Executive Life Insurance Program Sample Clauses
The Executive Life Insurance Program clause establishes a benefit whereby the company provides life insurance coverage specifically for its executives. Typically, this clause outlines eligibility criteria, the amount of coverage, and whether premiums are paid by the employer or the executive. Its core function is to offer financial security to executives' beneficiaries in the event of their death, serving as both a retention tool and a component of executive compensation packages.
Executive Life Insurance Program. During the Severance Period, the Company will continue to pay the premiums on Executive's policy under the Executive Life Insurance Program.
Executive Life Insurance Program. The life insurance policy described in Section 3(h) shall be delivered to Executive as a fully paid-up policy within thirty (30) days after his date of termination, regardless of Executive's age at such time.
Executive Life Insurance Program. Capital One will continue to pay the entire portion of the premiums associated with group term life insurance coverage offered under the current Capital One Executive Life Insurance Program (the “ELIP”) through the earlier of the date you become eligible to receive coverage under another group life insurance program or 12 months after the Separation Date. You will be responsible for any applicable taxes related to such payments, which premium payments will be reported on Internal Revenue Service Form W-2 to the extent includible in your gross income pursuant to Code section 79. If you wish to convert your group term life insurance policy to an individual whole life policy, please contact Aetna Life Insurance at ▇-▇▇▇-▇▇▇-▇▇▇▇.
Executive Life Insurance Program. Cavanaugh shall be eligible to participate in CP&L's Executive Perma▇▇▇▇ ▇▇▇▇ Insurance Plan, subject to its terms. Coverage under this plan shall consist of an amount equal to Two Million Three Hundred Seventy-Five Thousand Dollars ($2,375,000) in addition to the Fifty Thousand Dollars ($50,000) in group term life insurance policy provided to all senior executives with split dollar life insurance coverage and shall be in lieu of any other insurance coverage available to Company employees under the Company's group-term life insurance program. Cavanaugh shall also be eligible to participate in the Executive Est▇▇▇ ▇▇▇▇▇rvation Plan. Coverage under this plan shall be in an amount equal to Three Million Dollars ($3,000,000) insuring the joint lives of Cavanaugh and his spouse, with Cavanaugh's portion of the such premi▇▇ ▇▇ ▇▇ paid by Cavanaugh or t▇▇ ▇▇▇▇▇▇▇ of an irrevocable life insurance trust esta▇▇▇▇▇▇▇ ▇y Cavanaugh if the trust is the owner of the policy.
Executive Life Insurance Program. Capital One will continue to pay the employer portion of the premiums associated with your life insurance coverage under the Capital One Executive Life Insurance Program (the “ELIP”) through the earlier of the date you become eligible to receive coverage under a group life insurance program not sponsored by Capital One and the conclusion of the IPPA Period. You will be responsible for the employee portion of the premiums. You will have ninety (90) days from the date Capital One’s contributions end to determine whether to continue independently your current life insurance coverage amount or a lesser amount under the ELIP in accordance with the terms of the ELIP. At the commencement of such ninety (90) day period, you will receive notification directly from Lander & Associates regarding your choices for continuing coverage. For such ninety (90) day period, you shall be solely responsible for any premiums or other costs associated with your participation in the ELIP. In the event Capital One replaces the ELIP with another death benefit program, Capital One will provide coverage to you under such death benefit program comparable to your coverage under the ELIP immediately prior to its replacement through the earlier of the date you become eligible to receive coverage under a group life insurance program not sponsored by Capital One and the conclusion of the IPPA Period; provided that you shall be responsible for the employee portion of any premiums or costs associated with such death benefit program in accordance with the terms and conditions thereof; provided further that if you are not eligible to participate in such death benefit program, Capital One shall otherwise arrange for comparable life insurance coverage and you shall be responsible for any premiums or costs associated with such coverage comparable to the employee portion of premiums or costs under such death benefit program. In such case, when your coverage ends pursuant hereto, Capital One will provide you with information regarding your choices for continuing coverage, if any, under such death benefit program. You agree to notify Capital One immediately of the date that you become eligible to receive coverage under a group life insurance program not sponsored by Capital One.
Executive Life Insurance Program. On Executive's date of termination, the Company will pay an amount into the policy as if Executive had continued in employment for the Severance Period at the same total compensation and had attained age 65. At Executive's option, the policy shall be delivered to Executive or he shall be paid the cash value thereof (after the payment referred to in the preceding sentence).