Basic Life Insurance Clause Samples
The Basic Life Insurance clause establishes the provision of a standard life insurance benefit to eligible individuals, typically employees, under an agreement or benefits plan. This clause outlines the amount of coverage provided, eligibility requirements, and the process for beneficiaries to claim benefits in the event of the insured person's death. Its core function is to ensure financial protection for the beneficiaries of the insured, addressing the need for security in the event of an unexpected loss.
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Basic Life Insurance. The Employer pays the total premium cost to provide all Regular Nurses and eligible Relief Nurses as specified in Section 14.12.5 with one (1) times annual salary to a maximum of Fifty Thousand Dollars ($50,000.00) of Group Life Insurance. If the Nurse enrolls at the time of hire or when newly eligible, coverage becomes effective on the first (1st) day of the month following that date.
Basic Life Insurance. Insurance eligible employees are automatically enrolled for $20,000 (plus Accidental Death and Dismemberment $20,000) of District paid basic life insurance coverage. To have a named beneficiary, an enrollment beneficiary designation card must be on file with the District.
Basic Life Insurance. 37.1 The Employer shall pay one hundred percent (100%) of the monthly premium of the basic life insurance plan.
37.2 The basic life insurance plan shall provide:
(a) Effective June 1, 2002, coverage equal to one hundred percent (100%) of annual salary or ten thousand dollars ($10,000), whichever is greater;
(b) where an employee is continuously disabled for a period exceeding six (6) months, the Employer will continue to pay monthly premiums on behalf of the employee until the earliest of recovery, death, or the end of the month in which the employee reaches age sixty-five (65). Any premiums paid by the employee for this coverage between the date of disability and the date this provision comes into force shall be refunded to the employee;
(c) a conversion option for terminating employees to be obtained without evidence of insurability and providing coverage up to the amount for which the employee was insured prior to termination (less the amount of coverage provided by the Employer in the case of retirement). The premium of such policy shall be at the current rates of the insuring company. Application must be made within thirty- one (31) days of the date of termination of insurance. The Employer will advise terminating employees of this conversion privilege. The minimum amount that may be converted is two thousand dollars ($2,000). The conversion options shall be:
1. Any standard life or endowment plans (without disability or double- indemnity benefits) issued by the insurance carrier.
2. A one (1) year term insurance plan which is convertible to the standard life or endowment plans referred to in option 1 above.
3. A term to age sixty-five (65) insurance plan.
Basic Life Insurance. 33.1.1 The Basic Life Insurance Plan shall provide life insurance coverage equal to one hundred percent (100%) of the annual salary of the employee, and such coverage shall not be less than ten thousand dollars ($10,000) for a full-time employee and five thousand dollars ($5,000) for a part-time employee.
33.1.2 The premium for the Basic Life Insurance Plan coverage shall be paid by the Employer.
Basic Life Insurance. Insurance eligible employees are automatically enrolled for $75,000 of District paid life insurance coverage.
Basic Life Insurance. The District’s group life insurance plan includes coverage at two times (2X) the employee’s current annual base salary up to the insurers cap at no cost to the employee. The District will pay the cost of life insurance coverage for the employee only, under the plans available to all District employees, which may change from time‐to‐time thereafter.
Basic Life Insurance. The Executive may elect continuation of the amount of coverage previously provided and the Company shall be responsible for the cost of such coverage and shall submit payment for the Post Termination Benefit Period directly to the provider of such insurance. The Company may, at its sole discretion, provide such insurance through the same insurance provider at the time of Termination or through a different insurance provider having a comparable or superior A.M. Best rating. The Executive shall, to the extent required by a prospective insurance provider, i) furnish such information, ii) complete and submit such applications and other documentation, and iii) submit to a reasonable and customary physical examination to enable the Company to obtain pricing quotes and to bind coverage for such insurance through a different insurance provider.
Basic Life Insurance. Basic life insurance coverage will be equal to one times the employee’s annual salary or $30,000 whichever is greater. Coverage is contingent upon employee contribution of $12.00 per year. The Board's pro-rated contribution shall be made on the first day of the month following the first sixty (60) days of the probationary period. Life Insurance will be effective the first day of the month following sixty (60) days of employment.
Basic Life Insurance. Insurance eligible Educational Support Professionals are automatically enrolled for $45,000 (plus Accidental Death and Dismemberment $20,000) of District paid basic life insurance coverage. To have a named beneficiary, an enrollment beneficiary designation card must be on file with the District.
Basic Life Insurance. (FPT)
65.1 The Employer shall pay one hundred percent (100%) of the monthly premium of the basic life insurance plan.
65.2 The basic life insurance plan shall provide:
(a) Effective June 1, 2002, coverage equal to one hundred percent (100%) of annual salary or five thousand dollars ($5,000), whichever is greater;
(b) that where an employee is continuously disabled for a period exceeding six (6) months, the Employer will continue to pay monthly premiums on behalf of the employee until the earliest of recovery, death, or the end of the month in which the employee reaches age sixty-five (65). Any premiums paid by the employee for this coverage between the date of disability and the date this provision comes into force shall be refunded to the employee;
(c) a conversion option for terminating employees to be obtained without evidence of insurability and providing coverage up to the amount for which the employee was insured prior to termination (less the amount of coverage provided by the Employer in the case of retirement). The premium of such policy shall be at the current rates of the insuring company. Application must be made within thirty-one (31) days of the date of termination of insurance. The Employer will advise terminating employees of this conversion privilege. The minimum amount that may be converted is two thousand dollars ($2,000). The conversion options shall be:
1. Any standard life or endowment plans (without disability or double-indemnity benefits) issued by the insurance carrier.
2. A one (1) year term insurance plan which is convertible to the standard life or endowment plans referred to in option 1 above.
3. A term to age sixty-five (65) insurance plan.
65.3 The amount of basic life insurance will be adjusted with changes in the employee’s salary from the date of approval of the increase or the effective date, whichever is later. If an employee is absent from regularly scheduled hours of work because of sickness or disability on the date an increase in insurance would have occurred, the increase will not take effect until the employee returns to work (i.e. for the equivalent of at least one (1) regular full-time day of employment).
65.4 Basic life insurance will terminate at the end of the month in which an employee ceases to be a regular employee unless coverage is extended under the total disability provision. Employees who receive a monthly benefit from the Public Service Superannuation Fund or OPSEU Pension Trust are entitled to free c...