Contribution Formula - Basic Life Coverage Sample Clauses
The Contribution Formula - Basic Life Coverage clause defines how the responsibility for paying benefits is shared when an individual is covered by more than one basic life insurance policy. In practice, this clause outlines the method for determining the proportion of the benefit each insurer must pay, typically based on the coverage amounts provided by each policy. This ensures that the total payout does not exceed the actual loss or the combined policy limits, thereby preventing over-insurance and ensuring fair allocation of liability among insurers.
Contribution Formula - Basic Life Coverage. For employee basic life coverage and accidental death and dismemberment coverage, the Employer contributes one-hundred (100) percent of the cost.
Contribution Formula - Basic Life Coverage. For ASF Member basic life coverage and accidental death and dismemberment coverage, the Employer contributes one- hundred (100) percent of the cost.
Contribution Formula - Basic Life Coverage. For faculty members’ basic life coverage and accidental death and dismemberment coverage, the Employer contributes one hundred percent (100%) of the cost.
Contribution Formula - Basic Life Coverage. For teacher basic life coverage and accidental death and dismemberment coverage, the Employer contributes one-hundred (100) percent of the cost.
Contribution Formula - Basic Life Coverage. For nurse basic life coverage and accidental death and dismemberment coverage, the Employer contributes one hundred percent (100%) of the cost.
Contribution Formula - Basic Life Coverage. For supervisor basic life coverage and accidental 9 cost.