Supplemental Life Insurance Benefits Sample Clauses

Supplemental Life Insurance Benefits. During the Employment Period, the Executive shall be eligible for supplemental life insurance benefits, the current terms of which are described on Schedule II attached hereto.
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Supplemental Life Insurance Benefits. (12) The Corporation agrees to obtain supplemental life insurance coverage for the Employee in the amount of $750,000 (the _Policy_). Until attaining age 66, the Employee's coverage amount shall be $750,000. Beginning with Employee's 66th birthday, such death benefit shall decrease by $75,000 each year until Employee attains the age of 75, at which time all coverage will terminate. (13) Employee will cooperate in the securing of such Policy, and if he is for any reason unable to obtain insurance in the specified amount at standard rates or rates otherwise acceptable to the Corporation, the Corporation shall have no obligation to the Employee with respect to such insurance. Employee will have the right to approve the insurer and the Policy terms and conditions. (14) The Corporation shall have no obligation of any nature whatsoever to Employee or his beneficiaries under the Policy, if the circumstances of the Employee's death preclude payment of death proceeds under the Policy. (15) The Employee's beneficiaries under the Policy are set forth on Exhibit A. The Employee shall execute a beneficiary designation on the form approved by the Corporation and the Insurer. (16) The Corporation shall be responsible for paying the annual premiums on the Policy to the Insurer. The amount of annual premium attributable to the Employee shall be equal to the "current term rate" for the Employee's age multiplied by the Employee's endorsed death benefit. This amount should be added to the Employee's annual W-
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Supplemental Life Insurance Benefits. (1) The Company agrees to maintain in force supplemental life insurance coverage for the Employee in the amount of $750,000 (the "Policy"). Until attaining age 66, the Employee's coverage amount shall be $750,000. Beginning with Employee's 66th birthday, such death benefit shall decrease by $75,000 each year until Employee attains the age of 75, at which time all coverage will terminate. (2) The Company shall have no obligation of any nature whatsoever to Employee or his beneficiaries if the circumstances of the Employee's death preclude payment of death proceeds under the Policy. (3) The Employee shall execute a beneficiary designation on the form approved by the Company and the Insurer and may change his beneficiary designation at any time by executing a new form. Such change will be effective only upon written acknowledgement by the Company, a copy of which shall be promptly returned to the Employee after execution by the Company. (4) The Company shall be responsible for paying the annual premiums on the Policy to the Insurer. The amount of annual premium attributable to the Employee shall be equal to the "current term rate" for the Employee's age multiplied by the Employee's endorsed death benefit. This amount should be added to the Employee's annual W-
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Supplemental Life Insurance Benefits. During the Employment ------------------------------------ Period, the Executive shall be eligible for supplemental life insurance benefits, the current terms of which are described on Appendix D attached ---------- hereto.
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Supplemental Life Insurance Benefits 
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Related to Supplemental Life Insurance Benefits

  • Supplemental Life Insurance In addition to the life insurance benefits provided by this agreement, employees may subscribe voluntarily and at their own expense for supplemental life insurance. Employees may subscribe for an amount not to exceed five hundred thousand dollars ($500,000), of which one hundred thousand ($100,000) is a guaranteed issue, provided the election is made within the required enrollment periods.

  • Life Insurance Benefits A. During the life of this Agreement, the basic life insurance benefit made available to Faculty members shall be calculated as 3 times base annual earnings, rounded to the next highest $1,000, but not more than $225,000. A separate additional benefit up to the amount of the life insurance will be paid for accidental death and dismemberment, or loss of sight. The amount of Life and Accidental Death and Dismemberment/Loss of Sight benefits will be reduced to 65% at age 65, and further reduced (from the original insurance amount) as follows: to 50% at age 70, and 35% at age 75. Basic life insurance and AD&D benefits will be provided with no employee contributions. B. Faculty members will be eligible to purchase the following supplemental coverage: 1. additional amounts of group term life insurance at a level of between one and three (3) times the Faculty member’s annual salary with a maximum of $600,000. The guaranteed issue level at initial enrollment will be determined by the life insurance carrier and any amounts over the guaranteed level will be subject to the underwriting requirements of the life insurance carrier. 2. group term life insurance for spouses and domestic partners at a level of between one (1) and three (3) times annual salary with a maximum of $600,000. The guaranteed issue level at initial enrollment will be determined by the life insurance carrier and any amounts over the guaranteed level will be subject to the underwriting requirements of the life insurance carrier. 3. group term life insurance for eligible dependent children at a level of $10,000.

  • Group Insurance Benefits To determine if a leave under the provisions of the Family and Medical Leave Act will be paid or unpaid leave of absence contact the school district Employee Benefits Department.

  • SUPPLEMENTAL BENEFITS The employer shall maintain a “Supplemental Unemployment Benefits Plan” pursuant to the Employment Insurance Act and Regulations in regard to maternity, parental and adoption leave. The employer shall make amendments as appropriate to ensure that the Plan provides the maximum permissible benefits in conjunction with Articles 17.06, 17.07 or 17.08.

  • Insurance Benefits Borrower shall cooperate with Lender in obtaining for Lender the benefits of any Insurance Proceeds lawfully or equitably payable in connection with the Property, and Lender shall be reimbursed for any expenses incurred in connection therewith (including reasonable attorneys' fees and disbursements, and the payment by Borrower of the expense of an appraisal on behalf of Lender in case of a fire or other casualty affecting the Property or any part thereof) out of such Insurance Proceeds.

  • 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.

  • Insurance Benefit The Employer may elect to provide incidental life insurance benefits for insurable Participants who consent to life insurance benefits by signing the appropriate insurance company application form. The Trustee will not purchase any incidental life insurance benefit for any Participant prior to an allocation to the Participant's Account. At an insured Participant's written direction, the Trustee will use all or any portion of the Participant's nondeductible voluntary contributions, if any, to pay insurance premiums covering the Participant's life. This Section 11.01 also authorizes the purchase of life insurance, for the benefit of the Participant, on the life of a family member of the Participant or on any person in whom the Participant has an insurable interest. However, if the policy is on the joint lives of the Participant and another person, the Trustee may not maintain that policy if that other person predeceases the Participant. The Employer will direct the Trustee as to the insurance company and insurance agent through which the Trustee is to purchase the insurance contracts, the amount of the coverage and the applicable dividend plan. Each application for a policy, and the policies themselves, must designate the Trustee as sole owner, with the right reserved to the Trustee to exercise any right or option contained in the policies, subject to the terms and provisions of this Agreement. The Trustee must be the named beneficiary for the Account of the insured Participant. Proceeds of insurance contracts paid to the Participant's Account under this Article XI are subject to the distribution requirements of Article V and of Article VI. The Trustee will not retain any such proceeds for the benefit of the Trust. The Trustee will charge the premiums on any incidental benefit insurance contract covering the life of a Participant against the Account of that Participant. The Trustee will hold all incidental benefit insurance contracts issued under the Plan as assets of the Trust created under the Plan.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • 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.

  • 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.

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