Common use of Face Value Clause in Contracts

Face Value. The face value of the insurance for full-time faculty members, up to age 70, subject to terms and conditions imposed by the carrier, shall be fifty thousand dollars ($50,000) with an Accidental Death and Dismemberment Rider attached. Faculty members employed at least half-time shall have a policy with a value of twenty-six thousand dollars ($26,000). Faculty members employed less than half-time shall have a policy with a face value of sixteen thousand five hundred dollars ($16,500).