Manulife Financial Life Insurance Sample Clauses

Manulife Financial Life Insurance. Pursuant to prior Employment Agreements between Anton and the Company dated May 1, 1991 and April 1, 1995, the Company and the trustee of the Irrevocable Deed of Trust of Xxxxxxxxx X. Xxxxx, III, dated December 18, 1991 (the "1991 Trust") previously secured from The Manufacturer's Life Insurance Company (U.S. A.) a life insurance policy on the life of Anton, which presently is subject to a split-dollar agreement with the Company. The Company and the Trustee of the 1991 Trust hereby agree to replace the existing insurance policy with a new Manulife Financial Life Insurance Policy ("Manulife Policy") on the life of Anton providing death benefit of at least one million dollars ($1,000,000) payable to the 1991 Trust in the event of Anton's death. The Manulife Policy will be subject to a separate Amended and Restated Split-Dollar Insurance Agreement which the Company hereby agrees to enter into with Anton and the 1991 Trust and which in all material respects is similar to the form of agreement attached hereto as Appendix A ("Manulife Split-Dollar Agreement"). During the Employment Term and at all times thereafter during Anton's lifetime, the Company shall: (1) satisfy its obligations under the Manulife Split-Dollar Agreement for all benefits granted to Anton thereunder, including advancing its share of the annual premiums to the issuer of the Manulife Policy; and (2) pay to Anton a bonus to cover the owner's share of the annual premiums as set forth below. Such bonus payment shall be made at least thirty (30) days before the annual premium is due for the Manulife Policy. The bonus shall be in an amount equal to that portion of the premium which equals the economic benefit of the insurance protection then provided to the owner of the Manulife Policy under such policy and the Manulife Split-Dollar Agreement on the life of Anton. The economic benefit referred to in the preceding sentence shall be the lesser of (i) the P.S. 58 cost for the insurance protection referred to therein (as determined under tables published by the Internal Revenue Service ) and modified as appropriate (or, if applicable, as specifically prescribed by the Internal Revenue Service) to reflect that such insurance protection is on the life of Anton and that the death benefit under the Manulife Policy is payable upon the death of Anton, and (ii) if such insurance protection is available from the issuer of the Manulife Policy as term insurance, the premium for such insurance protection as deter...
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Related to Manulife Financial Life Insurance

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

  • Group Life Insurance The Hospital shall contribute one hundred percent (100%) toward the monthly premium of HOOGLIP or other equivalent group life insurance plan in effect for eligible full-time employees in the active employ of the Hospital on the eligibility conditions set out in the existing Agreements.

  • 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."

  • 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.

  • Key Man Life Insurance The Company may apply for and obtain and maintain a key man life insurance policy in the name of Executive together with other executives of the Company in an amount deemed sufficient by the Board, the beneficiary of which shall be the Company. Executive shall submit to physical examinations and answer reasonable questions in connection with the application and, if obtained, the maintenance of, as may be required, such insurance policy.

  • Group Life Insurance Plan Eligibility

  • 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.

  • Basic Life Insurance 37.1 The Employer shall pay one hundred percent (100%) of the monthly premium of the basic life insurance plan. 37.2 The basic life insurance plan shall provide: (a) Effective June 1, 2002, coverage equal to one hundred percent (100%) of annual salary or ten thousand dollars ($10,000), whichever is greater; (b) where an employee is continuously disabled for a period exceeding six (6) months, the Employer will continue to pay monthly premiums on behalf of the employee until the earliest of recovery, death, or the end of the month in which the employee reaches age sixty-five (65). Any premiums paid by the employee for this coverage between the date of disability and the date this provision comes into force shall be refunded to the employee; (c) a conversion option for terminating employees to be obtained without evidence of insurability and providing coverage up to the amount for which the employee was insured prior to termination (less the amount of coverage provided by the Employer in the case of retirement). The premium of such policy shall be at the current rates of the insuring company. Application must be made within thirty-one (31) days of the date of termination of insurance. The Employer will advise terminating employees of this conversion privilege. The minimum amount that may be converted is two thousand dollars ($2,000). The conversion options shall be: 1. Any standard life or endowment plans (without disability or double-indemnity benefits) issued by the insurance carrier. 2. A one (1) year term insurance plan which is convertible to the standard life or endowment plans referred to in option 1 above. 3. A term to age sixty-five (65) insurance plan. 37.3 The amount of basic life insurance will be adjusted with changes in the employee’s salary from the date of approval of the increase or the effective date, whichever is later. If an employee is absent from work because of sickness or disability on the date an increase in insurance would have occurred, the increase will not take effect until the employee returns to work on a full-time basis (i.e., for at least one (1) full day). 37.4 Basic life insurance will terminate at the end of the month in which an employee ceases to be a regular employee unless coverage is extended under the total disability provision. Employees who receive a monthly benefit from the Public Service Superannuation Fund or the OPSEU Pension Trust are entitled to free coverage of two thousand dollars ($2,000) not earlier than thirty-one (31) days after the first of the month coinciding with or following date of retirement and this amount will be kept in force for the remainder of the employee’s life.

  • Insurance Company The Buyer is an insurance company whose primary and predominant business activity is the writing of insurance or the reinsuring of risks underwritten by insurance companies and which is subject to supervision by the insurance commissioner or a similar official or agency of a State, territory or the District of Columbia.

  • 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.

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