Split Dollar Life Insurance definition

Split Dollar Life Insurance means the Company's Split Dollar Life Insurance arrangements in effect on the date hereof or any successor arrangement that the Company makes available at any time before the Termination Date to the executives and key management employees of the Company and in which Executive is then eligible to participate.
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Split Dollar Life Insurance. Executive will have the right to elect to purchase the split-dollar life insurance policy currently maintained by the Company on his life in accordance with the terms and conditions of such split-dollar arrangement at the greater of (a) the cash surrender value of the policy or (b) the total premiums paid by the Company with respect to the policy as of his termination date. The foregoing right shall expire, terminate and be of no further force and effect if Executive fails to exercise such right prior to the date payment of the annual policy premium is due, October 1, 2003, and the policy will be terminated by the Company as of such date. The Company agrees not to terminate the split-dollar life insurance policy prior to October 1, 2003." 9. The Agreement is hereby amended to add Section 21 thereto, as follows:
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Split Dollar Life Insurance. Executive's Officer's Accidental Death and Dismemberment coverage of $250,000 will continue until the termination of this Agreement as provided in Paragraph 4 herein. Executive will have the option of converting up to $100,000 of this coverage to a private policy within 31 days of termination, if Executive so chooses. Executive will continue to be covered by the Officer's Split Dollar Life Insurance until July 31, 2003. The terms of Executive's coverage and option for continuation of the Officer's Split Dollar Life Insurance thereafter will be explained in a separate letter by July 31, 2003.
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Examples of Split Dollar Life Insurance in a sentence

  • Such plans, programs and policies shall include, but are not limited to, the Erie Insurance Group Retirement Plan for Employees, the Erie Insurance Group Employee Savings Plan, the Erie Insurance Group Deferred Compensation Plan, the Erie Insurance Group Split Dollar Life Insurance Plan, the Erie Insurance Group Supplemental Executive Retirement Plan, and the Erie Insurance Group Health Protection, Prescription Drug, Dental Assistance and Vision Care Plans.

  • Any such benefits would be payable pursuant to a Split Dollar Life Insurance Agreement, if any exists.

  • If the Executive is a participant under the Company's Executive Split Dollar Life Insurance Program at the time of a Change of Control and the Company has paid any portion of the premium on the policy or policies issued in connection therewith during the twelve months preceding the occurrence of the Change of Control, then the Company shall continue to pay all premiums on such policies so long as the Executive remains in the employ of the Company.

  • In addition, immediately following such premium payment, the Company shall execute such documents as necessary to cause the full ownership of the Split Dollar Life Insurance policy related to Executive and all of its values to transfer to Executive.

  • Employee shall be entitled to participate in "Farmers & Merchants Bank of Central California Split Dollar Life Insurance Plan", "Farmers & Merchants Bank of Central California Executive Indexed Retirement Agreement" and "Farmers & Merchants Bank of Central California Executive Deferred Compensation Plan", the terms and conditions of which are set forth in separate agreements so titled and the contents of which are incorporated herein by this reference as though set forth in their entirety.

  • The terms of Executive's coverage and option for continuation of the Officer's Split Dollar Life Insurance after the end of the Term or upon cancellation will be explained in a separate letter upon the end of the Term or upon cancellation.

  • During the Term, the Company will pay the premiums on split dollar life insurance in accordance with the Split Dollar Life Insurance Agreement.

  • The Company reserves the right to modify or terminate the Split Dollar Life Insurance Agreement, except that if a Change in Control occurs during the Term, the Split Dollar Life Insurance Agreement may only be modified or terminated by mutual agreement.

  • The Company will pay the remaining premiums owed , if any, on the policy in accordance with the Split Dollar Life Insurance Agreement.

  • The Company shall pay to the Executive a lump sum equal to the cost on the Termination Date of purchasing, at standard independent insurance premium rates, an individual paid up insurance policy providing benefits equal to the benefits provided by the Company’s Split Dollar Life Insurance coverage immediately prior to the date of the Change in Control.


