Insurance Benefit Clause Samples
The Insurance Benefit clause defines the rights and obligations related to insurance payouts under the agreement. It typically specifies the circumstances under which an insurance benefit is payable, who is entitled to receive the benefit, and any conditions or procedures that must be followed to claim it. For example, it may outline the process for notifying the insurer of a claim or detail exclusions that limit coverage. The core function of this clause is to ensure that parties understand how insurance proceeds will be handled, thereby providing financial protection and clarity in the event of a covered loss.
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Insurance Benefit. The Employer may elect to provide incidental life insurance benefits for insurable Participants who consent to life insurance benefits by signing the appropriate insurance company application form. The Trustee will not purchase any incidental life insurance benefit for any Participant prior to an allocation to the Participant's Account. At an insured Participant's written direction, the Trustee will use all or any portion of the Participant's nondeductible voluntary contributions, if any, to pay insurance premiums covering the Participant's life. This Section 11.01 also authorizes the purchase of life insurance, for the benefit of the Participant, on the life of a family member of the Participant or on any person in whom the Participant has an insurable interest. However, if the policy is on the joint lives of the Participant and another person, the Trustee may not maintain that policy if that other person predeceases the Participant. The Employer will direct the Trustee as to the insurance company and insurance agent through which the Trustee is to purchase the insurance contracts, the amount of the coverage and the applicable dividend plan. Each application for a policy, and the policies themselves, must designate the Trustee as sole owner, with the right reserved to the Trustee to exercise any right or option contained in the policies, subject to the terms and provisions of this Agreement. The Trustee must be the named beneficiary for the Account of the insured Participant. Proceeds of insurance contracts paid to the Participant's Account under this Article XI are subject to the distribution requirements of Article V and of Article VI. The Trustee will not retain any such proceeds for the benefit of the Trust. The Trustee will charge the premiums on any incidental benefit insurance contract covering the life of a Participant against the Account of that Participant. The Trustee will hold all incidental benefit insurance contracts issued under the Plan as assets of the Trust created under the Plan.
Insurance Benefit. 22.1 If the insured capital has become due and payable, the insurer shall pay out as soon as the insurer has received documents which, in its opinion, prove that and to whom any payment is due. The insurer has the right to retain these documents as its property.
22.2 In the event of the death of the insured person, the benefit amounts to a sum which is:
a. if a constant capital is insured, equal to the insured capital as stated on the policy schedule;
b. if a declining linear capital is insured, equal to an amount calculated based on a linear yearly repayment schedule;
c. if an annuity declining capital is insured, equal to an amount calculated based on a yearly annuity repayment schedule with an interest rate indicated on the policy schedule.
22.3 When a diagnosis of a terminal illness has been made, the insurer will pay the benefi ciary 50% of the insured sum up to a maximum of EUR 100.000,- on one insured life. The insurance remains in force for the difference between the insured sum specified in the insurance and the benefit paid in respect of terminal illness, on condition that the payment of the premiums is continued. The outstanding insured capital will be paid out upon the death of the insured.
22.4 Articles 2.5 and 7 lapse after a payment as referred to in Article 22.3. It is not possible to make any changes to the insurance.
22.5 In the case of a pledged policy, the insurer will request approval from the fi ▇▇▇▇▇ company. The payment referred to in Article 22.3 will only take place after permission from the fi nancing company.
22.6 No benefi t in respect of terminal illness shall be paid if:
a. the terminal illness was (partly) caused by an HIV infection;
b. the diagnosis is made within 12 months before the end date of the insurance;
c. the insured person’s age in the event of a claim for benefi ts on account of terminal illness is 65 years or older.
22.7 The payment will be reduced by any premiums and/or costs still due that are for the account of the policyholder.
22.8 The insurer is always entitled to claim back undue payments.
22.9 Payment shall be made by crediting an account designated by the entitled party to a bank institution established in the Netherlands or in another member state of the European Union, using a legal Dutch method of payment.
Insurance Benefit. 11.01 11.02 Limitation on Life Insurance Protection............ 11.01 11.03 Definitions........................................ 11.02 11.04 Dividend Plan...................................... 11.02 11.05 Insurance Company Not a Party to Agreement......... 11.02 11.06 Insurance Company Not Responsible for Trustee's Actions.................................. 11.03 11.07 Insurance Company Reliance on Trustee's Signature.......................................... 11.03 11.08 Acquittance........................................ 11.03 11.09 Duties of Insurance Company........................ 11.03
Insurance Benefit. 11.01 11.02 Limitation on Life Insurance Protection..................11.01 11.03 Definitions..............................................11.02 11.04
Insurance Benefit. The District shall provide medical coverage for the Superintendent pursuant to the same rate as all other employees of the District. Any costs above the payment provided for herein shall be paid by the Superintendent.
Insurance Benefit. (hereinafter the “Benefit”) - a benefit provided by the Insurer to the Entitled Person under the conditions set out in Article 10 hereof.
