Common use of Life and Disability Insurance Coverage Clause in Contracts

Life and Disability Insurance Coverage. If termination of employment is due to any reason other than death, the Executive shall have the right, subject to receiving approval of the Company (which shall not be unreasonably withheld), to purchase any policy of insurance on his life or insuring against his disability which is owned by the Company, the exercise of which right shall be made by notice furnished to the Company within 30 days subsequent to the date of termination. The purchase price of each policy of life insurance shall be the sum of its interpolated terminal reserve value (computed as of the closing date) and the proportional part of the gross premium last paid before the closing date which covers any period extending beyond that date; or if the policy to be purchased shall not have been in force for a period sufficient to generate an interpolated terminal reserve value, the price shall be an amount equal to all net premiums paid as of the closing date. The purchase price of each disability income policy shall be the sum of its cash value and the proportional part of the gross premium last paid before the closing date which covers any period extending beyond that date. The purchase of any insurance policy by the Executive shall be closed as promptly as may be practicable after the giving of notice, in no event to exceed 30 days therefrom.

Life and Disability Insurance Coverage. If termination of employment is due to any reason other than death, the Executive shall have the right, subject to receiving approval of the Company Corporation (which shall not be unreasonably withheld), to purchase any policy of insurance on his life or insuring against his disability which is owned by the CompanyCorporation, the exercise of which right shall be made by notice furnished to the Company Corporation within 30 days subsequent to the date of termination. The purchase price of each policy of life insurance shall be the sum of its interpolated terminal reserve value (computed as of the closing date) and the proportional part of the gross premium last paid before the closing date which covers any period extending beyond that date; or if the policy to be purchased shall not have been in force for a period sufficient to generate an interpolated terminal reserve value, the price shall be an amount equal to all net premiums paid as of the closing date. The purchase price of each disability income policy shall be the sum of its cash value and the proportional part of the gross premium last paid before the closing date date, which covers any period extending beyond that date. The purchase of any insurance policy by the Executive shall be closed as promptly as may be practicable after the giving of notice, in no event to exceed 30 days therefrom.

Life and Disability Insurance Coverage. If termination of employment this Agreement is due to any reason other than death, the Executive Employee shall have the right, subject to receiving approval of the Company (which shall not be unreasonably withheld), to purchase any policy of insurance on his life or insuring against his disability which is owned by the Company, the exercise of which right shall be made by notice furnished to the Company within 30 days subsequent to the date of termination. The purchase price of each policy of life insurance shall be the sum of its interpolated terminal reserve value (computed as of the closing date) and the proportional part of the gross premium last paid before the closing date which covers any period extending beyond that date; or if the policy to be purchased shall not have been in force for a period sufficient to generate an interpolated terminal reserve value, the price shall be an amount equal to all net premiums paid as of the closing date. The purchase price of each disability income policy shall be the sum of its cash value and the proportional part of the gross premium last paid before the closing date date, which covers any period extending beyond that date. The purchase of any insurance policy by the Executive Employee shall be closed as promptly as may be practicable after the giving of notice, in no event to exceed 30 days therefrom.