More Definitions of Split Dollar Life Insurance

Split Dollar Life Insurance means the life insurance policies purchased by Lucent on behalf of certain Lucent Executives and Lucent Non-Employee Directors under (a) the Lucent Senior Management Individual Life Insurance Program, (b) the Lucent Senior Management Basic Life Insurance Program and (c) the Lucent Directors' Individual Life Insurance Program, with respect to which such Lucent Executives or Lucent Non-Employee Directors (or their assignees or delegates), respectively, have executed collateral assignments for the benefit of Lucent.
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Split Dollar Life Insurance means the life insurance policies purchased by AT&T on behalf of certain AT&T Executives and AT&T Non-Employee Directors under (a) the AT&T Senior Management Individual Life Insurance Program, (b) the AT&T Senior Management Basic Life Insurance Program and (c) the AT&T Directors' Individual Life Insurance Program, with respect to which such AT&T Executives or AT&T Non-Employee Directors (or their assignees or delegates), respectively, have executed collateral assignments for the benefit of AT&T.
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Split Dollar Life Insurance. The Company shall continue to pay the premium related to the Executive's participation in the Split Dollar Life Insurance Plan for the 3-year period commencing on the Executive's Date of Termination. The Executive shall have the option to purchase the Company's interest at the end of such 3-year period for an amount equal to the sum of the premiums paid to date by the Company Long Term Incentives - All awards made to the Executive under long-term incentive plans or programs shall immediately vest and be payable and all restrictions shall lapse.
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Split Dollar Life Insurance. Plan: Effective on the Termination Date, Mr. XxxXxxxxxxxx'x xarticipation in Federal-Mogul's Split Dollar Life Insurance Plan (the "SDLIP") will terminate in accordance with the terms of the SDLIP. On or after the Termination Date, Federal-Mogul may withdraw the sum of all premium payments Federal-Mogul has made in connection with such policy. Mr. XxxXxxxxxxxx xgrees to sign an insurance form entitled "Life Policy Service Request -- Surrender, Tax Withholding Options, Release of Interest," and to submit such form to Federal-Mogul on or before the date of execution of this Agreement.
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Related to Split Dollar Life Insurance

  • Life insurance means contracts that incorporate mortality risk, including annuity and pure endowment contracts, and as may be specified in the valuation manual.

  • Life Insurance Policy has the meaning given in Section 6.11.

  • Credit life insurance means insurance on the life of a debtor in connection with

  • Life Insured means the person named in the Schedule, on whose life the Policy is effected;

  • Life insurance producer means any person licensed in this state as a resident or nonresident insurance producer who has received qualification or authority for life insurance coverage or a life line of coverage pursuant to chapter 522B.

  • policy of life insurance means any instrument by which the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, or any instrument evidencing a contract which is subject to payment of premiums for a term dependent on human life;

  • Accidental death and dismemberment insurance or "AD&D" means basic accidental death and dismemberment (AD&D) insurance paid for by the employing agency, as well as supplemental accidental death and dismemberment insurance offered to and paid for by employees for them- selves and their dependents.

  • life insurance business means the business of providing or undertaking to provide policy benefits under life policies;

  • Supplemental Retirement Income Benefit means an annual amount (before taking into account federal and state income taxes), payable in monthly installments throughout the Payout Period. Such benefit is projected pursuant to the Agreement for the purpose of determining the Contributions to be made to the Retirement Income Trust Fund (or Phantom Contributions to be recorded in the Accrued Benefit Account). The annual Contributions and Phantom Contributions have been actuarially determined, using the assumptions set forth in Exhibit A, in order to fund for the projected Supplemental Retirement Income Benefit. The Supplemental Retirement Income Benefit for which Contributions (or Phantom Contributions) are being made (or recorded) is set forth in Exhibit A.

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • 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.

  • Continuation Coverage means the temporary continuation of PEBB benefits available to enrollees under the Consolidated Omnibus Budget Reconciliation Act (COBRA), 42 U.S.C. Secs. 300bb-1 through 300bb-8, the Uniformed Services Employment and Reemployment Rights Act (USERRA), 38 U.S.C. Secs. 4301 through 4335, or the public employees benefits board's policies.

  • Supplemental Retirement Plan means (i) the Company’s Amended and Restated Supplemental Executive Retirement Plan, (ii) the Company’s Supplemental Management Retirement Plan, (iii) the Company’s Amended and Restated Top Hat Restoration Plan, and (iv) the Company’s Defined Contribution Restoration Plan.

  • group insurance means blanket insurance and franchise insurance and any other forms of group insurance.

  • DEPP means the Authority’s Decision Procedure and Penalties Manual;

  • life policy means a contract in terms of which a person, in return for a premium, undertakes to -

  • Retirement Plan means a plan which provides retirement benefits to you and which is not funded wholly by your contributions. The term shall not include a profit-sharing plan, informal salary continuation plan, registered retirement savings plan, stock ownership plan, 401(K) or a non-qualified plan of deferred compensation.

  • Insurance Company The Transferee is an insurance company whose primary and predominant business activity is the writing of insurance or the reinsuring of risks underwritten by insurance companies and which is subject to supervision by the insurance commissioner or a similar official or agency of a state, U.S. territory or the District of Columbia.

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

  • Reimbursement insurance policy means a policy of insurance

  • 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:

  • Income beneficiary means a person to whom net income of a trust is or may be payable.

  • R&W Insurance Policy has the meaning set forth in Section 6.15.

  • 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:

  • Health benefits plan means a benefits plan which pays or

  • Policy Year means the period of time these Terms and Benefits are in force. The first Policy Year shall be the period from the Policy Effective Date to the day immediately preceding the first Renewal Date as specified in the Policy Schedule (both days inclusive) within one (1) year period; and each subsequent Policy Year shall be the one (1) year period from each Renewal Date.