DECs Clause Samples

The DECs (Declarations) clause serves to outline the key factual and administrative details of an insurance policy, such as the names of the insured parties, coverage limits, policy period, and premium amounts. This section typically appears at the beginning of the policy document and acts as a summary of the most important terms, making it easy for both the insurer and insured to reference essential information. Its core practical function is to ensure clarity and prevent misunderstandings by clearly stating the fundamental terms that govern the insurance contract.
DECs. A DEC is a deductible Participant contribution made to the Plan for a taxable year commencing prior to 1987. If a Participant has made DECs to the Plan, the Plan Administrator must maintain a separate Account for the Participant's DECs as adjusted for earnings, including DECs which are part of a rollover contribution described in Section 4.04. The DECs Account is part of the Participant's Account for all purposes of the Plan, except for purposes of determining the top-heavy ratio under Article XII. The Plan Administrator may not use a Participant's DECs Account to purchase life insurance on the Participant's behalf.
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