Common use of Conversion of Life Insurance Clause in Contracts

Conversion of Life Insurance. (a) If all of an Employee's Life Insurance Terminates After he/she Ceases Active Work but Before Age 65 If an employee ceases active work and is eligible for continued insurance beyond the end of the month in which he/she ceased active work, as provided under Section 12, his/her Group Life Insurance, including Survivor Income Benefits coverage, will stay in force • 31 days following the end of the period for which the Company pays the full cost, or • if he/she is eligible to continue his/her insurance for an additional period beyond such month, 31 days following the end of the month for which premium contributions are paid and accepted, except that Survivor Income Benefits remain in force only as provided in Section 12 (g), after he/she retires under the Retirement Pension Plan. If an employee ceases active work and is not eligible for continued insurance beyond the end of the month in which he/she ceases active work, as provided under Section 12, his/her Life Insurance, including Survivor Income Benefits coverage, will stay in force 31 days following his/her last day worked. During the applicable 31 day period, an employee may convert, without medical examination, to any individual policy of Life Insurance then customarily issued by the Insurer, except term insurance (other than term insurance which is limited to a one year convertible term plan). This is done by making application and paying the required premium to the Insurer. The premium for the individual policy will be that required by the class of risk to which the employee belongs, the form and amount of the individual policy, and his/her age. The maximum amount of the individual policy will be equal to the amount of his/her Group Life Insurance, including Survivor Income Benefits in force on the day immediately preceding the 31 day period during which he/she can convert to an individual policy. However, the individual policy may be in any lesser amount (minimum $500.00) that he/she selects. In determining the maximum amount of individual Life Insurance to which an employee may convert, the total of all Monthly Survivor Income Benefits that would have become payable to his/her Survivors under Section 9 had he/she died on the day before the 31 day period for converting will be included assuming that persons who would then have qualified as his/her survivors did not become ineligible for such Benefits because of marriage or death.

Conversion of Life Insurance. (a) If all of an Employee's Life Insurance Terminates After he/she Ceases Active Work but Before Age 65 If an employee ceases active work and is eligible for continued insurance beyond the end of the month in which he/she ceased active work, as provided under Section 12, his/her Group Life Insurance, including Survivor Income Benefits coverage, will stay in force • 31 days following the end of the period for which the Company pays the full cost, or • if he/she is eligible to continue his/her insurance for an additional period beyond such month, 31 days following the end of the month for which premium contributions are paid and accepted, except that Survivor Income Benefits remain in force only as provided in Section 12 (g), after he/she retires under the Retirement Pension Plan. If an employee ceases active work and is not eligible for continued insurance beyond the end of the month in which he/she ceases active work, as provided under Section 12, his/her Life Insurance, including Survivor Income Benefits coverage, will stay in force 31 days following his/her last day worked. During the applicable 31 day 31day period, an employee may convert, without medical examination, to any individual policy of Life Insurance then customarily issued by the Insurer, except term insurance (other than term insurance which is limited to a one year convertible term plan). This is done by making application and paying the required premium to the Insurer. The premium for the individual policy will be that required by the class of risk to which the employee belongs, the form and amount of the individual policy, and his/her age. The maximum amount of the individual policy will be equal to the amount of his/her Group Life Insurance, including Survivor Income Benefits in force on the day immediately preceding the 31 day period during which he/she can convert to an individual policy. However, the individual policy may be in any lesser amount (minimum $500.00) that he/she selects. In determining the maximum amount of individual Life Insurance to which an employee may convert, the total of all Monthly Survivor Income Benefits that would have become payable to his/her Survivors under Section 9 had he/she died on the day before the 31 day period for converting will be included assuming that persons who would then have qualified as his/her survivors did not become ineligible for such Benefits because of marriage or death.

