Continued Life Insurance Benefits definition

Continued Life Insurance Benefits means the Company’s direct provision of coverage, or payment of insurance premiums to a third-party insurer, in whole or in part, whether pursuant to the Plan or otherwise, for the cost of life insurance coverage on the Participant’s life, where such premium or coverage is paid by the Company after the Participant’s termination of employment with the Company and such premium or coverage covers a period extending beyond such termination of employment. For example, the benefits pursuant to Section 4(b)(iii) shall constitute Continued Life Insurance Benefits.
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Continued Life Insurance Benefits means the Company’s direct payment or reimbursement, in whole or in part, whether pursuant to the Plan or otherwise, for the premium cost of life insurance on the Participant’s life, where such premium is paid by the Company after the Participant’s termination of employment with the Company and such premium covers a period extending beyond such termination of employment. For example, the benefits pursuant to Section 4(b)(iii) shall constitute Continued Life Insurance Benefits.
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Continued Life Insurance Benefits substantially similar to the respective health benefits and life insurance benefits that the Executive was receiving or entitled to receive immediately prior to the Change in Control. If and to the extent that any Continued Health Benefits or Continued Life Insurance Benefits described in this Paragraph 4 are not or cannot be paid or provided under any policy, plan, program or arrangement of the Company or any Subsidiary, as the case may be, then the Company will itself pay or provide for the payment to the Executive, his dependents and beneficiaries, of such respective Continued Health Benefits or Continued Life Insurance Benefits. Continued Health Benefits and/or Continued Life Insurance Benefits otherwise receivable by the Executive pursuant to this Paragraph 4 will be reduced to the extent comparable welfare benefits are actually received by the Executive from another employer during the Continuation Period following the Executive’s Separation from Service Date. The Executive shall have an affirmative obligation to report in writing to the Company the receipt of any such comparable benefits actually received by the Executive within 30 days of the commencement of such benefits. Continued Health Benefits provided in-kind, or if paid, then paid, by the Company pursuant to this Paragraph 4 shall be provided or paid respectively in a monthly amount equal to one-twelfth (1/12) of the actual cost of such Continued Health Benefits for the year in which they are provided. Continued Life Insurance Benefits provided in-kind, or if paid, then paid, by the Company pursuant to this Paragraph 4 shall be provided or paid respectively in a monthly amount equal to one-twelfth (1/12) of the actual cost of such Continued Life Insurance Benefits for the year in which they are provided. Notwithstanding the foregoing to the contrary, if the Executive is a Specified Employee on the Separation from Service Date, no payment for such Continued Life Insurance Benefits by the Company (whether to the Executive or applicable life insurance company) shall be made until six months following the Separation from Service Date, at which time the Company shall make a single lump sum payment to Executive in satisfaction of the first six months of such Continued Life Insurance Benefits. The Executive understands and agrees that, if the Executive is a Specified Employee on the Separation from Service Date, the Executive shall be responsible for timely payment of the actual cost of such Contin...
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Examples of Continued Life Insurance Benefits in a sentence

  • If and to the extent that any Continued Health Benefits or Continued Life Insurance Benefits described in this Paragraph 4 are not or cannot be paid or provided under any policy, plan, program or arrangement of the Company or any Subsidiary, as the case may be, then the Company will itself pay or provide for the payment to the Executive, his dependents and beneficiaries, of such respective Continued Health Benefits or Continued Life Insurance Benefits.

  • Notwithstanding the foregoing to the contrary, if the Executive is a Specified Employee on the Separation from Service Date, no payment for such Continued Life Insurance Benefits by the Company (whether to the Executive or applicable life insurance company) shall be made until six months following the Separation from Service Date, at which time the Company shall make a single lump sum payment to Executive in satisfaction of the first six months of such Continued Life Insurance Benefits.

  • Continued Health Benefits and/or Continued Life Insurance Benefits otherwise receivable by the Executive pursuant to this Paragraph 4 will be reduced to the extent comparable welfare benefits are actually received by the Executive from another employer during the Continuation Period following the Executive’s Separation from Service Date.

  • Continued Life Insurance Benefits provided in-kind, or if paid, then paid, by the Company pursuant to this Paragraph 4 shall be provided or paid respectively in a monthly amount equal to one-twelfth (1/12) of the actual cost of such Continued Life Insurance Benefits for the year in which they are provided.

Related to Continued Life Insurance Benefits

  • Continuation Coverage means coverage under a COBRA continuation provision or a similar state program. Coverage provided by a plan that is subject to a COBRA continuation provision or similar state program, but that does not satisfy all the requirements of that provision or program, will be deemed to be continuation coverage if it allows an individual to elect to continue coverage for a period of at least 18 months. Continuation coverage does not include coverage under a conversion policy required to be offered to an individual upon exhaustion of continuation coverage, nor does it include continuation coverage under the Federal Employees Health Benefits Program.

