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.
B. Faculty members will be eligible to purchase the following supplemental coverage:
1. additional amounts of group term life insurance at a level of between one and three (3) times the Faculty member’s annual salary with a maximum of $600,000. The guaranteed issue level at initial enrollment will be determined by the life insurance carrier and any amounts over the guaranteed level will be subject to the underwriting requirements of the life insurance carrier.
2. group term life insurance for spouses and domestic partners at a level of between one (1) and three (3) times annual salary with a maximum of $600,000. The guaranteed issue level at initial enrollment will be determined by the life insurance carrier and any amounts over the guaranteed level will be subject to the underwriting requirements of the life insurance carrier.
3. group term life insurance for eligible dependent children at a level of $10,000.
Life Insurance Benefits. Provided that (i) the Executive is and remains insurable; (ii) the Executive is and remains eligible for coverage under either a group insurance policy maintained by the Company or its affiliates or an individual insurance policy in either case at a cost to the Company no greater than the standard rate, as determined by the insurance underwriter designated by the Company, based upon an individual in good health and such other factors, including, but not limited to, age, gender and income; and (iii) the Executive shall do, execute, acknowledge and deliver, or cause to be done, executed, acknowledged or delivered, all documents, applications, instruments, assurances or acts (including but not limited to physical examinations), as may be necessary to obtain such insurance coverage, the Company shall provide the Executive with life insurance in an amount to be determined by the Board.
Life Insurance Benefits. During the term of this Agreement, the Company shall maintain a term life insurance policy on Executive’s life in an amount equal to two-times the Executive’s Base Salary. Executive may designate the beneficiary of such policy.
Life Insurance Benefits. Effective May 1, 2008 each eligible employee will be covered in a group policy with life insurance in the amount of $50,000. with a double indemnity provision on a 24 hour basis for accidental death.
Life Insurance Benefits. The Company shall pay the premiums allocable to a term life insurance policy in the face amount of Five Hundred Thousand Dollars ($500,000.00) covering Executive as the named insured, subject to Executive passing a standard physical examination in order to permit issuance of the policy at standard (non-rated) premiums and satisfaction of any other standard underwriting requirements. Executive shall be the owner of such policy and shall have the right to designate the beneficiary of the policy proceeds. Executive shall be liable for income taxes with respect to premium amounts includable in Executive’s taxable income.
Life Insurance Benefits. For the contract year, the District will continue to carry $15,000 Life insurance for each eligible employee and will continue to request the carrier to offer increased insurance to the employee at the employee’s option and expense up to $50,000 or more.
Life Insurance Benefits. Employer shall pay the premiums allocable to a term life insurance policy in the face amount of $150,000 covering Employee as the named insured, subject to Employee's passing a standard physical examination in order to permit issuance of the policy at standard (non-rated) premiums and satisfaction of any other standard underwriting requirements. Employee shall be the owner of such policy and shall have the right to designate the beneficiary of the policy proceeds. Employee shall be liable for income taxes with respect to premium amounts includable in Employee's taxable income.
Life Insurance Benefits. During the term of this Agreement, the Company shall maintain a term life insurance policy on Executive’s life in an amount equal to two (2) times Executive’s Base Salary up to a maximum of Five Hundred Thousand and 00/100 Dollars ($500,000.00), in accordance with and subject to the terms of the Company’s life insurance policy. In addition, the Company shall maintain a supplemental term life insurance policy on Executive’s life in an amount equal to One Million and 00/100 Dollars ($1,000,000.00). In each case, Executive may designate the beneficiary of such policy.
Life Insurance Benefits. In addition to the standard life insurance benefits payable to employees of the Company, the Company will provide life insurance to Executive in the amount of $300,000, subject to Executive’s insurability. The Company pays the premium, but the premium attributable to insurance over $50,000 is taxable to Executive.
Life Insurance Benefits. The Company agrees to pay 100% of the premium cost for each full- time employee, effective the first of the month upon completion of three
