Life Insurance Benefit. Effective September 1, 2021, each regular, full-time employee shall be eligible for district-paid and approved term life insurance coverage, the amount being twenty thousand dollars ($20,000.00). The amount paid for such life insurance shall not exceed three dollars and sixty cents ($3.60) per month per eligible employee. • If the employee or the covered spouse reaches an age shown below, the amount of insurance will be the amount determined from the Schedule of Insurance, multiplied by the appropriate percentage be- low: Plan 1 and Plan 2 Life Insurance, AD&D Insurance and Plan 2 Dependents Life Insurance: Age: Percentage: 65 through 69 65% 70 through 74 50% 75 or over 35%
Life Insurance Benefit. The Northwestern Mutual Life Insurance Company will pay a benefit on the death of the Insured while this policy is in force. Subject to the terms and conditions of the policy: - payment of the death proceeds will be made after proof of the death of the Insured is received at the Home Office; and - payment will be made to the beneficiary or other payee under Section 10. The amount of the death proceeds will be: - the death benefit (Section 3.1); less - the amount of any policy debt (Section 9.3); less - any Monthly Policy Charges due and unpaid if the Insured dies during the grace period (Section 4.5). These amounts will be determined as of the date of death. The Company will pay interest on the death proceeds from the date of death until the proceeds are withdrawn in cash. Interest will be at a rate of not less than 2%, or at any higher rate required by state law.
Life Insurance Benefit. 1. The basic life insurance benefit made available to full-time bargaining unit members shall be calculated as three (3) times base annual earnings, rounded to the next highest $1,000, but not more than $225,000-EFFECTIVE August 1, 2012. A separate additional benefit up to the amount of the life insurance will be paid for accidental death, dismemberment, or loss of sight. The amount of Life and Accidental Death and Dismemberment 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.
2. Full-time bargaining unit members are eligible to purchase additional amounts of group term life insurance at a level of between one (1) and three (3) times annual salary with a maximum of $500,000. The life insurance carrier will determine the guaranteed issue level at initial enrollment.
3. Full-time bargaining unit members are eligible to purchase group term life insurance for spouses at a level of between one (1) and three (3) times the employee’s annual salary with a maximum of $500,000. The life insurance carrier will determine the guaranteed issue level at initial enrollment.
4. Full-time bargaining unit members are eligible to purchase group term life insurance for eligible dependent children at a level of $10,000.
5. The University reserves the right to change the insurance carrier or otherwise alter the method of providing the life insurance benefit.
Life Insurance Benefit. The Northwestern Mutual Life Insurance Company (“the Company”) will pay the Life Insurance Benefit on the death of the Insured while this Policy is in force. Subject to the terms and conditions of this Policy, the payment of the Life Insurance Benefit will be: • made after proof of the death of the Insured is received at the Home Office; and • made to the Beneficiaries (Section 14) except as provided in any collateral assignment (Section 2.4). The amount of the Life Insurance Benefit will be: • the Death Benefit (Section 3.1); less • the amount of any Policy Debt (Section 10.3); less • the amount of any Adjustments to Life Insurance Benefit During Grace Period (Section 4.6). The Life Insurance Benefit will be determined as of the date of the Insured’s death except as provided in Section 2.1 with respect to when the Owner exercises any rights after the death of the Insured. The Life Insurance Benefit may be adjusted for misstatements (Section 1.6). In the event of death by suicide, the impact on the Policy will be as described in Section 1.4.
Life Insurance Benefit. The Northwestern Mutual Life Insurance Company will pay a benefit on the death of the Insured. Subject to the terms and conditions of the policy. - payment of the Death Benefit determined under Section 7 will be made after proof of the death of the Insured is received at the Home Office; and - payment will be made to the beneficiary or other payee under Sections 11 and 12.
Life Insurance Benefit. The Northwestern Mutual Life Insurance Company will pay a benefit on the death of the Insured. Subject to the terms and conditions of the policy: o payment of the death proceeds will be made after proof of the death of the Insured is received at the Home Office; and o payment will be made to the beneficiary or other payee under Sections 11 and 12. The amount of the death proceeds when all premiums due have been paid will be: o the Insurance Amount; plus o the amount of variable paid-up additional insurance under Section 7.4; less o if premiums are not paid on an annual basis, an adjustment for any premiums used to purchase variable paid-up additional insurance that are due later in the policy year; plus o the amount of any dividend at death (Section 5.3); less o the amount of any policy debt (Section 9.3). These amounts will be determined as of the date of death. The Insurance Amount will be the greater of (a) and (b) where:
(a) is the sum of: o the Minimum Guaranteed Death Benefit shown on page 3; plus o the amount of Additional Protection then in force under Section 3; plus o the Excess Amount determined under Section 7.3; and
(b) is the amount of paid-up insurance which could be purchased by the Policy Value applied as a net single premium using the basis of values shown on page 8. If premiums are not paid on an annual basis, this amount of paid-up insurance will be reduced by an adjustment for any premiums due later in the policy year. The amount of the death proceeds when the Insured dies during the grace period following the due date of an a unpaid premium will be: o the amount determined above assuming the overdue premium had been paid; less o the amount of the unpaid premium. The amount of the death proceeds when the Insured dies while the policy is in force as paid-up insurance will be determined under Section 8.
Life Insurance Benefit. In addition to the group life insurance available to employees generally, Aeroflex shall provide Bxxxx with an individual permanent life insurance benefit in an initial amount of not less than approximately $1,000,000, the terms and conditions of such benefit to be more fully described in an insurance ownership agreement between Bxxxx and Aeroflex.
Life Insurance Benefit. Executive shall be entitled to life insurance coverage or reimbursement for the cost of life insurance coverage for a period of two (2) years after Executive’s employment with Mercantile terminates. The life insurance coverage will have a death benefit equal to the largest death benefit provided for Executive under Firstbank’s group life insurance plan during the twelve (12) month period ending at the Effective Time. If Executive has a conversion right under the Firstbank plan, the coverage may be provided by exercising the conversion right under a split-dollar arrangement that allows Executive to designate a beneficiary for the two (2) year period. If a conversion right is not available, or if Mercantile and Executive cannot agree on a split-dollar arrangement, Mercantile will pay or reimburse Executive for the premium cost of other life insurance coverage. In either case, (i) Mercantile will have no obligation to provide or obtain coverage for Executive, (ii) Mercantile’s total payment or reimbursement obligation will be capped at $51,690 for the two (2) year period; and (iii) reimbursements, if payable, will be payable at the same time as the life insurance premium is due. Any payments under this Section 3D will be reported as part of Executive’s W-2 compensation and will be subject to Federal income tax withholding.
Life Insurance Benefit. Group Life Insurance, with a death benefit payable under the terms and conditions found in a standard Group Life Insurance policy issued in the province of Ontario, will be provided according to the following schedule:
(a) Each employee while eligible for life insurance as an active employee:
(b) Each retiree who becomes eligible for and receives a monthly retirement pension, except a Deferred Vested Pension or a Disability Allowance, from the Company on or after the date specified below:
Life Insurance Benefit. The VILLAGE agrees to continue to provide term life insurance on a group basis equal to one and one half times (1½ x) the nearest even $1,000 increment of the employee's annual base salary and to pay the cost of said coverage so long as the employee continues to be employed by the VILLAGE. The life insurance benefit shall continue to include accidental death and dismemberment coverage.