  • Gap medical benefits means the benefits (if any) payable in respect of medical expenses that are less than, greater than or equal to the schedule fee, provided always that the medical expenses relate to a professional service that:

  • Termination Benefits means the benefits described in Section 4.1(b).

  • Medical Benefits means medical, optical, or dental benefits, including, but not limited to, hospital and physician services, prescription drugs, and related benefits.

  • Extended benefits means benefits, including benefits payable to federal civilian employees and to ex-servicemen under 5 U.S.C. Chapter 85, payable to an individual under the provisions of this section for weeks of unemployment in his eligibility period.

  • Benefit Continuation Period shall have the meaning set forth in Section 5(b).

  • COBRA Continuation Coverage means the health care benefit continuation coverage mandated by the Consolidated Omnibus Budget Reconciliation Act and similar provisions of state law.

  • Continuation Period shall have the meaning set forth in Section 6.9(a).

  • Additional gap medical benefits means the benefits (if any) payable in respect of medical expenses that are more than the schedule fee and which otherwise meet the requirements of the fund’s no or known gap policy, provided always that the medical expenses relate to a professional service that:

  • Termination Benefit means the benefit set forth in Article 7.

  • Welfare Benefits means the types of benefits described in Section 3(1) of ERISA (whether or not covered by ERISA).

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • 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.

  • Accrued Benefits shall include the following amounts, payable as described herein: (i) all base salary for the time period ending with the Termination Date; (ii) reimbursement for any and all monies advanced in connection with the Executive's employment for reasonable and necessary expenses incurred by the Executive on behalf of the Company and its Affiliates for the time period ending with the Termination Date; (iii) any and all other cash earned through the Termination Date and deferred at the election of the Executive or pursuant to any deferred compensation plan then in effect; (iv) notwithstanding any provision of any bonus or incentive compensation plan applicable to the Executive, a lump sum amount, in cash, equal to the sum of (A) any bonus or incentive compensation that has been allocated or awarded to the Executive for a fiscal year or other measuring period under the plan that ends prior to the Termination Date but has not yet been paid (pursuant to Section 5(f) or otherwise) and (B) a pro rata portion to the Termination Date of the aggregate value of all contingent bonus or incentive compensation awards to the Executive for all uncompleted periods under the plan calculated as to each such award as if the Goals with respect to such bonus or incentive compensation award had been attained; and (v) all other payments and benefits to which the Executive (or in the event of the Executive's death, the Executive's surviving spouse or other beneficiary) may be entitled as compensatory fringe benefits or under the terms of any benefit plan of the Employer, including severance payments under the Employer's severance policies and practices in the form most favorable to the Executive that were in effect at any time during the 180-day period prior to the Effective Date. Payment of Accrued Benefits shall be made promptly in accordance with the Employer's prevailing practice with respect to clauses (i) and (ii) or, with respect to clauses (iii), (iv) and (v), pursuant to the terms of the benefit plan or practice establishing such benefits.

  • Benefits Continuation Period has the meaning set forth in Section 6.01(b).

  • Health Benefits means health maintenance organization, insured or self-funded medical, dental, vision, prescription drug and behavioral health benefits.

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

  • insurance period means a contribution period or an equivalent period;

  • Disability benefits means any cash payments which are payable to a covered individual for all or part of a period of disability pursuant to P.L.1948, c.110 (C.43:21-25 et al.).

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Severance Benefit means the payment of severance compensation as provided in Article III.

  • Severance Benefits mean the payment of severance compensation as provided in Section 2.3 herein.

  • Disability Retirement Date means the first day of the month following the last day of paid employment;

  • Disability retirement for plan 1 members, means the period

  • Termination Compensation means a monthly cash amount equal to one-twelfth ( 1/12th) of the highest amount of the annual cash compensation (including cash bonuses and other cash-based compensation, including for these purposes amounts earned or payable whether or not deferred) received by Executive during any one of the three (3) calendar years immediately preceding the calendar year in which Executive’s Termination Date occurs; provided, that if the cash compensation received by Executive during the Termination Year exceeds the highest amount of the annual cash compensation received by Executive during any one of the immediately preceding three (3) consecutive calendar years, the cash compensation received by Executive during the Termination Year shall be deemed to be Executive’s highest amount of annual cash compensation. In no event shall Executive’s Termination Compensation include equity-based compensation (e.g., income realized as a result of Executive’s exercise of non-qualified stock options or other stock based benefits).

  • Severance Payment means any amount paid by a board to or in behalf of a superintendent on early termination of the superinten- dent’s contract that exceeds the amount earned by the superinten- dent under the contract as of the date of termination, including any amount that exceeds the amount of earned standard salary and benefits that is paid as a condition of early termination of the con- tract. Payments to a former superintendent who remains employed by a district in another capacity or contracts with a district to pro- vide the district services may be severance payments in whole or in part if the payments are compensation for the early termination of a prior employment agreement. Severance payments include any payment for actual or threatened litigation involving or related to the employment contract. Education Code 11.201(c); 19 TAC 105.1021(a)(1)