Extended Term Insurance Sample Clauses

Extended Term Insurance. If a policy on a risk reinsured with the Pool member(s) is transferred to Extended Term Insurance, the Ceding Company shall immediately inform the Pool member(s). The net amount of reinsurance on such policy will then be the initial amount of the Ceding Company's policy transferred to Extended Term Insurance less the initial amount of the Ceding Company's retention on such policy immediately prior to the date of transfer and less the interpolated cash value on the initial amount of the Extended Term Insurance reinsured with the Pool. member(s). If the reinsurance on such policy was shared with other reinsurers, the new amount of reinsurance with each reinsurer shall be in proportion to the amount in force with each reinsurer immediately prior to the transfer. Reinstatement - If coverage on a risk automatically reinsured with the Pool lapses and is subsequently reinstated under the Ceding Company's regular rules, the reinsurance will be automatically reinstated. If coverage was reinsured on a facultative basis, the Ceding Company will obtain the approval of the Pool member(s)prior to reinstatement if the portion of the coverage reinsured by the Pool member(s) is greater than the portion of the risks retained by the Ceding Company. The Ceding Company shall pay all reinsurance premiums in arrears for the same period the Ceding Company received premiums in arrears under its policy.
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Extended Term Insurance. If your contract lapses, as described in Section 5.8, Grace Period, we will apply the Cash Surrender Value to continue the Specified Amount and any additional benefits provided by riders for a portion of the next month. The amount of extended term insurance is determined according to the coverage option in effect as of the date insurance is extended under this option.
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Extended Term Insurance. If any policy reinsured under this Agreement is changed to Extended Term Insurance, the net amount at risk reinsured will be adjusted as appropriate and reinsurance will be continued in accordance with the provisions of the underlying policy. Reinsurance payments for the adjusted policy will be calculated using (1) the issue age of the original policy, (2) the duration since issuance of the original policy and (3) the underwriting classification immediately prior to the change to Extended Term Insurance.
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Extended Term Insurance. If any premium is unpaid at the end of the grace period, the policy will be in force as fixed benefit extended term insurance. The amount of this term insurance will be the Death Benefit, determined under section 7.1, at the end of the last valuation period prior to the due date of the unpaid premium adjusted for any change in policy debt. The term insurance will start as of the due date of the unpaid premium. The period of term insurance will be determined by using the cash value as of the last day of the grace period as a net single premium at the attained age of the Insured. If the term insurance would extend to or beyond age 100, or if this policy is issued in a classified premium class, fixed benefit paid-up insurance will be provided instead. Extended term insurance does not share in divisible surplus.
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Extended Term Insurance. If any premium is unpaid at the end of the grace period, this Policy will be in force as Extended Term Insurance. The amount of the Life Insurance Benefit under this Extended Term Insurance will be: • the Insurance Amount shown on page 3; plus • the amount of any Paid-up Additions in force under Section 5; plus • the amount of any dividend accumulations (Section 4.1); minus • the amount of any Policy Debt (Section 7.3). These amounts will be determined as of the due date of the unpaid premium. The Extended Term Insurance will start as of the due date of the unpaid premium. The period of the Extended Term Insur- ance will be determined by using the Cash Surren- der Value as a net single premium at the Attained Age of the Insured. If the Extended Term Insurance would extend to or beyond age 121, Paid-up Insur- ance will be provided instead. Extended Term Insur- ance does not share in divisible surplus (Section 4.1). If the Extended Term Insurance is surrendered within 31 days after a Policy anniversary, the Cash Value will not be less than the Cash Value on that anniversary.
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Extended Term Insurance. If this policy lapses during the Required Annual Premium Years Payable period and has a positive Cash Surrender Value on the date of lapse, coverage under this policy will continue as Extended Term Insurance. At that time, all values from the Separate Account and all values from the Long-Term Guaranteed Interest Account will be transferred to the non-loaned portion of the Guaranteed Interest Account. We then assess the full surrender charge against the policy, which will be taken from the non-loaned portion of the Guaranteed Interest Account. If the policy is in Death Benefit Option 1, the face amount of the policy will be reduced by the amount of any outstanding Debt in effect on the date of lapse. The loaned portion of the Guaranteed Interest Account would then be set to zero, and there will no longer be any outstanding Debt in effect under the policy. At the time the policy lapses to Extended Term Insurance, the Policy Value would be set equal to the Cash Surrender Value as of the date of lapse. Once the policy has lapsed to Extended Term Insurance, the Monthly Administration Charge will no longer apply, and no additional premium payments, transfers, partial surrenders, risk classification changes, or changes in face amount may be made. In addition, policy loans will no longer be available. All additional benefit riders will terminate unless they provide otherwise. While this policy is In Force as Extended Term Insurance, monthly processing will proceed as described under the section entitled Policy Value in Part 6, with the following difference: The cost of insurance charge rates will be those in effect for Extended Term Insurance, but in no event will such rates be higher than the maximum guaranteed cost of insurance rates. This policy will be continued as Extended Term Insurance until the first Monthly Calculation Day that the Policy Value is not sufficient to pay the monthly deduction. In such event, the policy will lapse and terminate without value as of such date. REINSTATEMENT Unless this policy has been surrendered for its Cash Surrender Value or unless Extended Term Insurance, if any, has expired, this policy may be reinstated at any time within three years from the date of the premium default, during the Required Annual Premium Years Payable period, as shown on the Schedule Page. Your request for reinstatement must be made by written application, and will require the submission of evidence of insurability satisfactory to Us, and the payment of...
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Extended Term Insurance. 12 SECTION 22. REDUCED PAID-UP INSURANCE......................................12 SECTION 23.
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Extended Term Insurance. If the policy is changed to Extended Term Insurance, any reduction shall be applied against the reinsured amount and the balance of any reinsurance shall continue on a YRT basis. The amount so calculated shall, however, be reduced by that proportion of any cash value provided under the Extended Term benefit that relates to the reinsured portion of the policy. YRT premiums as per Exhibit 8, Reinsurance Rates, at point in scale, shall be paid to the Reinsurer and any extra premiums shall continue to be payable as described in Section 13, Reinsurance Premiums.
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Extended Term Insurance. If the policy is changed to Extended Term Insurance, the reinsurance shall continue on a YRT basis. The reinsurance amount shall be in the same proportion to the Extended Term amount as was the initial reinsurance amount to the initial face amount of the policy. The amount so calculated shall, however, be reduced by that proportion of any cash value provided under the Extended Term benefit which relates to the reinsured portion of the policy. YRT reinsurance premiums as per Exhibit 10, Reinsurance Pates, at point in scale using a rate of 25% higher than standard, shall be paid to the Reinsurer, and any extra reinsurance premiums shall continue to be payable as described in Section 9, Reinsurance Premiums.
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Related to Extended Term Insurance

