Life Insurance Benefit definition

Life Insurance Benefit means ten million dollars ($10,000,000) of life insurance coverage (the “Coverage”) for the benefit and protection of the Executive’s family. The Company will pay, or reimburse the executive, for the premiums for the Coverage up to the preferred rates (i.e., the rates applicable to nonsmokers whose health, life-style, family history, and other characteristics are such as to suggest they will exhibit significantly better than average mortality experience) charged by the insurance company issuing the life insurance policy providing for such Coverage. In the event the Company cannot obtain the Coverage at the preferred rates, the Executive may either pay the premiums for such Coverage in excess of the preferred rates or reduce the Coverage to the level of coverage that can be obtained at the preferred rates. The Executive shall be the owner of the life insurance policy issued on the life of the Executive pursuant to this Section 1.20. See ARTICLE 11.

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Life Insurance Benefit means ten million dollars ($10,000,000) of life insurance coverage (the “Coverage”) for the benefit and protection of the Executive’s family. The Company will pay, or reimburse (in accordance with the procedures for reimbursement set forth in ARTICLE 7) the Executive for, the premiums for the Coverage up to the preferred rates (i.e., the rates applicable to nonsmokers whose health, life-style, family history, and other characteristics are such as to suggest they will exhibit significantly better than average mortality experience) charged by the insurance company issuing the life insurance policy providing for such Coverage. In the event the Company cannot obtain the Coverage at the preferred rates, the Executive may either pay the premiums for such Coverage in excess of the preferred rates or reduce the Coverage to the level of coverage that can be obtained at the preferred rates. The Executive shall be the owner of the life insurance policy issued on the life of the Executive pursuant to this Section 2.20. See ARTICLE 12.

Life Insurance Benefit means ten million dollars ($10,000,000) of life insurance coverage (the “Coverage”) for the benefit and protection of the Executive’s family. The Company will pay, or reimburse the executive, for the premiums for the Coverage up to the preferred rates (i.e., the rates applicable to nonsmokers whose health, life-style, family history, and other characteristics are such as to suggest they will exhibit significantly better than average mortality experience) charged by the insurance company

Examples of Life Insurance Benefit in a sentence

• The present Authority Disability, Medical and Life Insurance Benefit Plans will continue on the following basis, except as required by Federal or Provincial legislation.

• If no direct or contingent beneficiary survives and receives payment of the entire Life Insurance Benefit, then the remaining Life Insurance Benefit will be paid as a lump sum in equal shares to the further payees, if any, who survive and receive payment.

• The term “Beneficiaries” refers to the direct beneficiaries, contingent beneficiaries and further payees of the Life Insurance Benefit as designated by the Owner.

• The Northwestern Mutual Life Insurance Company (“the Company”) will pay the Life Insurance Benefit on the death of the Insured while this Policy is in force.

• The Owner may elect an income plan for each Beneficiary’s share of the Life Insurance Benefit while the Insured is living.

• The Life Insurance Benefit will be paid as follows unless designated otherwise by the Owner: Direct Beneficiaries.

• If no income plan has been elected by the Owner upon the death of the Insured, the direct or contingent beneficiary may elect an income plan for his or her share of the Life Insurance Benefit.

• Age: Entering 3rd thru 8th grades (exceptions will be made based on experi- ence).

• The Life Insurance Benefit of this Policy will be paid in equal shares to the direct beneficiaries who survive and receive payment.

• If at least one of the Beneficiaries survive to receive payment of a portion of the Life Insurance Benefit, but no Beneficiaries survive and receive the remaining Life Insurance Benefit payable, then the unpaid portion will be paid as a lump sum to the estate of the last to die of all of the Beneficiaries.

More Definitions of Life Insurance Benefit

Life Insurance Benefit has the meaning set forth in Section 6.9(b).

Life Insurance Benefit means a life insurance policy in the face amount of $2,000,000 payable on the death of the Executive to his designated beneficiaries during the Term or during the Consultancy Term, if in effect, the premiums on which will be paid by the Company during the Term and during the Consultancy Term; provided that, face amount of such life insurance policy shall be reduced at the end of each year of any Consultancy Term by $400,000 and (B) the “Disability Benefit” means a disability policy provided to the Executive (premiums with respect to which are paid for by the Company) if any such policy is made available by the Company to any executive officer of the Company and which policy is in addition to group long term disability benefits of the Company, for a number of years equal to the lesser of five or the number of years remaining in the Consultancy Term at the time of Disability, but any such amount reduced by any payments received by the Executive from any other long term disability benefits of the Company.

Life Insurance Benefit. You will be eligible to participate in the Company’s Life Insurance Plan as a member of the leadership team, with a total benefit of up to $500,000. • PAID TIME OFF (PTO): The Company will provide to you paid time off in the form of personal time off / PTO in the amount of 15 days annually. • 401K – You will be eligible to participate in our 401k program after one year of service; this program includes a Company match, the details of which are outlined in the 401k Summary Plan Document. • MISC:

Life Insurance Benefit means three million ($3,000,000) of life insurance coverage for the benefit and protection of the Executive's family. The Life Insurance Benefit shall be provided to the Executive through an "employer- pay-all" split-dollar life insurance plan. See ARTICLE

Life Insurance Benefit shall have the meaning set forth in Section 3.2(g) below.

Life Insurance Benefit means a term life insurance policy in the face amount of at least $1,000,000 (the “Death Benefit”) payable on the death of Executive during the Term to his designated beneficiaries, the premiums on which will be paid by the Company during the Term; provided that, death benefit shall be reduced by the amount of any benefits under the Company’s group term life insurance plan in which Executive participates; and