Company Owned Life Insurance definition

Company Owned Life Insurance means the cash value of life insurance policies owned by one or more of the Borrowers, net of any applicable loans outstanding under such policies.
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Examples of Company Owned Life Insurance in a sentence

  • The Company Owned Life Insurance (" COLI" ) Best Practices Act, enacted as part of the Pension Protection Act on August 17, 2006, and the more recently issued IRS final regulations on Section 6039I of the Code, limit when EOLI contracts are excluded from income tax and provide that when they are excluded from income tax, notice, consent and information return compliance is mandated.

  • This release does not release the Employers from any obligations due to the Employee under this Agreement, or from any rights, claims or coverages to which Employee may be entitled in respect of or under any former, current or future insurance policies of the Employers and their affiliates; provided, however, that Employee specifically agrees to waive all rights, claims and coverages to which Employee may be entitled under the Bank Owned Life Insurance and/or Company Owned Life Insurance policies.

  • Immaterial Tax Correction Related to Prior Periods During the first quarter of 2018, the Company identified an error related to the income tax treatment of fair value changes in the cash surrender value of its Company Owned Life Insurance (COLI) for prior years.

  • Interest expense, primarily related to the borrowings under Company Owned Life Insurance (COLI) policies and Korn/Ferry’s convertible securities, was $2.1 million in the current quarter, which decreased slightly compared to Q3’04.

  • Usha Devi was elected as new representative of this committee.2.) It was also reported during offsite interviews, that there was a general strike (one year back), jointly called by the central trade unions and the garment factories in Hosiery complex.

  • Interest expense, primarily related to the borrowings under Company Owned Life Insurance (COLI) policies and the Company’s convertible securities, was $2.7 million in the current quarter, which is comparable to Q1’04.

  • Part 285 Schedule C-2.15 and the supporting workpaper reflect an adjustment to include Ameren Illinois’ Company Owned Life Insurance (“COLI”) costs in A&G operating expense Account 920 for ratemaking.

  • In 2018, the Company adopted the use of a Rabbi Trust which is funded through the purchase of Company Owned Life Insurance.

  • Company Owned Life Insurance Fair values are based on the current cash surrender value of the policy.

  • During the first quarter of 2018, the Company recorded a net tax benefit of $2,501,000 in the three months ended March 31, 2018 to adjust for an immaterial out- of period error identified this quarter related to the income tax treatment of fair value changes in the cash surrender value of its Company Owned Life Insurance for years ended December 31, 2015 through December 31, 2017.

Related to Company Owned Life Insurance

  • Life Insurance Policy has the meaning given in Section 6.10.

  • Life insurance means insurance coverage on human lives including benefits of endowment and annuities, and may include benefits in the event of death or dismemberment by accident and benefits for disability income and unless otherwise specifically excluded, includes individually issued annuities.

  • Company Owned Real Property shall have the meaning set forth in Section 3.12(a).

  • life insurance business means the business of providing or undertaking to provide policy benefits under life policies;

  • Life Insured means the person named in the Schedule, on whose life the Policy is effected;

  • Sponsored captive insurance company means a captive insurance company:

  • Captive insurance company means a Wholly Owned Subsidiary of the Borrower created solely for providing self-insurance for the Borrower and its Subsidiaries and engaging in no other activities other than activities ancillary thereto and necessary for the maintenance of corporate existence.

  • Credit life insurance means insurance on the life of a debtor in connection with

  • Company Owned IP means all Intellectual Property rights owned or purported to be owned by the Company or any of the Company Subsidiaries.

  • Captive Insurance Subsidiary means any Subsidiary of the Borrower that is subject to regulation as an insurance company (or any Subsidiary thereof).

  • Continuing care retirement community means a residential

  • Company-Owned IP Rights means Company IP Rights that are owned by the Company or any of its Subsidiaries.

  • Health-care-insurance receivable means an interest in or claim under a policy of insurance which is a right to payment of a monetary obligation for health-care goods or services provided.

  • Company Capital Stock means the Company Common Stock and the Company Preferred Stock.

  • Women Owned Business Enterprise or "WBE" means a firm awarded certification as a women owned and controlled business in accordance with City Ordinances and Regulations as well as a firm awarded certification as a women owned business by Cook County, Illinois. However, it does not mean a firm that has been found ineligible or which has been decertified by the City or Cook County.

  • Family of Investment Companies as used herein means two or more registered investment companies (or series thereof) that have the same investment adviser or investment advisers that are affiliated (by virtue of being majority owned subsidiaries of the same parent or because one investment adviser is a majority owned subsidiary of the other).

  • Specified Insurance Company means any Entity that is an insurance company (or the holding company of an insurance company) that issues, or is obligated to make payments with respect to, a Cash Value Insurance Contract or an Annuity Contract.

  • Business Entity means a natural or legal person, business corporation, professional services corporation, limited liability company, partnership, limited partnership, business trust, association or any other legal commercial entity organized under the laws of this State or of any other state or foreign jurisdiction;

  • Insurance group means the persons that comprise an insurance holding company system.