Conversion of Life Insurance. (a) If all of an Employee's Life Insurance Terminates After he/she Ceases Active Work but Before Age 65 If an employee ceases active work and is eligible for continued insurance beyond the end of the month in which he/she ceased active work, as provided under Section section 12, his/her Group Life Insurance, including Survivor Income Benefits coverage, will stay in force • 31 thirty-one (31) days following the end of the period for which the Company company pays the full cost, or • if he/she is eligible to continue his/her insurance for an additional period beyond such month, 31 thirty-one (31) days following the end of the month for which premium contributions are paid and accepted, except that Survivor Income Benefits remain in force only as provided in Section section 12 (g), after he/she retires under the Retirement Pension Plan. If an employee ceases active work and is not eligible for continued insurance beyond the end of the month in which he/she ceases active work, as provided under Section section 12, his/her Life Insurancelife insurance, including Survivor Income Benefits coverage, will stay in force 31 thirty-one (31) days following his/her last day worked. During the applicable 31 thirty-one (31) day period, an employee may convert, without medical examination, to any individual policy of Life Insurance life insurance then customarily issued by the Insurerinsurer, except term insurance (other than term insurance which is limited to a one (1) year convertible term plan). This is done by making application and paying the required premium to the Insurerinsurer. The premium for the individual policy will be that required by the class of risk to which the employee belongs, the form and amount of the individual policy, and his/her age. The maximum amount of the individual policy will be equal to the amount of his/her Group Life Insurance, including Survivor Income Benefits in force on the day immediately preceding the 31 thirty-one (31) day period during which he/she can convert to an individual policy. However, the individual policy may be in any lesser amount (minimum $500.00) that he/she selects. In determining the maximum amount of individual Life Insurance life insurance to which an employee may convert, the total of all Monthly Survivor Income Benefits monthly survivor income benefits that would have become payable to his/her Survivors under Section section 9 had he/she died on the day before the 31 thirty-one (31) day period for converting will be included assuming that persons who would then have qualified as his/her survivors did not become ineligible for such Benefits benefits because of marriage or death.

Conversion of Life Insurance. (a) If all of an Employeeemployee's Life Insurance Terminates After life insurance terminates after he/she Ceases Active Work ceases active work but Before Age before age 65 If an employee ceases active work and is eligible for continued insurance beyond the end of the month in which he/she ceased active work, as provided under Section section 12, his/her Group Life Insurancegroup life insurance, including Survivor Income Benefits survivor income benefits coverage, will stay in force force: • 31 thirty-one (31) days following the end of the period for which the Company company pays the full cost, or • if he/she is eligible to continue his/her insurance for an additional period beyond such month, 31 thirty-one (31) days following the end of the month for which premium contributions are paid and accepted, except that Survivor Income Benefits remain in force only as provided in Section section 12 (g), after he/she retires under the Retirement Pension Plan. If an employee ceases active work and is not eligible for continued insurance beyond the end of the month in which he/she ceases active work, as provided under Section section 12, his/her Life Insurancelife insurance, including Survivor Income Benefits survivor income benefits coverage, will stay in force 31 days following his/her last day worked. During the applicable 31 thirty-one (31) day period, an employee may convert, without medical examination, to any individual policy of Life Insurance life insurance then customarily issued by the Insurerinsurer, except term insurance (other than term insurance which is limited to a one one-year convertible term plan). This is done by making application and paying the required premium to the Insurerinsurer. The premium for the individual policy will be that required by the class of risk to which the employee belongs, the form and amount of the individual policy, and his/her age. The maximum amount of the individual policy will be equal to the amount of his/her Group Life Insurancegroup life insurance, including Survivor Income Benefits survivor income benefits in force on the day immediately preceding the 31 thirty- one (31) day period during which he/she can convert to an individual policy. However, the individual policy may be in any lesser amount (minimum $500.00) that he/she selects. In determining the maximum amount of individual Life Insurance life insurance to which an employee may convert, the total of all Monthly Survivor Income Benefits monthly survivor income benefits that would have become payable to his/her Survivors survivors under Section section 9 had he/she died on the day before the 31 day period for converting will be included assuming that persons who would then have qualified as his/her survivors did not become ineligible for such Benefits benefits because of marriage or death.

