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...
View SourceView Similar (2)
INSURANCE BENEFIT PROGRAM. Eligibility Dependents e The date of marriage
View Source
INSURANCE BENEFIT PROGRAM. Eligibility Dependents
View Source

Related to INSURANCE BENEFIT PROGRAM

  • Benefit Programs The Executive shall be eligible to participate in any plans, programs or forms of compensation or benefits that the Company or the Company’s subsidiaries provide to the class of employees that includes the Executive, on a basis not less favorable than that provided to such class of employees, including, without limitation, group medical, disability and life insurance, paid time-off, and retirement plan, subject to the terms and conditions of such plans, programs or forms of compensation or benefits.

  • Insurance Benefits Borrower shall cooperate with Lender in obtaining for Lender the benefits of any Insurance Proceeds lawfully or equitably payable in connection with the Property, and Lender shall be reimbursed for any expenses incurred in connection therewith (including reasonable attorneys' fees and disbursements, and the payment by Borrower of the expense of an appraisal on behalf of Lender in case of a fire or other casualty affecting the Property or any part thereof) out of such Insurance Proceeds.

  • Insurance Benefit The Employer may elect to provide incidental life insurance benefits for insurable Participants who consent to life insurance benefits by signing the appropriate insurance company application form. The Trustee will not purchase any incidental life insurance benefit for any Participant prior to an allocation to the Participant's Account. At an insured Participant's written direction, the Trustee will use all or any portion of the Participant's nondeductible voluntary contributions, if any, to pay insurance premiums covering the Participant's life. This Section 11.01 also authorizes the purchase of life insurance, for the benefit of the Participant, on the life of a family member of the Participant or on any person in whom the Participant has an insurable interest. However, if the policy is on the joint lives of the Participant and another person, the Trustee may not maintain that policy if that other person predeceases the Participant. The Employer will direct the Trustee as to the insurance company and insurance agent through which the Trustee is to purchase the insurance contracts, the amount of the coverage and the applicable dividend plan. Each application for a policy, and the policies themselves, must designate the Trustee as sole owner, with the right reserved to the Trustee to exercise any right or option contained in the policies, subject to the terms and provisions of this Agreement. The Trustee must be the named beneficiary for the Account of the insured Participant. Proceeds of insurance contracts paid to the Participant's Account under this Article XI are subject to the distribution requirements of Article V and of Article VI. The Trustee will not retain any such proceeds for the benefit of the Trust. The Trustee will charge the premiums on any incidental benefit insurance contract covering the life of a Participant against the Account of that Participant. The Trustee will hold all incidental benefit insurance contracts issued under the Plan as assets of the Trust created under the Plan.

  • Compensation/Benefit Programs During the Term of Employment, the Executive shall be entitled to participate in all medical, dental, hospitalization, accidental death and dismemberment, disability, travel and life insurance plans, and any and all other plans as are presently and hereinafter offered by the Company to its executive personnel, including savings, pension, profit-sharing and deferred compensation plans, subject to the general eligibility and participation provisions set forth in such plans.

  • Group Insurance Benefits To determine if a leave under the provisions of the Family and Medical Leave Act will be paid or unpaid leave of absence contact the school district Employee Benefits Department.