. A one (1) year term insurance plan which is convertible to the standard life or endowment plans referred to in option 1 above. 3. A term to age sixty-five (65) insurance plan. 37.3 The amount of basic life insurance will be adjusted with changes in the employee’s salary from the date of approval of the increase or the effective date, whichever is later. If an employee is absent from work because of sickness or disability on the date an increase in insurance would have occurred, the increase will not take effect until the employee returns to work on a full-time basis (i.e., for at least one (1) full day). 37.4 Basic life insurance will terminate at the end of the month in which an employee ceases to be a regular employee unless coverage is extended under the total disability provision. Employees who receive a monthly benefit from the Public Service Superannuation Fund or the OPSEU Pension Trust are entitled to free coverage of two thousand dollars ($2,000) not earlier than thirty-one (31) days after the first of the month coinciding with or following date of retirement and this amount will be kept in force for the remainder of the employee’s life.

  • Life Insurance No portion of your IRA may be invested in life insurance contracts.

  • Retiree Life Insurance Employees who retire under the Monroe County Employees' Retirement System shall be eligible for $4,000.00 term life insurance. All employees hired by the Employer on or after October 1, 2007 shall not be eligible for Retiree Life Insurance.

  • Basic Life and Accidental Death and Dismemberment Coverage The Employer agrees to provide and pay for the following term life coverage and accidental death and dismemberment coverage for all employees eligible for an Employer Contribution, as described in Section 3. Any premium paid by the State in excess of fifty thousand dollars ($50,000) coverage is subject to a tax liability in accord with Internal Revenue Service regulations. An employee may decline coverage in excess of fifty thousand dollars ($50,000) by filing a waiver in accord with Minnesota Management & Budget procedures. The basic life insurance policy will include an accelerated benefits agreement providing for payment of benefits prior to death if the insured has a terminal condition. $10,000 - $15,000 $15,000 $15,000 $15,001 - $20,000 $20,000 $20,000 $20,001 - $25,000 $25,000 $25,000 $25,001 - $30,000 $30,000 $30,000 $30,001 - $35,000 $35,000 $35,000 $35,001 - $40,000 $40,000 $40,000 $40,001 - $45,000 $45,000 $45,000 $45,001 - $50,000 $50,000 $50,000 $50,001 - $55,000 $55,000 $55,000 $55,001 - $60,000 $60,000 $60,000 $60,001 - $65,000 $65,000 $65,000 $65,001 - $70,000 $70,000 $70,000 $70,001 - $75,000 $75,000 $75,000 $75,001 - $80,000 $80,000 $80,000 $80,001 - $85,000 $85,000 $85,000 $85,001 - $90,000 $90,000 $90,000 Over $90,000 $95,000 $95,000

  • Optional Life Insurance The State shall make available optional term-life insurance to employees. The cost will be paid by the employee on a payroll deduction basis. The available coverage will be at least two (2) times the employee’s salary. No evidence of insurability will be required if an adequate number of employees participate. The State will explore smoker/non-smoker rates and spousal coverage.

  • Group Life Insurance The Hospital shall contribute one hundred percent (100%) toward the monthly premium of HOOGLIP or other equivalent group life insurance plan in effect for eligible full-time employees in the active employ of the Hospital on the eligibility conditions set out in the existing Agreements.

  • Long Term Disability Insurance Plan The Employer shall provide a mutually acceptable long-term disability insurance plan, a copy of which shall appear in Appendix “A” – Long-Term Disability Insurance Plan. The plan shall provide post-probationary regular employees with salary continuation as per Appendix “A” until age sixty-five (65) in the event of a disability. The cost of the plan shall be borne by the Employer.

  • Split Dollar Life Insurance The Company shall pay to the Executive a lump sum equal to the cost on the Termination Date of purchasing, at standard independent insurance premium rates, an individual

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