Life & Accident Insurance Clause Samples
The Life & Accident Insurance clause requires one or both parties to maintain insurance coverage that provides financial protection in the event of death or accidental injury. Typically, this clause specifies the minimum coverage amounts, the types of incidents covered, and may require proof of insurance to be provided to the other party. Its core function is to ensure that adequate financial resources are available to address potential losses or liabilities arising from life-threatening or accidental events, thereby managing risk and providing security for the parties involved.
Life & Accident Insurance. 1. Effective January 1, 2016, each employee will be eligible for life & accident insurance (i.e., life insurance, long term disability insurance, and accident insurance) on the same basis, including cost, as management and administrative employees of the Company (excluding officers). Retiree life insurance coverage will not be offered. The Company subsidy for long term disability insurance will be 50% of the cost of coverage.
Life & Accident Insurance. Effective as of the effective date of the 2014 Special Enrollment, each employee will be eligible for life & accident insurance (i.e., life insurance, long term disability insurance, and accident insurance) on the same basis, including cost, as management and administrative employees of the Company (excluding officers). Retiree life insurance coverage will not be offered. The Company subsidy for long term disability insurance will be 50% of the cost of coverage.