Amended Provisions of Group Life Policy - Total Disability Benefit Sample Clauses

Amended Provisions of Group Life Policy - Total Disability Benefit. If an employee covered by the Basic Group Life Insurance Plan becomes totally and permanently disabled before reaching the age of 65 years, the Member may elect the waiver of premium benefit whereby the total amount of life insurance in effect at time of disability will be continued in force without payment of premiums as long as the Member remains totally disabled but in no event beyond the Member's sixty-fifth (65th) birthday.
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Amended Provisions of Group Life Policy - Total Disability Benefit. If a Member covered by the Basic Group Life Insurance Plan becomes totally and permanently disabled before reaching the age of 65 years, the Member must select one of the following options at time of disability: Option 1The Member may elect to receive the Member's life insurance in effect at the date of disability subject to a maximum of $40,000. Such amount would be paid in a series of sixty (60) equal monthly instalments while the disability continues but in no event beyond the Member's sixty-fifth (65th) birthday. Any insurance in excess of $40,000 will be continued in force without payment of premiums as long as the Member remains totally and permanently disabled (subject to any reductions or termination due to age as provided under the Plan). If a Member covered by the Plan who is in receipt of monthly instalments dies before the full number of monthly instalments has been paid, the commuted value of the remaining unpaid instalments will be paid to the Member's beneficiary of record. Option 2The Member may elect the waiver of premium benefit whereby the total amount of life insurance in effect at time of disability will be continued in force without payment of premiums as long as the Member remains totally disabled but in no event beyond the Member's sixty-fifth (65th) birthday. Once a Member selects either Option 1 or Option 2, there will be no further opportunity to change the option chosen.
Sample 1
Amended Provisions of Group Life Policy - Total Disability Benefit. If a Member covered by the Basic Group Life Insurance Plan becomes totally and permanently disabled before reaching the age of years, the Member must select one of the following options at time of disability: Option The Member may elect to receive the Member's life insurance in effect at the date of disability subject to a maximum of Such amount would be paid in a series of sixty (60) equal monthly instalments while the disability continues but in no event beyond the Member's sixty-fifth (65th) birthday. Any insurance in excess of will be continued in force without payment of premiums as long as the Member remains totally and permanently disabled (subject to any reductions or termination due to age as provided under the Plan). If a Member covered by Plan who is in receipt of monthly instalments dies before the full number of monthly instalments has been paid. the value of the unpaid instalments will be paid to the Member's beneficiary of record. The Member elect the waiver of premium benefit whereby the total amount of life insurance in effect at time of disability will be continued in force without payment of premiums as long as the Member remains totally disabled but in no event beyond the Member's sixty-fifth (65th) birthday. Once a Member selects either Option or Option there will be no further opportunity to change the option chosen. Optional Group Life Insurance In addition to the Basic Group Life Insurance Plan under Article (a), a Member may elect insurance in multiples of up to a combined (Basic and Optional) of The Member shall pay the full premium cost for the amount of the Optional Group Life Insurance payroll deduction. A Member on leave of absence must, in writing, subscribe for and authorize payroll deduction for Optional Group Life Insurance within thirty-one (31) days of return to employment in order to be covered under the Optional Group Life Insurance Plan. A Member not subscribing for the Optional Group Life Insurance within the limits above may apply for coverage at a later date by making written application authorizing appropriate payroll deduction and providing evidence of insurability satisfactory to the Insurance Company. The Optional Group Life Insurance will be effective on the first day of the month following approval of the evidence of insurability by the carrier. Such cancellation will be effective on the first day of the month following receipt by the Board of the request for cancellation.
Sample 1

Related to Amended Provisions of Group Life Policy - Total Disability Benefit

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • Disability Benefit If the Executive terminates employment due to Disability prior to Normal Retirement Age, the Company shall pay to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Agreement.

