INSURANCE BENEFIT PROGRAM Clause Samples
The Insurance Benefit Program clause establishes the provision of insurance-related benefits to eligible individuals, such as employees or members of an organization. Typically, this clause outlines the types of insurance offered—such as health, dental, life, or disability coverage—and specifies eligibility requirements, enrollment procedures, and the extent of coverage. Its core practical function is to ensure that participants receive specified insurance protections, thereby supporting their financial security and well-being while also helping the organization attract and retain talent.
INSURANCE BENEFIT PROGRAM. 28.01 The parties agree to continue with the Company paying the full cost of all benefits, the following insurance welfare program. The following is a summary of the plan and the language of the respective policies will govern. Provided by a Life Insurance Carrier or private coverage which will be mirror coverage to the following:
A. LIFE INSURANCE Schedule: Flat benefit of $45,000.00 Accidental Death & Dismemberment (AD & D) of $45,000.00 Reduction Provision: Coverage reduces by 100% at age 65. Coverage terminates at the earlier of age 65 or retirement.
B. PRESCRIPTION DRUGS Plan: $0 deductible, 100% reimbursement Drugs: Prescription only (Drugs written on prescription, but considered OTC {over the counter} drugs are not covered) Original invoice and proof of payment must be provided to the Company for reimbursement.
C. PRESCRIPTION DRUGS - RETIREES Retiring employees, who retire at the age of 65, will continue to be covered by the drug benefit program only, for a normal one month’s supply of drugs for the month that they retire, and a normal one month’s supply for the month following retirement.
D. SICKNESS AND ACCIDENT BENEFITS Sickness and accident benefits of $562.00 per week effective Feb. 18, 2019, will be paid from the first day of accident, first day of hospitalization if admitted as an in-patient and hospitalized overnight, or the day following surgery in an outpatient department of a hospital, Doctor’s office or medical clinic and the fourth day of sickness (counted from the first day seen by a medical practitioner) for a period of thirty (30) weeks. This benefit is paid by dividing the weekly rate by seven (7) and the daily rate thus established is paid for each day of entitlement. This Plan is registered with the E.I. and all rebates revert to the Company. If the weekly EI benefit changes this clause will reflect the dollar amount in accordance to EI Regulations. Employees receiving sickness and accident benefits may be examined by a doctor agreed to by the Company and the Union. Doctor's Notes - if requested by Company to allow person to return to work, Company will pay cost of note to a maximum of $20.00. Proof of payment (receipt) required prior to reimbursement.
E. VISION CARE
(1) This Plan provides the following benefits to subscribers and eligible dependants once in any consecutive twenty-four (24) month period. The total coverage per family member will be $325.00. Original invoice and proof of payment must be provided to the Company for...
INSURANCE BENEFIT PROGRAM. Eligibility Dependents e The date of marriage
INSURANCE BENEFIT PROGRAM. Eligibility Dependents