Common use of Insurance Buy-Back Clause in Contracts

Insurance Buy-Back. The Township agrees to make a payment to any Employee who elects to waive their rights to certain insurance coverage provided by the Township. The payment will be on a calendar year basis and will be paid to those Employees who have filed a waiver of coverage with Personnel for the coming year. The waiver must be filed at least one (1) month in advance of effective date of waiver.

Insurance Buy-Back. The Township agrees to make a payment to any Employee employee who elects to waive their rights to certain insurance coverage provided by the Township. The payment will be on a calendar year basis and will be paid with the first pay in February and will be paid to those Employees employees who have filed a waiver of coverage with Personnel the Township Treasurer for the coming year. The waiver must be filed at least one (1) month in advance of effective date of waiver.one