Universal Life Sample Clauses

Universal Life. The amount of reinsurance is the net amount at risk minus the retention of the Ceding Company. The net amount at risk is defined to be the death benefit less the cash value. If the net amount at risk is reduced, the amount of reinsurance shall be reduced and any unearned reinsurance premiums associated with the reduction returned to the Ceding Company. Life Cession Minimum - $5,000. Unless otherwise agreed, the cases ceded under this Agreement shall be for at least $5,000 of life reinsurance benefit. ADB Limits - $5,000 & $150,000. Unless otherwise agreed, any Accidental Death Benefits ceded under this Agreement shall be for at least $5,000 per cession, and they shall not exceed $150,000 per life. Cologne's participation in Accidental Death Benefits shall be limited to $250,000 for total in force and applied for business.
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Universal Life. I. Commissions will be earned on any net increase by original Agent only if the policy is increased through the efforts of original Agent. A net increase is defined as an increase in "Specified Amount" over the previous highest "Specified Amount." This definition may vary by product. II. No commissions will be paid on flat extras payable for less than 10 years. III. There will be a pro rata charge back on first year policy terminations or decreases to recover commissions. IV. When more than half of the percent of premium charge shown on the universal life policy schedule is either waived or matched by an immediate credit to the policy value, no commission or service fee is normally payable. If a commission or service fee is allowed in accordance with the rules in force at the time the premium is paid, the Agent shall repay to Lincoln National, on demand, any commission or service fee received on such premium if there is a withdrawal from, lapse of, or surrender of the universal life policy within 5 years of receipt of such premium.
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Universal Life. Excess premium is the first-year premium paid in excess of the first-year annualized commissionable premium for a Universal Life policy. Renewal-year external dump-ins (rollovers) are considered renewal premium. Excess commission for the Passport UL product is not advanced. It is paid as earned when the Target commission advance has cleared.
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Universal Life. The net amount at risk is defined to be the death benefit minus the account value. The amount of reinsurance benefit at each policy duration is the net amount at risk at each duration minus the initial amount retained by the Company.
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Related to Universal Life

  • 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.

  • Life The City shall pay one hundred percent (100%) of the monthly premium for a $50,000 life insurance policy with accidental death and dismemberment, for each member of the bargaining unit.

  • Optional Life Insurance The State shall make available optional term-life insurance to employees. The cost will be paid by the employee on a payroll deduction basis. The available coverage will be at least two (2) times the employee’s salary. No evidence of insurability will be required if an adequate number of employees participate. The State will explore smoker/non-smoker rates and spousal coverage.

  • 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."

  • 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.

  • 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.

  • Basic Life Insurance 37.1 The Employer shall pay one hundred percent (100%) of the monthly premium of the basic life insurance plan. 37.2 The basic life insurance plan shall provide: (a) Effective June 1, 2002, coverage equal to one hundred percent (100%) of annual salary or ten thousand dollars ($10,000), whichever is greater; (b) where an employee is continuously disabled for a period exceeding six (6) months, the Employer will continue to pay monthly premiums on behalf of the employee until the earliest of recovery, death, or the end of the month in which the employee reaches age sixty-five (65). Any premiums paid by the employee for this coverage between the date of disability and the date this provision comes into force shall be refunded to the employee; (c) a conversion option for terminating employees to be obtained without evidence of insurability and providing coverage up to the amount for which the employee was insured prior to termination (less the amount of coverage provided by the Employer in the case of retirement). The premium of such policy shall be at the current rates of the insuring company. Application must be made within thirty-one (31) days of the date of termination of insurance. The Employer will advise terminating employees of this conversion privilege. The minimum amount that may be converted is two thousand dollars ($2,000). The conversion options shall be: 1. Any standard life or endowment plans (without disability or double-indemnity benefits) issued by the insurance carrier. 2. A one (1) year term insurance plan which is convertible to the standard life or endowment plans referred to in option 1 above. 3. A term to age sixty-five (65) insurance plan. 37.3 The amount of basic life insurance will be adjusted with changes in the employee’s salary from the date of approval of the increase or the effective date, whichever is later. If an employee is absent from work because of sickness or disability on the date an increase in insurance would have occurred, the increase will not take effect until the employee returns to work on a full-time basis (i.e., for at least one (1) full day). 37.4 Basic life insurance will terminate at the end of the month in which an employee ceases to be a regular employee unless coverage is extended under the total disability provision. Employees who receive a monthly benefit from the Public Service Superannuation Fund or the OPSEU Pension Trust are entitled to free coverage of two thousand dollars ($2,000) not earlier than thirty-one (31) days after the first of the month coinciding with or following date of retirement and this amount will be kept in force for the remainder of the employee’s life.

  • Group Life Insurance Plan Eligibility

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

  • Optional Life and Disability Coverages In order for coverage to become effective, the employee must be in active payroll status and not using sick leave on the first day following approval by the insurance company. If it is an open enrollment period, coverage may be applied for but will not become effective until the first day of the employee's return to work.

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