RIGHTS IN POLICY Sample Clauses
RIGHTS IN POLICY. A. The Employer shall have no right to borrow against the Policy.
B. The Employee, in recognition of the defined contribution provisions of this Agreement and the variable nature of the death benefits, shall have the right to allocate the aggregate account value to particular investment vehicles, subject to a right of the Employer to disapprove a particular investment vehicle which it deems inappropriate.
C. The Employee shall have the right to exchange the Policy for such other policies and/or insurers that he deems appropriate based upon the investment performance or financial condition of the Insurer, subject to the approval of the Employer, which approval shall not unreasonably be denied. Action by the Employee or the Employer to change the Policy and/or insurer pursuant to this paragraph shall not otherwise alter the rights and responsibilities of the Employer and the Employee as set forth in this Agreement.
D. The Employer shall have no responsibility for a shortfall in the projected total return on the paid-in premiums available to provide the death benefit.
E. The Employer shall not take any action that might endanger the interest of the Employee in the Policy. The Employee shall not take any action that might endanger the interest of the Employer in the Policy.
RIGHTS IN POLICY. A. The Employer shall have no right to borrow against the Policy.
B. The Employee, in recognition of the defined contribution provisions of this Agreement and the variable nature of the death benefits, shall have the right to allocate the aggregate account value to particular investment vehicles, subject to a right of the Employer to disapprove a particular investment vehicle which it deems inappropriate.
C. The Employee shall have the right to exchange the Policy for such other policies and/or insurers that he deems appropriate based upon the investment performance or financial condition of the Insurer, subject to the approval of the Employer, which approval shall not unreasonably be denied. Action by the Employee or the Employer to change the Policy and/or insurer pursuant to this paragraph shall not otherwise alter the rights and responsibilities of the Employer and the Employee as set forth in this Agreement.
D. The Employer shall have no responsibility for a shortfall in the projected total return on the paid-in premiums available to provide the death benefit.
RIGHTS IN POLICY. 4.1 The Trust shall have no right to borrow against the Policy.
4.2 The Employee, in recognition of the defined contribution provisions of this Agreement and the variable nature of the death benefits, retains the express right to allocate the aggregate account value to particular investment vehicles.
4.3 The Employee shall have the right to exchange the Policy for such other policies and/or insurers that he deems appropriate based upon the investment performance or financial condition of the Insurer, subject to the approval of the Trust, which approval shall not unreasonably be denied. The Employer shall have the right to approve any amendment to or exchange of the Policy proposed by the Employee, but only to the extent that such amendment or exchange materially increases the annual premium for such Policy. Action by the Employee or the Trust to change the Policy and/or insurer pursuant to this Section 4.3 shall not otherwise alter the respective rights and responsibilities of the parties set forth in this Agreement.
4.4 Neither the Trust nor the Employer shall have any responsibility for a shortfall in the projected total return on the paid-in premiums available to provide the death benefit under the Policy.
4.5 Neither the Trust nor the Employer shall take any action that might endanger the interest of the Employee in the Policy. The Employee shall not take any action that might endanger the interest of the Trust in the Policy.
4.6 The Employee retains all other rights in the Policy not specifically assigned to the Trust including, but not limited to, the following rights:
(a) The right to surrender the Policy as set forth in Paragraph 4 of the Collateral Assignment.
(b) The right to change the beneficiary of the Policy, to the extent of his interest in such Policy.
(c) The right to select optional methods of settlement with regard to the death benefit provided in PART TWO of Section 6.1.
(d) The right to borrow against the Policy (subject to the limitations contained in the Collateral Assignment).
(e) All other rights contained in the Policy, to the extent the exercise of such rights does not adversely affect the Trust's interest in the Policy.
RIGHTS IN POLICY. A. The Employer shall have no right to borrow against the Policy.
B. The Employer shall have the right to allocate the aggregate account value to particular investment vehicles.
C. The Employee shall have the right to exchange the Policy for such other policies and/or insurers that he deems appropriate based upon the investment performance or financial condition of the Insurer, subject to the approval of the Employer, which approval shall not unreasonably be denied. Action by the Employee or the Employer to change the Policy and/or insurer pursuant to this paragraph shall not otherwise alter the rights and responsibilities of the Employer and the Employee as set forth in this Agreement.
D. The Employer shall have no responsibility for a shortfall in the projected total return on the paid-in premiums available to provide the death benefit.
E. The Employer shall not take any action that might endanger the interest of the Employee in the Policy. The Employee shall not take any action that might endanger the interest of the Employer in the Policy.