Common use of Life Coverage Clause in Contracts

Life Coverage. a. Faculty Member. A faculty member may purchase up to five hundred thousand dollars ($500,000) additional life insurance, in increments established by the Employer, subject to satisfactory evidence of insurability. A new faculty member may purchase up to two (2) times annual salary in optional employee life coverage by their initial effective date of coverage as defined in this article, Section E, Subd. 3 without evidence of insurability. An employee who becomes eligible for insurance may purchase up to two (2) times annual salary in optional employee life coverage without evidence of insurability within thirty (30) days of the initial effective date as defined in this article.

Life Coverage. a. Faculty Member. A faculty member may purchase up to five hundred thousand dollars ($500,000) additional life insurance, in increments established by the Employer, subject to of satisfactory evidence of insurability. A new faculty member may purchase up to two (2) times annual salary in optional employee life coverage by their initial effective date of coverage as defined in this articleArticle, Section E, Subd. 3 without evidence of insurability. An employee who becomes eligible for insurance may purchase up to two (2) times annual salary in optional employee life coverage without evidence of insurability within thirty (30) days of the initial effective date as defined in this articleArticle.