Conversion of Life Insurance. (a) If all of an Employee's Life Insurance Terminates After he/she Ceases Active Work but Before Age 65 If an employee ceases active work and is eligible for continued insurance beyond the end of the month in which he/she ceased active work, as provided under Section 12section 14, his/her Group Life Insurance, including Survivor Income Benefits coverage, will stay in force • 31 days following the end of the period for which the Company company pays the full cost, or • if he/she is eligible to continue his/her insurance for an additional period beyond such month, 31 days following the end of the month for which premium contributions are paid and accepted, except that Survivor Income Benefits remain in force only as provided in Section 12 (gsection 14(g), after he/she retires under the Retirement Pension Plan. If an employee ceases active work and is not eligible for continued insurance beyond the end of the month in which he/she ceases active work, as provided under Section 12section 14, his/her Life Insurance, including Survivor Income Benefits coverage, will stay in force 31 days following his/her last day worked. During the applicable 31 day period, an employee may convert, without medical examination, to any individual policy of Life Insurance then customarily issued by the Insurer, except . The Insurer will provide an individual policy of (i) term insurance for a period of one year; (other than ii) term insurance which is limited to a one year convertible term plan)age 65; or (iii) life insurance under any regular plan then being issued by the insurance company. This is done by making application and paying the required premium to the Insurer. The premium for the individual policy will be that required by the class of risk to which the employee belongs, the form and amount of the individual policy, and his/her age. The maximum amount of the individual policy will be equal to the amount of his/her Group Life Insurance, including Survivor Income Benefits in force on the day immediately preceding the 31 day period during which he/she can convert to an individual policy. However, the individual policy may be in any lesser amount (minimum $500.00500) that he/she selects. In determining the maximum amount of individual Life Insurance to which an employee may convert, the total of all Monthly Survivor Income Benefits that would have become payable to his/her Survivors under Section section 9 had he/she died on the day before the 31 day period for converting will be included assuming that persons who would then have qualified as his/her survivors did not become ineligible for such Benefits because of marriage or death.

Conversion of Life Insurance. (a) If all of an Employee's ’s Life Insurance Terminates After he/she Ceases Active Work but Before Age 65 If an employee ceases active work and is eligible for continued con- tinued insurance beyond the end of the month in which he/she ceased active work, as provided under Section 12, his/her section Group Life Insurance, including Survivor Income Benefits coverage, will stay in force • 31 days following the end of the period for which the Company company pays the full cost, or • if he/she is eligible to continue his/her insurance for an additional period beyond such month, 31 days following follow- ing the end of the month for which premium contributions are paid and accepted, except that Survivor Income Benefits remain in force only as provided in Section 12 (g), section after he/she retires under the Retirement Pension Plan. If an employee ceases active work and is not eligible for continued insurance beyond the end of the month in which he/she ceases active work, as provided under Section 12, his/her Life Insurancesection life insurance, including Survivor Income Benefits coverage, will stay in force 31 days following his/her last day worked. During the applicable 31 I day period, an employee may convert, without medical examination, to any individual policy of Life Insurance life insurance then customarily issued by the Insurerinsurer, except term insurance (other than term insurance which is limited to a one one-year convertible term plan). This is done by making application and paying the required premium pre- mium to the Insurerinsurer. The premium for the individual policy poli- cy will be that required by the class of risk to which the Appendix employee belongs, . the form and amount of the individual policy, and his/her age. The maximum amount of the individual indi- vidual policy will be equal to the amount of his/her Group Life Insurance, including Survivor Income Benefits in force on the day immediately preceding the 31 day period during which he/she can convert to an individual policy. However, the individual policy may be in any lesser amount (minimum $500.00500) that he/she selects. In determining the maximum amount of individual Life Insurance life insurance to which an employee may convert, the total of all Monthly Survivor Income Benefits monthly survivor income benefits that would have become payable to his/her Survivors under Section 9 section had he/she died on the day before the 31 day period for converting con- verting will be included assuming that persons who would then have qualified as his/her survivors did not become ineligible for such Benefits benefits because of marriage or death.. If Employment Terminates at or After Age An employee may convert to an individual policy of life insurance, without medical examination, as described in subsection (a) above, if employment terminates at or after age except that must apply and pay the first premium for the individual policy within days following ter- mination date, and the maximum amount of the individual policy to which may convert is reduced by the amount of Continuing Group Life Insurance for which becomes eligible, and when the individual policy becomes effective, Group Life Insurance remaining in force will be reduced by the amount of such individual policy. During the day period of converting in accordance with this subsection Group Life Insurance, including Survivor Income Benefits, stays in force, except that Survivor Income Benefits do not stay in force after retires under the Retirement Pension Plan. continued Section