Whole Life Insurance Sample Clauses

Whole Life Insurance. The Assistant Superintendent shall be entitled to participate in the District-paid whole life insurance conversion plan on the same terms and conditions as other management employees, as those terms and conditions may change from time-to-time.
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Whole Life Insurance. Whole life insurance is intended to provide insurance protection over one’s entire life time. I t provides the payment of the face amount upon the insured’s death regardless of when death occurs. It is insurance for the whole of the life.  Limited Payment whole Life Insurance  Current Assumption whole Life Insurance  Unit-Linked Life Insurance. As per the section 4 of IRDA Act' 1999, Insurance Regulatory and Development Authority (IRDA, which was constituted by an act of parliament) specify the composition of Authority The Authority is a ten member team consisting of
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Whole Life Insurance. The Board agrees to make Whole Life Insurance available to bargaining unit members through a payroll deduction plan. The Board merely offers this as a service, however, the full premium is to be paid by the employee through payroll deduction. There will be no charge to the employee for this service, however, the employees must meet the requirements of the District in enrolling in the program.
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Whole Life Insurance. In the event an employee is ill or injured and needs to be absent from work for a prolonged period of time, Articles 16, 18, and 20 outline procedures for the use of applicable accrued paid time off and additional time off without pay. In the event that an employee exhausts all of her/his personal and sick days, this program provides the opportunity for co-­‐workers to donate some of their accrued sick days in order to provide additional paid time off to the absent employee.
Sample 1
Whole Life Insurance. The Board shall provide and pay the premiums for a whole life insurance policy for the Superintendent during the term of this Agreement in the amount of Five Hundred Thousand Dollars ($500,000). The Board shall assign the ownership of the whole life insurance policy to a person or trust designated by the Superintendent, and upon termination of this Agreement shall allow that owner to continue the life insurance at his own expense, provided the assignment is permitted by the insurance carrier. It is understood and agreed that the Superintendent is not entitled to obtain the cash equivalent of this policy in lieu of receiving the policy.
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Whole Life Insurance. It is the insurance policy issued to provide financial support to the dependents of policy holder after his/her death. The policy holder has to pay the premium regularly during his life time, The sum assured is paid by the insurance company to the dependents only after the death of policy holder.
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Whole Life Insurance. XXXXX shall receive the sum of $1500 annually to be applied toward the premium of a whole life insurance policy.
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Whole Life Insurance. Xxxxx shall receive the sum of $1,500 annually to be applied toward the premium of a whole life insurance policy.
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Whole Life Insurance. The Company shall purchase One Million dollars ($1,000,000) of life insurance for the Employee (the "Policy"). The Policy will be funded annually by the Company for four (4) years at an annual premium cost of $52,634. This level of funding will provide for the Employee a paid up policy after four (4) years. If the Employee's Termination Date occurs during the Employment Period and is a result of the Employee's death, the Policy's $1,000,000 death benefit will be split evenly between the Company and the Employee's estate, paying $500,000 to each. Upon completion of the Employment Period, the Company agrees to transfer ownership of the policy to the Employee and to expense him on an annual basis, as reflected on a Form 1099, for the cash surrender value of the Policy over a ten (10) year period. The Employee agrees to have the Company continue to have a Two Hundred Thousand dollar ($200,000) death benefit as long as the Policy is in effect.
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Related to Whole Life Insurance

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

  • 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.

  • 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.

  • 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."

  • 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.

  • 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 Life Insurance Plan Eligibility

  • Key Man Life Insurance The Company may apply for and obtain and maintain a key man life insurance policy in the name of Executive together with other executives of the Company in an amount deemed sufficient by the Board, the beneficiary of which shall be the Company. Executive shall submit to physical examinations and answer reasonable questions in connection with the application and, if obtained, the maintenance of, as may be required, such insurance policy.

  • 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.

  • 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.

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