Term Life Insurance. The Employer will maintain and make available to full-time and part-time employees, the current term life insurance plan as set forth in the document "Summary of Health Benefits, Maryland State Employees."
Term Life Insurance. During the Employment Term, and in addition to any other benefits to which Executive shall be entitled, the Company agrees to pay the premiums on a term life insurance contract covering the Executive that pays a death benefit of at least $672,000.00. The Company in its discretion shall select the term life insurance contract on which it will pay the premiums; but the Executive shall be the owner of such contract and will be or will designate the beneficiary of such contract. The Company (i) will include and report such premium payments in the Executive’s taxable income to the extent required under applicable law and (ii) also will pay to the Executive an additional payment in an amount such that after payment by the Executive of all taxes imposed on the additional payment, the Executive retains an amount of the additional payment equal to the taxes imposed upon the Executive with respect to the Company’s payment of the premiums on the term life insurance contract. The amount of the additional payment shall be determined based on the Executive’s likely effective rates of federal, state and local income taxation for the calendar year in which the additional payment is to be made, net of the likely reduction in federal income taxes that is obtained from any deduction of state and local taxes. Such premium payments and additional payments for taxes shall be paid on or before the March 15 immediately following the end of the year in which the premiums on such term life insurance contract accrued (provided the Executive was employed at such time). Executive agrees, for purposes of calculating the amount of the additional payment, to provide the Company such information as the Company may reasonably request to determine the amount of the additional payment and to cooperate with the Company in good faith in order to effectively make such determination. The Company shall hold all such information secret and confidential and shall not, without the prior written consent of the Executive or as otherwise may be required by law or legal process, communicate or divulge such information to anyone other than the Company and those in need of such information for purposes of determining the amount of the additional payment. Notwithstanding any other provision of this Agreement, in the event the term life insurance contract described herein extends beyond the termination of Executive’s employment with the Company, the Executive, and not the Company, shall be obligated to pay ...
Term Life Insurance. The Board shall provide a term life insurance policy in the amount of $50,000 for each employee in the bargaining unit. The Board reserves the right to select the insurance carrier.
Term Life Insurance. Effective July 1, 2015, full-time employees shall be provided with group term life insurance of $50,000. In addition, the Employer shall make available employee paid optional life insurance coverage at 1x, 2x, 3x, and 4x base annual salary. Voluntary selection of the first 1x base annual salary is not subject to evidence of insurability.
Term Life Insurance. The Corporation shall purchase term life insurance on the life of the Employee having a face value of four times the Employee’s Salary (to be changed as salary adjustments are made) or the face value of life insurance that can be purchased based upon the Employee’s health history with the Corporation paying the standard premium rate for term insurance under its then current insurance program at the Employee’s age and assuming good health, whichever amount is lesser; provided further that, such insurance can be obtained by the Corporation in a manner which meets the requirements for deductibility by the Corporation under Section 79 of the Internal Revenue Code of 1986, or as hereafter amended.
Term Life Insurance. Effective January 1, 2006, full-time employees shall be provided with group term life insurance of $20,000.
Term Life Insurance. In addition to any term life insurance provided to other senior executives of the Company, the Company shall purchase a term life insurance policy in the amount of $1,000,000 on the life of the Executive, commencing as soon as practicable following the Effective Date. Except as provided in Section 4 below, the policy shall remain in effect for the Employment Period. The obligation of the Company to purchase such policy shall be conditioned on Executive's successful completion of any required medical examination(s) such that the policy can be bought at standard rates. The Executive shall, in his sole discretion, name the beneficiaries of the policy.
Term Life Insurance. The Corporation shall purchase term life insurance on the life of the Employee having a face value of four times the Employee’s Salary (to be changed as salary adjustments are made) or the face value of life insurance that can be purchased based upon the Employee’s health history with the Corporation paying the standard premium rate for term insurance under its then current insurance program at the Employee’s age and assuming good health, whichever amount is lesser, provided that such insurance can be obtained by the Corporation in a manner which meets the requirements for deductibility by the Corporation under Section 79 of the Code.
Term Life Insurance. The school employer will pay for each full-time teacher under contract the cost (all but $1.00) of a $50,000 term life insurance policy, which includes accidental death and dismemberment riders. The insurance company is determined and selected solely by the school employer. It is understood that each teacher must pay a minimum of $1.00 toward this insurance plan.
Term Life Insurance. The District shall pay the premium for a $35,000 basic life and AD&D insurance policy for full-status employees. In addition, the employee shall be entitled to an option to purchase an additional $35,000 at his/her own expense and/or $5,000 term life coverage on their spouse and dependents.