  • Long Term Disability Benefit In the event an employee, while covered under this Plan, becomes totally disabled as a result of an accident or a sickness, then, after the employee has been totally disabled for seven (7) months, including periods approved in Sections 1.3(a) and (c), he/she shall be eligible to receive a monthly benefit as follows: (a) while the employee has a time bank balance to be used on a day-for-day basis, full monthly earnings will continue until the time bank is exhausted, and Section 2.6 will not apply; (b) effective March 1, 2001, when an employee has no time bank, or after it is exhausted, the employee shall receive a monthly benefit equal to the sum of: (1) seventy-five percent (75%) of monthly earnings; (2) annual cost-of-living adjustment of the benefit equal to the consumer price index to a maximum of two percent (2%); (3) for the purpose of the above, earnings shall mean basic monthly earnings of the employee's classification. The date of disability for determining the commencement of the first two (2) years of disability shall be the day following the last month of the Short Term Plan period, or an equivalent seven (7) month period. (c) The Long Term Disability benefit payment will be made as long as an employee remains totally disabled in accordance with Section 2.3, and will cease on the date the employee recovers, or at the end of the month in which the employee reaches age sixty-five (65), or resigns or dies, whichever occurs first. (d) An employee in receipt of long term disability benefits will be considered an employee for purposes of pension and will continue to be covered by group life, extended health, dental and medical plans. Employees will not be covered by any other portion of a collective agreement but will retain the right of access to rehabilitative employment as per Article 12.1 and will retain seniority rights should they return to employment within six (6) months following cessation of benefits. (e) When an employee is in receipt of the benefit described in (b) above, contributions required for benefit plans in (d) above and contributions for pension plan will be waived by the Employer. (f) An employee engaged in rehabilitative employment with the Employer and who is receiving partial Long Term Disability benefit payments will have contributions required for benefit plans in (d) above and contributions for pension waived by the Employer, except that pension contributions shall be deducted from any salary received from the Employer to cover the period of rehabilitative employment.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Supplemental Retirement Benefit The Executive will be entitled to receive a monthly Supplemental Retirement Benefit (the "Supplemental Retirement Benefit") commencing on the first day of the month coincident with or following the later of the Executive's termination of employment or attainment of age 60 and continuing for the remainder of his life. Unless otherwise elected by the Executive, the Supplemental Retirement Benefit shall be payable in the form of a 50% joint and survivor annuity which shall be unreduced for the actuarial value of the survivor's benefit. If the Executive's spouse at the time of his death is not more than four years younger than the Executive, the survivor benefit shall be equal to 50% of the Executive's benefit and shall be payable to his spouse for the remainder of the spouse's life. If the Executive's spouse at the time of his death is more than four years younger than the Executive, the benefit payable to the spouse shall be reduced to a benefit having the same actuarial value as the benefit that would have been payable had the spouse been four years younger than the Executive. The Executive shall also have the right to elect a 100% joint and survivor annuity, on an actuarially-reduced basis or a lump-sum payment, on an actuarially-reduced basis (if the Executive makes a timely lump-sum election which avoids constructive receipt), or any other form of payment available or provided under the "Supplemental Plans" defined in this Section 8. Actuarial reductions shall be based on the actual ages of the Executive and his spouse at the time of retirement. If the Executive is not married at the time of his retirement, actuarial adjustments shall be made as if the Executive had a spouse with the same date of birth as the Executive. In the event that the Executive elects a form of payment other than the automatic 50% joint and survivor annuity or other than a lump sum payment, and remarries subsequent to retirement, the benefits payable under this Section shall be actuarially adjusted at the time of the Executive's death to reflect the age of the subsequent spouse. If the Executive elects a lump sum payment at retirement, no further benefits will be payable under this Section.

  • Death Benefits Upon the Executive’s death during the Contract Period, the Executive’s estate shall not be entitled to any further benefits under this Agreement.

  • Long Term Disability Benefits A benefit level of seventy percent (70%) of monthly earnings shall apply. Benefits would commence after a waiting period of seventeen (17) weeks, when Short Term Disability Benefits terminate. Terms of the Master Policy with the Insurance Company shall apply. In order to go on LTD, the person must: (a) Be off work for seventeen (17) consecutive weeks with the same or unrelated illness or injury. (b) Be off work for a total of seventeen (17) weeks with the same illness or injury providing that the return to work was less than twenty (20) consecutive days.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Disability Benefits Technology Errors and Omissions Not less than $1,000,000 each claim Not less than $2,000,000 in aggregate At the time of the first transaction with an Authorized User and updated in accordance with Contract Crime Insurance Not less than $50,000 Commercial General Liability Not less than $5,000,000 each occurrence Updated in accordance with Contract General Aggregate $2,000,000 Products – Completed Operations Aggregate $2,000,000 Personal and Advertising Injury $1,000,000 Business Automobile Liability Insurance Not less than $5,000,000 each occurrence

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