  • Insurance Term The Consultant shall procure and maintain for the duration of this Agreement, insurance against claims for injuries to persons or damage to property which may arise from or in connection with the performance of the work hereunder by the Consultant, its agents, representatives, or employees.

  • Long Term Disability Insurance 250. The City, at its own cost, shall provide to employees a Long Term Disability (LTD) benefit that provides, after a one hundred and eighty (180) day elimination period, sixty percent salary (60%) (subject to integration) up to age sixty-five (65). Employees who are receiving or who are eligible to receive LTD shall be eligible to participate in the City's Catastrophic Illness Program as set forth in the ordinance governing such program.

  • Commercial Umbrella Liability Insurance The Contractor shall provide a Commercial Umbrella Liability Insurance to provide excess coverage above the Commercial General Liability, Commercial Business Automobile Liability and the Workers' Compensation and Employers' Liability to satisfy the minimum limits set forth herein. The umbrella coverage shall follow form with the Umbrella limits required as follows: $ 2,000,000 per Occurrence $2,000,000 per Occurrence $ 4,000,000 Aggregate $10,000,000 Aggregate Additional Requirements for Commercial Umbrella Liability Insurance are shown below at Paragraph 1.5.3.3.6.

  • 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.

  • Umbrella Insurance During the term of this Contract, Supplier will maintain umbrella coverage over Employer’s Liability, Commercial General Liability, and Commercial Automobile. Minimum Limits: $2,000,000

  • Initial Term Loan The Borrower shall give the Administrative Agent an irrevocable Notice of Borrowing prior to 11:00 a.m. on the Closing Date requesting that the Term Loan Lenders make the Initial Term Loan as a Base Rate Loan on such date (provided that the Borrower may request, no later than three (3) Business Days prior to the Closing Date, that the Lenders make the Initial Term Loan as a LIBOR Rate Loan if the Borrower has delivered to the Administrative Agent a letter in form and substance reasonably satisfactory to the Administrative Agent indemnifying the Lenders in the manner set forth in Section 5.9 of this Agreement). Upon receipt of such Notice of Borrowing from the Borrower, the Administrative Agent shall promptly notify each Term Loan Lender thereof. Not later than 1:00 p.m. on the Closing Date, each Term Loan Lender will make available to the Administrative Agent for the account of the Borrower, at the Administrative Agent’s Office in immediately available funds, the amount of such Initial Term Loan to be made by such Term Loan Lender on the Closing Date. The Borrower hereby irrevocably authorizes the Administrative Agent to disburse the proceeds of the Initial Term Loan in immediately available funds by wire transfer to such Person or Persons as may be designated by the Borrower in writing.

  • 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.

  • Required Insurance Coverages The Contractor also agrees to purchase insurance and have the authorized agent state on the insurance certificate that the Contractor has purchased the following types of insurance coverages, consistent with the policies and requirements of O.C.G.A. §50-21-37. The minimum required coverages and liability limits are as follows:

  • Long Term Care Insurance The University offers full-time faculty the opportunity to purchase Long-Term Care Insurance through a voluntary Long-Term Care Insurance policy. Faculty members are responsible for 100% of the premium, which may be remitted through payroll deduction.

  • The Commercial General Liability Insurance, Comprehensive Automobile Liability Insurance and Excess Public Liability Insurance policies, if written on a Claims First Made Basis, shall be maintained in full force and effect for two (2) years after termination of this LGIA, which coverage may be in the form of tail coverage or extended reporting period coverage if agreed by the Parties.

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