Increase in cover for existing Insured Sample Clauses

Increase in cover for existing Insured. Members 3.3.1 The Insured Member is eligible for increase in Sum Assured of the Group Life Cover during the term of the Group Policy either due to change in the class or grade of an existing Insured Member(s), or a change in salary of such Insured Member(s), or both. However, any such increase shall take effect on the Next Annual Renewal Date subject to the provisions mentioned hereinafter. 3.3.2 In case the Group Life Cover for any Insured Member under this Group Policy is equal to the difference between the Total Statutory Gratuity Benefits and the Accrued Gratuity for the Member concerned, the increase in Group Life Cover would deemed to be effective from the Next Annual Renewal Date. 3.3.3 If however, the Group Life Cover offered under this Group Policy is in excess of the difference between the Total Statutory Gratuity Benefits and the Accrued Gratuity of the Member concerned or if the Group Policy Holder proposes to pay Extraordinary Gratuity Benefits; the Total Sum Assured, as defined hereinabove, shall be considered for determining Individual Underwriting requirements for all Eligible Members to be covered under this Group Policy. If for an Eligible Member, the Total Sum Assured after increase is below the Free Cover Limit as stated in the Schedule, the increase in the coverage shall take effect on the Annual Renewal Date falling due immediately after the date the of change in the Member’s employment class or grade, and/or an increase in Salary. If for an Eligible Member, after increase a portion of the Total Sum Assured is above the Free Cover Limit as stated in the Schedule, then the portion of the increased Total Sum Assured that is up to Free Cover Limit shall take effect on the Annual Renewal Date falling due immediately after the date the of change in the Member’s employment class or grade, and/or an increase in Salary. The eligibility of the Insured Member for the portion of the increased Total Sum Assured above Free Cover Limit shall be determined after completion of the Individual Underwriting process as per the internal guidelines of the Company, the cost of which shall be borne fully by the Company, and coverage shall take effect on the date the Company states in Writing, provided all other eligibility conditions are met by the Insured Member on that date. However, if the Individual Underwriting process cannot be completed due to the Insured Member’s inability to complete the process within the time period specified by the Company, or th...
Sample 1
AutoNDA by SimpleDocs

Related to Increase in cover for existing Insured

  • Renewal Policies Not less than thirty (30) days prior to the expiration date of each insurance policy required pursuant to the Insurance Agreement, Mortgagor will deliver to Mortgagee either an appropriate renewal policy (or a certified copy thereof), together with evidence satisfactory to Mortgagee that the applicable premium has been prepaid.

  • CONDITIONS FOR EMERGENCY/HURRICANE OR DISASTER - TERM CONTRACTS It is hereby made a part of this Invitation for Bids that before, during and after a public emergency, disaster, hurricane, flood, or other acts of God that Orange County shall require a “first priority” basis for goods and services. It is vital and imperative that the majority of citizens are protected from any emergency situation which threatens public health and safety, as determined by the County. Contractor agrees to rent/sell/lease all goods and services to the County or other governmental entities as opposed to a private citizen, on a first priority basis. The County expects to pay contractual prices for all goods or services required during an emergency situation. Contractor shall furnish a twenty-four (24) hour phone number in the event of such an emergency.

  • Renewal Policy Your account will automatically renew at maturity. You will have a grace period of seven (7) calendar days after the maturity date to withdraw the funds in the account without being charged an early withdrawal penalty. During this grace period you may make additional deposits.

  • Overload Compensation ‌ An instructional faculty member may be given overload compensation for additional instructional responsibilities beyond the normal work day or work year. The conditions and compensation of all overload duties shall be established prior to the beginning of additional instructional work. The rate of compensation shall be paid on a prorated salary basis. When calculating the prorated hourly salary under this section, the academic year salary shall be divided by 1344 hours. Faculty members have the option of refusing additional work assignments: when this occurs the rate of compensation will be agreed upon between the employer and the faculty member.

  • Coverages This insurance applies to the Described Location, Coverages for which a Limit of Liability is shown and Perils Insured Against for which a Premium is stated. COVERAGE A – Dwelling We cover:

  • Compensation and Employers Liability Insurance a. Statutory California Workers' Compensation coverage including broad form all-states coverage.

  • No Layoff to Compensate for Overtime Employees shall not be required to layoff during regular hours to equalize any overtime worked.

  • No Lay-Off to Compensate for Overtime An employee shall not be required to lay-off during regular hours to equalize any overtime worked.

  • Reciprocal Compensation Traffic Telecommunications traffic originated by a Customer of one Party on that Party’s network and terminated to a Customer of the other Party on that other Party’s network, except for Telecommunications traffic that is interstate or intrastate Exchange Access, Information Access, or exchange services for Exchange Access or Information Access. The determination of whether Telecommunications traffic is Exchange Access or Information Access shall be based upon Verizon’s local calling areas as defined by Verizon. Reciprocal Compensation Traffic does not include the following traffic (it being understood that certain traffic types will fall into more than one (1) of the categories below that do not constitute Reciprocal Compensation Traffic): (1) any Internet Traffic;

  • Office Space for Receiver and Corporation For the period commencing on the day following Bank Closing and ending on the one hundred eightieth (180th) day thereafter, the Assuming Bank agrees to provide to the Receiver and the Corporation, without charge, adequate and suitable office space (including parking facilities and vault space), furniture, equipment (including photocopying and telecopying machines), email accounts, network access and technology resources (such as shared drive) and utilities (including local telephone service and fax machines) at the Bank Premises occupied by the Assuming Bank for their use in the discharge of their respective functions with respect to the Failed Bank. In the event the Receiver and the Corporation determine that the space provided is inadequate or unsuitable, the Receiver and the Corporation may relocate to other quarters having adequate and suitable space and the costs of relocation and any rental and utility costs for the balance of the period of occupancy by the Receiver and the Corporation shall be borne by the Assuming Bank. Additionally, the Assuming Bank agrees to pay such bills and invoices on behalf of the Receiver and Corporation as the Receiver or Corporation may direct for the period beginning on the date of Bank Closing and ending on Settlement Date. Assuming Bank shall submit it requests for reimbursement of such expenditures pursuant to Article VIII of this Agreement.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!