Term Life Insurance definition

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. 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. The District shall pay the premium for a $50,000 term life insurance policy with an AD&D life insurance policy for employees assigned at least thirty (30) hours per week and 170 days per year. In addition, the employee shall be entitled to an option to purchase an additional $40,000 at his/her own expense and/or $15,000 term life coverage on his/her spouse and dependents. In the event of total disability, it shall be the responsibility of the employee to request a waiver of premium within twelve (12) months of the qualifying event. The change in Life Insurance shall be effective the 1st month following contract approval by the Board.

Examples of Term Life Insurance in a sentence

• The School Board shall provide and pay the cost of $10,000 Term Life Insurance.

• The City shall pay 100% of the cost of the premium for a $25,000.00 Group Term Life Insurance Policy for employees covered by this Agreement.

• Part-time MBUs will be provided with either a minimum of Ten Thousand Dollars ($10,000) of Convertible Term Life Insurance, including Accidental Death and Dismemberment benefits, or an amount equal to each part-time MBU’s annual base salary expressed to the nearest One Thousand Dollars ($1,000), whichever is greater.

• The Board will pay the premium for Group Term Life Insurance two times the annual salary for each administrator figured to the nearest one thousand dollars ($1000) to a maximum benefit of $250,000 under a group policy with a Carrier selected by the Board.

• Effective the first of the month within sixty (60) days after the contract is executed by the parties in 2001 and after an employee is employed for one (1) year, the County will provide Five Thousand Dollars ($5,000) Group Term Life Insurance coverage to each employee.

More Definitions of Term Life Insurance

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.

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 means a policy that covers death within the term of the takaful contract, and the amount of takaful sum assured is fixed during the term thereof.

Term Life Insurance. The School District shall provide a $190,000 group term life insurance policy for full-time principals. A part-time principal shall receive a term life policy in a prorated amount proportional to his/her employment.

Term Life Insurance. The School Board shall contribute the sum listed on Schedule B, attached hereto, toward term life insurance for employees who qualify and wish to be covered.

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