Coverage Option C Clause Samples

Coverage Option C. The death benefit will be the greater of:
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Coverage Option C. The death benefit will be the greater of: 1) the Specified Amount on the date of death, plus the total premiums paid, minus the total amount of partial surrenders; or 2) the Contract Value on the date of death multiplied by the corridor percentage as shown in the following table for the Insured’s Age on the date of death. We will increase death benefits under any coverage option by any additional benefits provided by riders in force at the Insured’s death and any premiums received after the date of death. We will also refund any Cost of Insurance charge deducted before death for a period beyond the date of death. We will reduce death benefits by the loan balance at the time of death. ICC19J209 The purpose of the corridor percentage calculation is to ensure that your contract will not be disqualified as a life insurance contract under Section 7702 of the Internal Revenue Code, as amended. If changes occur in the Internal Revenue Code that would disqualify the contract as a life insurance contract, we have the right to amend the contract in order to make it qualify under any new federal income tax laws.
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Coverage Option C. The death benefit will be the greater of: 1) the Specified Amount on the date of death, plus the total premiums paid, minus the total amount of partial surrenders; or 2) the Contract Value on the date of death multiplied by the corridor percentage as shown in the Table of Corridor Percentages in Section 1, Contract Data, for the Insured’s Age on the date of death. We will increase death benefits under any coverage option by any additional benefits provided by riders in force at the Insured’s death and any premiums received after the date of death. We will also refund any Cost of Insurance charge deducted before death for a period beyond the date of death. We will reduce death benefits by the loan balance at the time of death. ICC19J210 The purpose of the corridor percentage calculation is to ensure that your contract will not be disqualified as a life insurance contract under Section 7702 of the Internal Revenue Code, as amended. If changes occur in the Internal Revenue Code that would disqualify the contract as a life insurance contract, we have the right to amend the contract in order to make it qualify under any new federal income tax laws.
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Related to Coverage Option C

  • Coverage Options Eligible employees may select coverage under any one of the dental plans offered by the Employer, including health maintenance organization plans, the State Dental Plan, or other dental plans. Coverage offered through health maintenance organization plans is subject to change during the life of this Agreement upon action of the health maintenance organization and approval of the Employer after consultation with the Joint Labor/Management Committee on Health Plans. However, actuarial reductions in the level of HMO coverages effective during the term of this Agreement, including increases in copayments, require approval of the Joint Labor/Management Committee on Health Plans. Coverage offered through the State Dental Plan is determined by Section 7A2.

  • Optional Life and Disability Coverages In order for coverage to become effective, the employee must be in active payroll status and not using sick leave on the first day following approval by the insurance company. If it is an open enrollment period, coverage may be applied for but will not become effective until the first day of the employee's return to work.

  • Coverage Term All insurance required herein shall be maintained in full force and effect until all work or services required to be performed under the terms of this Agreement are satisfactorily performed, completed and formally accepted by the City, unless specified otherwise in this Agreement.

  • Exercisability Schedule No portion of this Stock Option may be exercised until such portion shall have become exercisable. Except as set forth below, and subject to the discretion of the Administrator (as defined in Section 2 of the Plan) to accelerate the exercisability schedule hereunder, this Stock Option shall be exercisable with respect to the following number of Option Shares on the dates indicated so long as the Optionee remains an employee of the Company or a Subsidiary on such dates: * Max. of $100,000 per yr. Once exercisable, this Stock Option shall continue to be exercisable at any time or times prior to the close of business on the Expiration Date, subject to the provisions hereof and of the Plan.

  • Life and Disability Insurance The Company will provide term life and disability insurance payable to the Employee, in each case in an amount up to a maximum of one times the Employee’s base salary in effect from time to time, provided however, that such amount will be reduced by the amount of any life insurance or death or disability benefit coverage, as applicable, that is provided to the Employee under any other benefit plans or arrangements of the Company. Such policies will be in accordance with the Company’s standard policies from time to time with respect to such insurance and the rules established for individual participation in such plans and under applicable law.