Compulsory Group Life and Accidental Death and Dismemberment Insurance Sample Clauses

Compulsory Group Life and Accidental Death and Dismemberment Insurance. 7.10.1 The following employees shall participate in the Group Life plan: • All regular employees shall be covered from the beginning of the first complete calendar month of employment. • All term employees who are employed half-time or more shall be covered from the beginning of the first complete calendar month following completion of 10 months of service within a consecutive 12 month period.
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Compulsory Group Life and Accidental Death and Dismemberment Insurance. The following instructors shall participate in the group life plan: All regular instructors shall be covered from the beginning of the first complete calendar month of employment. All term instructors who are employed half-time or more shall be covered from the beginning of the first complete calendar month following completion of ten months of service within a consecutive twelve (12) month period. The College will pay one hundred percent (100%) of the cost of monthly premiums for both Group Life Insurance and Accidental Death and Dismemberment Insurance. The Group Life Insurance plan provides a benefit level of three (3) times the annual maximum salary of the Instructor. The Accidental Death and Dismemberment Insurance plan provides a benefit of up to three (3) times the annual maximum salary of the instructor. An instructor who retires at or beyond the age of fifty-five (55) years and who is in receipt of a pension under the provisions of the Pension Act shall continue to receive group life insurance coverage in the amount of for a period of five (5) years from the date of retirement. The premium cost of the continuing insurance shall be borne by the College. Term instructors who are participating in the group life insurance plan, and whose appointment drops to less than one-half time, may continue on the plan, on a cost- shared (50-50) basis, as long as they remain employed by the College. Instructors covered by group life insurance as provided in this Article, may, at the time of termination of coverage, continue to receive coverage without medical proof of insurability, to the maximum benefit in effect at the time of termination of coverage. Arrangements must be made with the insurance company and instructors are responsible for the payment of the entire premium cost, based on their age at the time of application. Voluntary Life Insurance Coverage By payment of the necessary premiums through payroll deductions, instructors who are participating in the group life insurance plan may elect additional group life insurance coverage for themselves and/or their spouses, in increments of to a maximum of in accordance with the terms of the contract with the insuring pany Payroll Deductions Instructors may authorize the College to deduct specified amounts from their wages each month for Tax deductions at source will be adjusted to accommodate the deductions. In authorizing such deductions, instructors shall absolve the College of any responsibility for such fun...
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Related to Compulsory Group Life and Accidental Death and Dismemberment Insurance

  • Group Life and Accidental Death and Dismemberment (a) The Employer will pay 100% of the premiums for the group life and accidental death and dismemberment insurance plans.

  • Accidental Death and Dismemberment Insurance The plan provides accidental death and dismemberment insurance coverage in an amount equal to your basic group life insurance (two times your current annual salary). Coverage is provided 24 hours per day, anywhere in the world, for any accident resulting in death, dismemberment, paralysis, loss of use, or loss of speech or hearing. If you sustain an injury caused by an accident occurring while the policy is in force which results in one of the following losses, within 365 days of the accident, the benefit shown will be paid to you. In the case of accidental death, the benefit will be paid to the beneficiary you have named to receive your group life insurance benefits. Benefits are payable in accordance with the following schedule: Schedule of Benefits 100% of Principal Sum For Loss of: · Life · Both Hands or Both Feet · Entire Sight of Both Eyes · One Hand and One Foot · One Hand and Entire Sight of One Eye · One Foot and Entire Sight of One Eye · Speech and Hearing in Both Ears · Use of Both Arms or Both Legs or Both Hands · Quadriplegia (total paralysis of both upper and lower limbs) · Paraplegia (total paralysis of both lower limbs) · Hemiplegia (total paralysis of upper and lower limbs of one side of the body) 75% of Principal Sum For Loss of: · One Arm or One Leg · Use of One Arm or One Leg 66 2/3% of Principal Sum For Loss of: · One Hand or One Foot · Entire Sight of One Eye · Speech or Hearing in Both Ears · Use of One Hand or One Foot 33 1/3% of Principal Sum of Loss of: · Thumb and Index Finger of One Hand · Four Fingers of One Hand

  • Basic Life and Accidental Death and Dismemberment Coverage The Employer agrees to provide and pay for the following term life coverage and accidental death and dismemberment coverage for all supervisors eligible for an Employer Contribution, as described in Section 3. Any premium paid by the State in excess of fifty thousand dollars ($50,000) coverage is subject to a tax liability in accord with Internal Revenue Service regulations. A supervisor may decline coverage in excess of fifty thousand dollars ($50,000) by filing a waiver in accord with Minnesota Management & Budget procedures. The basic life insurance policy will include an accelerated benefits agreement providing for payment of benefits prior to death if the insured has a terminal condition. Supervisors’ Annual Base Salary Group Life Insurance Coverage Accidental Death and Dismemberment Principal Sum $10,000 - $15,000 $15,000 $15,000 $15,001 - $20,000 $20,000 $20,000 $20,001 - $25,000 $25,000 $25,000 $25,001 - $30,000 $30,000 $30,000 $30,001 - $35,000 $35,000 $35,000 $35,001 - $40,000 $40,000 $40,000 $40,001 - $45,000 $45,000 $45,000 $45,001 - $50,000 $50,000 $50,000 $50,001 - $55,000 $55,000 $55,000 $55,001 - $60,000 $60,000 $60,000 $60,001 - $65,000 $65,000 $65,000 $65,001 - $70,000 $70,000 $70,000 $70,001 - $75,000 $75,000 $75,000 $75,001 - $80,000 $80,000 $80,000 $80,001 - $85,000 $85,000 $85,000 $85,001 - $90,000 $90,000 $90,000 Over $90,000 $95,000 $95,000

  • Life Insurance and Accidental Death and Dismemberment The Board shall provide without cost to the employee’s life insurance and accidental death and dismemberment insurance in the amount of $35,000.

  • Accidental Death and Dismemberment Coverage An employee may purchase accidental death and dismemberment coverage that provides principal sum benefits in amounts ranging from five thousand dollars ($5,000) to one hundred thousand dollars ($100,000). Payment is made only for accidental bodily injury or death and may vary, depending upon the extent of dismemberment. An employee may also purchase from five thousand dollars ($5,000) to twenty-five thousand dollars ($25,000) in coverage for his/her spouse, but not in excess of the amount carried by the employee.

  • Accidental Death and Dismemberment The Employer agrees to provide all active full-time employees with Accidental Death and Dismemberment benefit coverage equal to one (1) times their annual earnings in case of accidental death. Coverage is also provided for other losses such as speech and hearing, use of arms and legs, etc.

  • Accidental Death & Dismemberment The Employer agrees to continue to make payroll deductions equivalent to the premiums for the current Accidental Death and Dismemberment Insurance Plan administered by the Union. All monies so deducted shall be remitted to the Union within fifteen (15) days of the end of the month in which the deductions were made along with a list of names of employees from whom the deductions were made.

  • Group Term Life Insurance The School District will pay the full premium for each $1,000 of coverage for group term life insurance. The amount of life insurance provided will be $20,000, subject to the conditions of the carrier.

  • Optional Life and Disability Coverages In order for coverage to become effective, the employee must be in active payroll status and not using sick leave on the first day following approval by the insurance company. If it is an open enrollment period, coverage may be applied for but will not become effective until the first day of the employee's return to work.

  • Life Insurance No portion of your IRA may be invested in life insurance contracts.

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