Insured Participant definition

Insured Participant means an insured person who requests assistance under employment benefits and when requesting that assistance is an unemployed person

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Insured Participant means a party that purchased one or more terrorism insurance policies from Fronting Carrier #1 and/or Fronting Carrier #2 under the Captive Insurance Program. To the extent that Insured Participant has affiliates, subsidiaries, brother/sister companies, or other similar entities that were also parties to Insured Participant’s insurance policies described above, such affiliates, subsidiaries, brother/sister companies, or other similar entities are also included in the term “Insured Participant.” “Insured Participant” includes any current or former employee, officer, principal, director, shareholder, partner, member, consultant, manager, associate, staff employee, independent contractor, agent, attorney, or other representative.

Insured Participant means an Insured Person who is a Participant. “Insured Person” means a person who is insured under the policy. “Insured Spouse” means an Insured Person who is a Spouse.

Examples of Insured Participant in a sentence

• If Insured Participant (or his/her assignee) fails to exercise such option within the prescribed 60 day period, the Policy will be surrendered to the Insurer and the Corporation shall retain all proceeds.

• If Insured Participant exercises such option within the prescribed 60 day period, the Corporation first shall withdraw from the Policy an amount equal to the greater of (i) the cash value of the Policy on the life the Vested Insured Participant at the time of assignment or (ii) the amount of the premiums which have been paid by the Corporation, and then shall assign all remaining rights under the Policy to Insured Participant.

• If Insured Participant is a “Vested Insured Participant” and terminates employment with the Corporation and its subsidiaries (other than due to death) before attaining his/her Normal Retirement Age, then he/she (or his/her assignee) shall have a 60 day option to receive from the Corporation an absolute assignment of the Policy.

• The amount of the current life insurance protection on the life of Insured Participant for each taxable year (or portion thereof) shall be included in Insured Participant’s taxable income for such taxable year.

• If Insured Participant exercises such option within the prescribed 60 day period, the Corporation first shall withdraw from the Policy an amount equal to the greater of (i) the cash value of the Policy on the life Insured Participant at the time of assignment or (ii) the amount of the premiums which have been paid by the Corporation, and then shall assign all remaining rights under the Policy to Insured Participant.

• Insured Participant (or his/her assignee) may, at any time, assign to any individual, trust or other organization all right, title and interest in the Policy and all rights, options, privileges and duties created under this Plan.

• For avoidance of doubt, Insured Participant shall not have the right to access the cash surrender value under the Policy at any time.

• If Insured Participant terminates employment with the Corporation and its subsidiaries before becoming a Vested Insured Participant, then Insured Participant’s participation in the Plan shall immediately terminate and he/she shall have no further rights or benefits under the Plan.

• Upon the tenth (10th) anniversary of Insured Participant’s commencement of participation under the Plan, Insured Participant (or his/her assignee) shall have a 60-day option to receive from the Corporation an absolute assignment of the Policy.

• Insured Participant shall have no title or ownership rights in the Policy.

More Definitions of Insured Participant

Insured Participant means a key executive of the Corporation or of any subsidiary of the Corporation who has been selected for and consented to participation in the Plan in accordance with Article III below.

Insured Participant means an Insurable Participant upon whose life an insurance policy has been issued to the extent provided in Section 8.1.

Insured Participant means a person(s) who is booked to travel on a Trip, completes the enrollment form and for whom the required premium is paid, also referred to as You and Your.

Insured Participant means the Participant for whom a life insurance policy has been issued.