Life Insurance Policy. In addition to the insurance coverage contemplated by Section 4(e), during the Employment Term the Company shall maintain in effect term life insurance coverage for the Executive with a death benefit of at least Five Hundred Thousand Dollars ($500,000), subject to the Executive's insurability at standard rates and with the beneficiary or beneficiaries, thereof designated by the Executive. Notwithstanding Section 9 of this Agreement, such life insurance policy or policies may be assigned to a trust for the benefit of any beneficiary designated by the Executive.
Life Insurance Policy. Eligible staff will be provided a term life insurance policy, when they are covered by the disabilities policies, in the amount of one year's earnings up to a maximum of the group plan. Copies of the policy are available on the PCC intranet and upon request.
Life Insurance Policy. The Company shall provide Employee with a whole-life life insurance policy (from a reputable and financially-sound insurance carrier of national standing which is acceptable to Employee) for his benefit in the amount of not less than $1,000,000 (the "Life Insurance Policy"). The Company agrees to make all premium payments under the Life Insurance Policy; provided, however, that Employee or Employee's assignee reserve the right (either before or after the Company obtains such life insurance policy) to require the Company to pay directly to Employee or the assignee the premiums for such policy (and to assign the policy to Employee or assignee if the Company has already obtained such policy) so that Employee or the assignee own(s) the policy and Employee or the assignee make(s) the premium payments. Employee or the assignee shall be entitled to name the beneficiary or beneficiaries of such policy and, upon expiration (or earlier termination) of the Term, Employee or the assignee shall have the right to require the Company to assign any rights it may have in such policy freely. Employee agrees that the Company may secure additional insurance on Employee's life for the benefit of the Company.
Life Insurance Policy. If Xxxxxx X. Xxxxxxx is insurable with reasonable efforts, Buyer will purchase a level ten-year, term life insurance policy in the name of Xxxxxx X. Xxxxxxx that will include a death benefit in an amount equal to $1,000,000 to a beneficiary of her choice. The Company will pay the annual premium for this policy in years 1-5. Xxxxxx Xxxxxxx may elect to continue the policy beyond year five, but she will be solely responsible for paying the annual premium for years 6-10.
Life Insurance Policy. (a) In furtherance of the purposes of this Agreement, life insurance (hereinafter referred to as the "Policy") has been applied for on the life of the Executive from Confederation Life Insurance Company (hereinafter called "Insurer"). See Schedule A attached hereto for particulars on the Policy and any other life insurance policies issued in connection with this Agreement.
(b) This Agreement is effective as to a particular policy upon execution or upon issuance and acceptance of such Policy, whichever is later.
Life Insurance Policy. The Company has purchased the insurance policy on the life of D. Jxxxxxxx Xxxxxxxx in the form attached hereto as Exhibit I (the “Life Insurance Policy”).
Life Insurance Policy. The Company has obtained and will maintain, during the term of your employment, a term-life insurance policy providing a benefit of not less than one-million dollars ($1,000,000) to each of the Company and your estate (the “Life Insurance Policy”). You agree that the Company may secure additional insurance on your life for the benefit of the Company and that you shall cooperate in assisting the Company to obtain such Life Insurance Policy, including providing personal health information as well as submitting to reasonable medical exams and tests requested by an insurance carrier.
Life Insurance Policy. Employers agree to reimburse Executive for the costs of term life insurance policies in an amount equal to three times Executive’s total annual compensation and such other terms and conditions as may be accepted by Executive, the beneficiary of which shall be designated by Executive.
Life Insurance Policy. The District shall provide a term life insurance policy that provides forty-eight thousand ($48,000) in the event of the employee’s death, two thousand ($2,000) for the death of the employee’s spouse, and one thousand ($1,000) in the event of the death of each dependent child under twenty-six (26) years of age. As required by the life insurance carrier, employee’s life insurance may be subject to reduction at age seventy (70) and over.
Life Insurance Policy. During the Employment Term, the Company shall continue to pay the annual premium for an enhanced life insurance benefit equal to $1,000,000 in value. The life insurance policy shall be a term-life policy with Executive as the owner of the policy.