Insurance Benefit. The Employer may elect to provide incidental life ----------------- insurance benefits for insurable Participants who consent to life insurance benefits by executing the appropriate insurance company application form. The Trustee will not purchase any incidental life insurance benefit for any Participant prior to a contribution allocation to the Participant's Account. At an insured Participant's written direction, the Trustee will use all or any portion of the Participant's Employee contributions, if any, to pay insurance premiums covering the Participant's life. This Section
11.01 also authorizes (except if the Plan is a money purchase pension plan) the purchase of life insurance, for the benefit of the Participant, on the life of a family member of the Participant or on any person in whom the Participant has an insurable interest. However, if the policy is on the joint lives of the Participant and another person, the Trustee may not maintain that policy if the other person predeceases the Participant. The Employer will direct the Trustee as to the insurance company and insurance agent through which the Trustee is to purchase the insurance contracts, the amount of the coverage and the applicable dividend plan. Each application for a policy, and the policies themselves, must designate the Trustee as sole owner, with the right reserved to the Trustee to exercise any right or option contained in the policies, subject to the terms and provisions of this Plan. The Trustee must be the named beneficiary for the Account of the insured Participant. Proceeds of insurance contracts paid to the Participant's Account under this Article XI are subject to the distribution requirements of Article VI. The Trustee will not retain any such proceeds for the benefit of the Trust. The Trustee will charge the premiums on any incidental benefit insurance contract covering the life of a Participant against the Account of that Participant and will treat the insurance contract as a directed investment of the Participant's Account, even if the Plan otherwise does not permit a Participant to direct the investment of his/her own Account. The Trustee will hold all incidental benefit insurance contracts issued under the Plan as assets of the Trust created and maintained under the Plan.
Insurance Benefit. 11.01 11.02 Limitation on Life Insurance Protection . . . . . . . . . . . . . . . . . 11.01 11.03 Definitions . . . . . . . . . . . . . . . . 11.02 11.04 Dividend Plan . . . . . . . . . . . . . . . 11.02 11.05 Insurance Company Not a Party to Agreement . . . . . . . . . . . . . . . . 11.03 11.0.6 Insurance Company Not Responsible for Trustee's Actions . . . . . . . . . . . 11.03 11.07 Insurance Company Reliance on Trustee's Signature . . . . . . . . . . . . 11.03 11.08 Acquittance . . . . . . . . . . . . . . . . 11.03 11.09 Duties of Insurance Company . . . . . . . . 11.03
Insurance Benefit. The Employer may elect to provide incidental life insurance benefits for insurable Participants who consent to life insurance benefits by signing the appropriate insurance company application form. The Trustee will not purchase any incidental life insurance benefit for any Participant prior to the Accounting Date as of which the Advisory Committee first makes an Employer contribution allocation to the Participant's Account. The Employer will direct the Trustee as to the insurance company and insurance agent through which the Trustee is to purchase the insurance contracts, the amount of the coverage and the applicable dividend plan. Each application for a policy, and the policies themselves, must designate the Trustee as sole owner, with the right reserved to the Trustee to exercise any right or option contained in the policies, subject to the terms and provisions of this Agreement. The Trustee must be the named beneficiary for the Account of the insured Participant. Proceeds of insurance contracts paid to the Participant's Account under this Article XI are subject to the distribution requirements of Article V and of Article VI. The Trustee will not retain any such proceeds for the benefit of the Trust. The Trustee will charge the premiums on any incidental benefit insurance contract covering the life of a Participant against the Account of that Participant. The Trustee will hold all incidental benefit insurance contracts issued under the Plan as assets of the Trust created under the Plan. Incidental insurance benefits. The aggregate of life insurance premiums paid for the benefit of a Participant, at all times, may not exceed the value of the Participant's Vested Account Balance nor the following percentages of the aggregate of the Employer's contributions allocated to any Participant's Account: (i) 49% in the case of the purchase of ordinary life insurance contracts; or (ii) 25% in the case of the purchase of term life insurance contracts. If the Trustee purchases a combination of ordinary life insurance contract(s) and term life insurance contract(s), then the sum of one-half of the premiums paid for the ordinary life insurance contract(s) and the premiums paid for the term life insurance contract(s) may not exceed 25% of the Employer contributions allocated to any Participant's Account.
Insurance Benefit. 2.2. In the case of the Insured Event, the Insurer will pay compensation to the Insured for lost, stolen or destroyed luggage or personal item in the amount of the time price of the luggage or personal item, and compensation for the repair costs up to the amount of the time price of the luggage or personal item (up to the insurance benefit limit). The Insurance Benefit for one lost piece of luggage shall be limited by the insurance benefit limit per piece of luggage. The Insurance Benefit for the loss per one piece, pair or set of personal item shall be limited by the insurance benefit limit per item.