Purchase of Annuities or Life Insurance Policies Sample Clauses

Purchase of Annuities or Life Insurance Policies. The Trustee shall not purchase an annuity or life insurance policy with trust principal or income unless the applicable instrument names the trust as the annuitant of the annuity and names the trust as the beneficiary of any such annuity or life insurance policy. In the event that an annuity is purchased, all annuity payments must be made payable to the trust. The payee of any annuities purchased by the trust must be the trustee of the trust. The beneficiary of any annuity or life insurance policy purchased must irrevocably be the Trust and any remaining guaranteed payments of such annuities shall be commuted into one lump sum, and added to the principal and accumulated income of the trust. Upon the termination of the Trust, the lump sum payment must be added to the principal and accumulated income in the Trust and distributed according to the trust provisions. Housing: It should be a priority of the Trustee to ensure and maintain proper housing for the beneficiary and shall have the discretion to sell the beneficiary’s residence; to use the proceeds of such sale to fund this Trust or other trust for the benefit of the beneficiary; to secure alternate housing for the beneficiary; and to use the principal or accumulated income to pay rent and other incidental expenses as are required for shelter.
Sample 1
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Related to Purchase of Annuities or Life Insurance Policies

  • 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.

  • Hospitals of Ontario Voluntary Life Insurance Plan The Hospital also agrees to make the Hospitals of Ontario Voluntary Life Insurance Plan (HOOVLIP) available to the nurses subject to the provisions of HOOVLIP at no cost to the Hospital.

  • Retiree Insurance 12.1 Employees who retire must meet the following conditions at the time of retirement in order to be eligible for the Employer contributions, listed in Sections 12.2 through 12.5 below, toward a health insurance plan offered by the Employer:

  • Life Insurance Upon Retirement 34.1 An employee who retires from the service of the Corporation subsequent to August 1, 2001, will, provided he is 55 years of age or over and has not less than 10 years' cumulative compensated service, be entitled to the sum of $8,000.00, payable to his estate upon his death.

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

  • Basic Life Insurance 37.1 The Employer shall pay one hundred percent (100%) of the monthly premium of the basic life insurance plan.

  • Insurance Policy The Employer agrees to remit to the Union an amount to be applied toward the payment of a premium by the Union for an insurance policy which provides a defense attorney to represent all members of the bargaining unit when they are charged with a criminal act that results from events occurring while the bargaining unit member was acting in an official capacity. The maximum amount payable during the term of the Agreement shall be seven dollars ($7.00) per member per month.

  • Policy Cancellation Endorsement Except for ten days notice for non-payment of premium, each insurance policy shall be endorsed to specify that without thirty (30) days prior written notice to the City of Sparks, the policy shall not be cancelled, non-renewal or coverage and/or limits reduced or materially altered, and shall provide that notices required by this paragraph shall be sent by certified mailed to the address specified above. A copy of this signed endorsement must be attached to the Certificate of Insurance.

  • 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.

  • Transfer Policy Section 7 of this Agreement will not apply to Party A, who will be required to comply with, and will be bound by, the following: Without prejudice to Section 6(b)(ii) as amended in this Schedule, Party A may transfer all (but not part only) of its interests and obligations in and under this Agreement to any of its Affiliates or, with the prior written consent of Party B, such consent not to be unreasonably withheld, to any other entity (each such Affiliate or entity a "TRANSFEREE") upon providing five Business Days' prior written notice to the Note Trustee, provided that:

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