Lump Sum Payable Under Life Insurance Contract Sample Clauses

Lump Sum Payable Under Life Insurance Contract. If some of the contributions in respect of a member have been used to pay premiums under a life insurance contract, the scheme administrator will, as soon as practicable and subject to rule 9.19, pay the lump sum benefit from the contract: (1) in accordance with any specific provision regarding payment of such sums under the contract; (2) if (1) is not applicable and at the time of the member’s death the scheme administrator is satisfied that the contract is subject to a valid trust under which no beneficial interest in a benefit can be payable to the member, the member’s estate or the member’s legal personal representatives, to the trustees of the trust; (3) if (1) and (2) are not applicable and at the time of the member’s death the contract is vested in an assignee, other than the member’s estate or the member’s legal personal representatives, to the assignee; or (4) if (1), (2) and (3) are not applicable, at the discretion of the scheme administrator, to or for the benefit of any one or more of the following in such proportions as the scheme administrator decides: (a) any person, charity, association, club, society or other body (including trustees of any trust whether discretionary or otherwise) whose names the member has notified to the scheme administrator in writing prior to the date of the member’s death; (b) the member’s surviving spouse; (c) the parents and grandparents of the member or the member’s surviving spouse and any children and remoter issue of any of them; (d) the member’s dependants; (e) any person, charity, association, club, society or other body entitled under the member’s will to any interest in the member’s estate; (f) the member’s legal personal representatives. For this purpose a relationship acquired by legal adoption is as valid as a blood relationship.
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Related to Lump Sum Payable Under Life Insurance Contract

  • 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.

  • 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. b. Employees who have Board-provided term life insurance shall have a thirty-one (31) day conversion right upon termination of employment. Any employee electing the right to conversion in order to keep term life insurance in force, must contact the insurance carrier within thirty-one (31) days of the last day of employment. c. The life insurance policy shall pay to the employee’s beneficiary the aforementioned sum within the underwriting rules and regulations as set forth by the insurance carrier.

  • 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.

  • 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.

  • 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."

  • Group Term Life Insurance The Welfare Plan will include Group Term Life Insurance in accordance with the following Table of Hourly Job Rate Brackets and corresponding coverages. Benefits will be payable as a result of death from any cause on a twenty-four (24) hour coverage basis.

  • Split Dollar Life Insurance The Company shall pay to the Executive a lump sum equal to the cost on the Termination Date of purchasing, at standard independent insurance premium rates, an individual

  • Single Premium Credit Life Insurance None of the proceeds of the Mortgage Loan were used to finance single-premium credit life insurance policies;

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

  • Duration of Insurance Contribution An employee is eligible for School District contributions as provided in this Article as long as an employee is employed by the School District. Employees whose employment terminates during the school year will be eligible for insurance and district contributions to insurance through the end of the month in which they terminate provided they pay the employee portion of the insurance premium for that month. Otherwise, the employee’s insurance will terminate as of the last day of employment.

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