Reimbursement of Life Insurance Premiums Sample Clauses
The Reimbursement of Life Insurance Premiums clause requires one party, typically an employer or business, to repay another party for the cost of life insurance premiums paid on a specified policy. In practice, this means that if an employee or business partner pays for a life insurance policy that benefits the company or fulfills a contractual obligation, the company will reimburse those premium payments according to agreed terms. This clause ensures that the financial burden of maintaining necessary life insurance coverage does not fall unfairly on one party, promoting fairness and clarity in financial responsibilities.
Reimbursement of Life Insurance Premiums. Employee is currently the owner of that certain Life Insurance Policy #9026959-10 issued through the AICPA (the “Policy”). Employer shall during the term hereof, on a semiannual basis, reimburse Employee for Employee’s payment of the premiums under the Policy.
Reimbursement of Life Insurance Premiums. Employer shall, during the term hereof, on a semiannual basis, reimburse Employee for Employee’s payment of the premiums on a life insurance policy to be procured by Employee with provides for a death benefit of up to $2,000,000, up to a maximum of $5,000 per year.
Reimbursement of Life Insurance Premiums. Executive plans to purchase life insurance on his life in an amount up to $1,000,000. The Company agrees to pay for the costs of maintaining such insurance, in an amount of up to $250 per month. In addition, the Company agrees to purchase and maintain key man life insurance in the amount of $1,000,000 at its expense on the life of Executive.
Reimbursement of Life Insurance Premiums. The Company shall pay or reimburse the Executive for annual premiums in an amount not to exceed $67,500 for a life insurance policy with a face value in the range of $8,000,000 to $10,000,000 for the benefit of the Executive’s beneficiaries.