Insurance Benefit Allocation Sample Clauses

Insurance Benefit Allocation. The Employer shall pay a monthly district contribution according to the grid below for all employees who are eligible for, and are enrolled in, the School District Group Hospitalization, Medical, and Major Medical Plan who elect to receive coverage. Employees are responsible to request such coverage on a form provided by the Employer. For single coverage, an employee will receive as additional salary any money from the monthly district contribution that was not entirely used in purchasing single coverage through the employer. To qualify for employee plus one or family coverage, the employee must have eligible dependents as defined by the insurance carrier and request such coverage on a form provided by the Employer. The School District Group Hospitalization, Medical, and Major Medical Plan shall not be modified during the term of the Agreement to reduce the aggregate value of benefits except as may be mutually agreed in writing between the parties. Employees over the age of sixty- five (65) shall be covered by such provisions of a plan, if any, as the insurance carrier is willing to provide the District for such employees. The additional cost of any premiums shall be borne by the employee and paid by payroll deduction while the employee is receiving pay from the District. The coverages and benefits provided shall be, in all cases, governed by the terms and conditions of the insurance policy and policies and procedures of the insurance carrier. The Employer will select the insurance carrier and the insurance policy.
AutoNDA by SimpleDocs
Insurance Benefit Allocation. The Employer shall pay a monthly district contribution according to the grid below for all employees who are eligible for, and are enrolled in the School District Group Hospitalization, Medical, and Major Medical Plan and elect to receive coverage. Employees are responsible to request such coverage on a form provided by the Employer. For single coverage, an employee will receive as additional salary any money from the monthly district contribution that was not entirely used in purchasing single coverage through the employer. To qualify for employee plus one or family coverage, the employee must have eligible dependents as defined by the insurance carrier and request such coverage on a form provided by the Employer. Single $651 $684 Employee +1 $686 $720 Family $814 $855 The School District Group Hospitalization, Medical, and Major Medical Plan shall not be modified during the term of the Agreement to reduce the aggregate value of benefits except as may be mutually agreed in writing between the parties. Employees over the age of sixty-five (65) shall be covered by such provisions of a plan, if any, as the insurance carrier is willing to provide the District for such employees. The additional cost of any premiums shall be borne by the employee and paid by payroll deduction while the employee is receiving pay from the District. The coverages and benefits provided shall be, in all cases, governed by the terms and conditions of the insurance policy and policies and procedures of the insurance carrier. The Employer will select the insurance carrier and the insurance policy.
Insurance Benefit Allocation. Subd. 1 Each full-time employee electing SINGLE group health insurance shall be allocated $637 per month for the purposes of purchasing health insurance.

Related to Insurance Benefit Allocation

  • 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.

  • Group Insurance Benefits To determine if a leave under the provisions of the Family and Medical Leave Act will be paid or unpaid leave of absence contact the school district Employee Benefits Department.

  • Insurance Benefits Borrower shall cooperate with Lender in obtaining for Lender the benefits of any Insurance Proceeds lawfully or equitably payable in connection with the Property, and Lender shall be reimbursed for any expenses incurred in connection therewith (including reasonable attorneys' fees and disbursements, and the payment by Borrower of the expense of an appraisal on behalf of Lender in case of a fire or other casualty affecting the Property or any part thereof) out of such Insurance Proceeds.

  • Benefit Coverage The Company agrees to provide pension and welfare benefits as described in the Company Booklets, benefit plan documents or policies of insurance for the duration of the Agreement.

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