Life and Disability Insurance. The Company will provide term life and disability insurance payable to the Employee, in each case in an amount up to a maximum of one times the Employee’s base salary in effect from time to time, provided however, that such amount will be reduced by the amount of any life insurance or death or disability benefit coverage, as applicable, that is provided to the Employee under any other benefit plans or arrangements of the Company. Such policies will be in accordance with the Company’s standard policies from time to time with respect to such insurance and the rules established for individual participation in such plans and under applicable law.
Life and Disability Insurance. The Company shall provide Executive such disability and life insurance as the Company in its sole discretion may from time to time make available to its other executive employees.
Life and Disability Insurance. During the Initial Term and any Renewal Term, the Company shall obtain in your name (a) a life insurance policy providing for a death benefit of U.S. $1,000,000.00 payable to any beneficiary or beneficiaries named by you and (b) a disability insurance policy providing for monthly payments to you of at least U.S. $12,800.00 during the period of any disability until the earlier of your attaining age 65 or death; provided that the term “disability” in any such disability insurance policy shall be defined in a manner consistent with the definition in Section 2(c)(ii). During the Initial Term and the Renewal Term, the Company shall pay all premiums due on such policies.
Life and Disability Insurance. During the Employment Period, the Company shall provide coverage of at least $2 million of life insurance and 75% of Base Salary of disability insurance. Such insurance policies to be owned by any one or more members of Employee’s immediate family or by a trust for the primary benefit of the Employee’s immediate family. The owner of the policy shall have the power to designate the beneficiary and to assign any rights under the policy. The Company shall pay 100% of the premiums required under these policies; provided, however, that the Company shall not be obligated to pay greater than $20,000 for such premiums during any fiscal year. In the event that the premiums for such policies would exceed this limitation, the Company shall consult with the Employee to determine the allocation of such amount to the premiums for each type of policy to obtain such insurance as may be available for an aggregate of $20,000 per fiscal year. The Employee shall have the right to supplement, at the Employee’s expense, the Company’s payment of premiums for such policies up to the full coverages described in the first sentence of this Section 5(f).
Life and Disability Insurance. The Corporation shall provide the Executive with (i) a policy of term life insurance in an amount equal to not less than three (3) times his annual Base Salary hereunder, payable to such beneficiary or beneficiaries as shall be designated by him in writing and (b) a policy of disability insurance that will provide Executive with an annual amount equal to not less than seventy-five percent (75%) of his then current Base Salary, payable until Executive shall reach 70 years of age, with a waiting period not to exceed 120 days.
Life and Disability Insurance. The Company shall fully fund the life insurance and disability policies described in Section 4(d) hereof.
Life and Disability Insurance. During the Period of Employment, Executive shall be entitled to participate in the group life and disability insurance plan made available to the senior salaried executives of the Group.
Life and Disability Insurance. Each Contract Year during the Term, Employer agrees to reimburse Executive in an amount not to exceed Five Thousand Dollars ($5,000) (the "Life and Disability Insurance Premium") for the annual premium associated with Executive's purchase of a term life and disability insurance policy or policies on the life of Executive. Executive shall be entitled to freely select and change the beneficiary or beneficiaries under such policy or policies. Notwithstanding anything to the contrary contained in this Agreement, Employer's obligations under this Section 6.7 are expressly contingent upon Executive providing required information and taking all necessary actions required of Executive in order to obtain and maintain the subject policy or policies, including without limitation, passing any required physical examinations.
Life and Disability Insurance. The Company shall, in accordance with the Company’s policies, reimburse or pay on behalf of the Executive for up to $15,000 and $10,000 per year for Life and Disability Insurance premiums, respectively, with such reimbursements made in the calendar year in which the expense is incurred.
Life and Disability Insurance. The Employer will pay the full insurance policy premium for each regular full time employee (as defined in Article lIl) to provide a group insurance package consisting of (1) $30,000 individual life insurance ($50,000 individual life insurance for security personnel), and (2) an individual long term disability program. The individual long term disability coverage will become effective fifteen days after accumulated medically related disability leave, emergency leave, and vacation allowance expire and will provide at a rate of 60% of the employee’s salary at the date of disability. Employee coverage for employees under age 61 for disability due to illness shall in no case extend beyond the age of 65. Employee coverage for those employees under age 61 for disability due to accident shall in no case extend beyond the age of 65. Employee benefit payment period for employees over age 60 for disability due to accident or illness will in no case extend beyond the benefit payment period stated below: Age (at disability) Maximum Benefit Payment Period (following disability qualification period) Age 60 and under Benefit period as described above 61 To age 65, but not less than 3 yrs, 6 mos 62 3 yrs, 6 mos 63 3 yrs 64 2 yrs, 6 mos 65 2 yrs 66 1 yr, 9 mos 67 1 yr, 6 mos 68 1 yr, 3 mos
69 1 yr
