Common use of MEDICAL, DENTAL, EXTENDED HEALTH AND INSURANCE BENEFITS Clause in Contracts

MEDICAL, DENTAL, EXTENDED HEALTH AND INSURANCE BENEFITS. 29:01 Insurance Benefits (a) All current employees and all newly hired employees shall, as a condition of employment, upon completing their probationary period, be eligible for basic group life insurance coverage in the amount of three times (3x) such employee's annual salary, adjusted January 1st of each year based upon the employee's rate of pay on the previous December 31st, rounded upward to the next highest thousand, plus accidental death and dismemberment coverage as set out below and, should the employee desire, such optional insurance as may be provided by the carrier. The carrier shall be acceptable to both parties and the term of the policy of the carrier shall apply. (b) The Employer shall pay fifty-five percent (55%) of the cost of premiums for the basic life insurance and accidental death and dismemberment coverage, and each employee shall pay the remaining forty-five percent (45%) of such premiums through payroll deduction. All premiums for optional life insurance shall be borne solely by the employee. It is agreed that the Employer shall receive the full amount of the dividends declared yearly by the carrier, until such dividends offset the cost of premiums paid by the Employer, it then being agreed that any excess of the dividends received over and above the yearly amount of the premiums paid by the Employer, shall be returned to the employees. (c) The group life insurance coverage provided above shall also contain a rider providing Accidental Death and Dismemberment benefits of loss, within ninety (90) days of an accident, for life, limb and sight in accordance with the following schedule: (i) loss of life; - loss of both hands and both feet or sight of both eyes; - loss of one hand and one foot; - loss of one hand and sight of one eye; - loss of one foot and sight of one eye; an amount equal to the group life insurance coverage provided in Subsections 29:01(a) and 29:01 (b) of this Article; and, (ii) loss of one hand or one foot or sight of one eye; fifty percent (50%) of the amount of group life insurance coverage provided in Subsections 29:01(a) and 29:01(b) of this Article. The Employer shall pay fifty-five percent (55%) of the total premiums for this Accidental Death and Dismemberment benefit, and the employee shall pay the remaining forty-five percent (45%) of the total premiums. (d) The Employer shall make available optional spousal life insurance subject to employees meeting the minimum participation criteria as established by the carrier. All premiums for optional spousal life insurance shall be borne solely by the employee.

MEDICAL, DENTAL, EXTENDED HEALTH AND INSURANCE BENEFITS. 29:01 Insurance Benefits (a) All current employees and all newly hired employees shall, as a condition of employment, upon completing their probationary period, be eligible for basic group life insurance coverage in the amount of three two times (3x2x) such employee's annual salary, adjusted January 1st of each year based upon the employee's rate of pay on the previous December 31st, rounded upward to the next highest thousand, plus accidental death and dismemberment coverage as set out below and, should the employee desire, such optional insurance as may be provided by the carrier. The carrier shall be acceptable to both parties and the term of the policy of the carrier shall apply. (b) The Employer shall pay fifty-five percent (55%) of the cost of premiums for the basic life insurance and accidental death and dismemberment coverage, and each employee shall pay the remaining forty-five percent (45%) of such premiums through payroll deduction. All premiums for optional life insurance shall be borne solely by the employee. It is agreed that the Employer shall receive the full amount of the dividends declared yearly by the carrier, until such dividends offset the cost of premiums paid by the Employer, it then being agreed that any excess of the dividends received over and above the yearly amount of the premiums paid by the Employer, shall be returned to the employees. (c) The group life insurance coverage provided above shall also contain a rider providing Accidental Death and Dismemberment benefits of loss, within ninety (90) days of an accident, for life, limb and sight in accordance with the following schedule: (i) loss of life; - loss of both hands and both feet or sight of both eyes; - loss of one hand and one foot; - loss of one hand and sight of one eye; - loss of one foot and sight of one eye; an amount equal to the group life insurance coverage provided in Subsections 29:01(a) and 29:01 (b) of this Article; and, (ii) loss of one hand or one foot or sight of one eye; fifty percent (50%) of the amount of group life insurance coverage provided in Subsections 29:01(a) and 29:01(b) of this Article. The Employer shall pay fifty-five percent (55%) of the total premiums for this Accidental Death and Dismemberment benefit, and the employee shall pay the remaining forty-five percent (45%) of the total premiums. (d) The Employer shall make available optional spousal life insurance subject to employees meeting the minimum participation criteria as established by the carrier. All premiums for optional spousal life insurance shall be borne solely by the employee.