Life Insurance Allowance Sample Clauses

Life Insurance Allowance. It is the intent of the BOARD that the PRESIDENT be provided appropriate life and disability insurance coverage(s). Each contract year during the Employment Period, the BOARD shall pay to the PRESIDENT Twelve Thousand Five Hundred Dollars ($12,500) as an insurance allowance, the intent of which is to reimburse the PRESIDENT for costs associated with such coverage(s), including without limitation, fees and commissions, premiums, and taxes. Such coverage(s) shall be applied for and owned entirely by the PRESIDENT, or the PRESIDENT’S designee. Each contract year during the Employment Period, the insurance allowance to which the PRESIDENT is entitled under this Paragraph (5)B. for such contract year shall be paid to the PRESIDENT in a single lump sum cash payment within 90 days after the end of the contract year. In no event will the insurance allowance to which the PRESIDENT is entitled under this Paragraph (5)B. for one contract year during the Employment Period affect the insurance allowance to which the PRESIDENT is entitled in another contract year.
Sample 1
AutoNDA by SimpleDocs

Related to Life Insurance Allowance

  • Life Insurance No portion of your IRA may be invested in life insurance contracts.

  • Life Insurance Benefits A. During the life of this Agreement, the basic life insurance benefit made available to Faculty members shall be calculated as 3 times base annual earnings, rounded to the next highest $1,000, but not more than $225,000. A separate additional benefit up to the amount of the life insurance will be paid for accidental death and dismemberment, or loss of sight. The amount of Life and Accidental Death and Dismemberment/Loss of Sight benefits will be reduced to 65% at age 65, and further reduced (from the original insurance amount) as follows: to 50% at age 70, and 35% at age 75. Basic life insurance and AD&D benefits will be provided with no employee contributions.

  • Term Life Insurance The Employer will maintain and make available to full-time and part-time employees, the current term life insurance plan as set forth in the document "Summary of Health Benefits, Maryland State Employees."

  • Life Insurance Coverage a. Fifteen Thousand ($15,000) Dollars life insurance policy with AD&D from an insurance carrier selected by the Board, subject to the provisions of this section. Such insurance shall pay double in the case of accidental death or dismemberment.

  • Severance Allowance A laid-off employee shall be entitled to severance allowance pursuant to Article 55.

  • Basic Life Insurance 37.1 The Employer shall pay one hundred percent (100%) of the monthly premium of the basic life insurance plan.

  • Retiree Life Insurance Employees who retire under the Monroe County Employees' Retirement System shall be eligible for $4,000.00 term life insurance. All employees hired by the Employer on or after October 1, 2007 shall not be eligible for Retiree Life Insurance.

  • Dependent Life Insurance In the event of the death of your spouse or dependent child from any cause whatsoever, while you and your dependents are insured under the plan, the insurance company will pay you $10,000 in respect of your spouse and $5,000 in respect of each insured dependent child. This applies to those employees with family health coverage only.

  • 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.

  • CAR ALLOWANCE The Company shall provide the Executive an automobile allowance of $750 per month during the term of Executive’s employment hereunder.

Time is Money Join Law Insider Premium to draft better contracts faster.