Term Life Insurance definition

Term Life Insurance. The District shall pay the premium for a $40,000 AD&D life insurance policy for full-time employees. In addition, the employee shall be entitled to an option to purchase an additional $40,000 at his/her own expense and/or $5,000 term life coverage on their spouse and dependents.

Term Life Insurance means life insurance which provides coverage at a fixed rate of payment for a limited period of time and which provides no guaranteed nonforfeiture or endowment bene- fits.

Term Life Insurance means life insurance that provides a death benefit only if the insured dies during the period specified in the policy and coverage ceases without value if the insured survives until the end of the period.

Examples of Term Life Insurance in a sentence

• If you die while a Covered Person, the amount of your Employee Term Life Insurance under this Coverage is payable when Prudential receives written proof of death.

• If you cease to be insured for the Employee Term Life Insurance of the Group Contract for one of the reasons stated below, you may convert all or part of your insurance under this Coverage, which then ends, to an individual life insurance contract.

• The City shall offer a voluntary Group Term Life Insurance option to eligible employees.

• If you meet the conditions below, your death benefit protection will be extended while you are Totally Disabled, and from the date Prudential receives proof as described below, premiums for your Employee Term Life Insurance under this Coverage will be waived while your death benefit protection is extended.

• The Board shall provide, without cost to each employee, Group Term Life Insurance equal to one and one-quarter (1 1/4) times the employee's annual salary, rounded to the next higher multiple of one thousand dollars ($1,000), subject to a minimum of seven thousand dollars ($7,000) and a maximum of fifty thousand dollars ($50,000).

More Definitions of Term Life Insurance

Term Life Insurance means an insurance policy that provides coverage for a specified period at a guaranteed rate. Usually does not have a CSV. Policy owners have the option of converting some term life policies into universal life or whole life insurance policies.

Term Life Insurance. A $50,000 term life insurance policy for each employee in the normal school year will be paid by the employer.

Term Life Insurance. A $500,000 ten-year life insurance policy will be provided to the Employee, with the premiums being paid by the employer during employment and for one year after retirement.

Term Life Insurance. A term life insurance policy in the amount of One Hundred Thousand Dollars ($100,000). If for any reason, the Administrator is not insurable at standard rates, the Administrator will have the option for and obtaining insurance by personally paying the difference between the standard rate and his actual rate. The policy will terminate upon dismissal or non-renewal. The policy and any balance will be assigned and transferred to the Administrator upon termination of the agreement. LONG TERM DISABILITY: (LTD) shall be paid at a rate of 66 2/3% of the total Administrators salary. PHYSICAL EXAMINATION: The School District will pay up to One Thousand Dollars ($1,000) once every other year starting with the first year of this contract toward a physical examination of the Administrator when serving as Superintendent by a medical doctor or through an authorized hospital. The examination may also include a mental examination evaluation. Results of an examination shall be confidential and provided only to the School Board President.

Term Life Insurance. Benefits equal to two times the Employee's annual Base Salary.

Term Life Insurance. In lieu of the customary term life insurance plan for executives, the Company has agreed to assume payment of the premiums on existing policies as set forth in Section 3.2 of the Employment Agreement.

Term Life Insurance. On terms customary for other employees of the Company.