Life Insurance Sample Clauses
The Life Insurance clause establishes the requirement for one or more parties to maintain a life insurance policy, typically naming another party as the beneficiary. In practice, this clause may specify the minimum coverage amount, the duration for which the policy must be maintained, and the conditions under which the beneficiary can claim the proceeds. Its core function is to provide financial protection or security to the beneficiary in the event of the insured party's death, thereby mitigating the risk of financial loss or disruption.
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Life Insurance. No portion of your IRA may be invested in life insurance contracts.
Life Insurance. The Board shall provide term life and accidental death and dismemberment coverage in the amount of $50,000 for each employee. Bargaining unit members may purchase additional term life insurance at the group rate, in $5,000 increments, up to a maximum of $60,000 coverage in addition to Board paid coverage. Modifications to this provision may be necessary to comply with requirements of the insurance carrier. The value of the life insurance reduces by 50% at age 65. The specific terms of the policy are contained in the life insurance contract.
Life Insurance. The City will provide life insurance coverage in the amount of $50,000 for each employee.
Life Insurance. If the Employer chooses to obtain insurance on the life of the Executive in connection with its obligations under this Agreement, the Executive hereby agrees to take such physical examinations and to truthfully and completely supply such information as may be required by the Employer or the insurance company designated by the Employer.
Life Insurance. For the term of this Agreement and any extensions thereof, the Employer shall at its expense procure and keep in effect term life insurance on the life of the Employee, payable to such beneficiaries as the Employee may from time to time designate, in an aggregate amount equal to three times the Employee’s Base Salary. Such policy shall be owned by the Employee or by any person or entity with an insurable interest in the life of the Employee.
Life Insurance. No portion of your ▇▇▇▇ ▇▇▇ may be invested in life insurance contracts.
Life Insurance. The County will contribute the total cost necessary to fund, provide, and maintain County-selected, basic life insurance coverage for regular, full-time and part-time employees and their eligible dependents.
Life Insurance. The County will provide group life insurance equal to one times an employee’s annual salary. (minimum $10,000, maximum $50,000). Optional life insurance will be employee paid.
Life Insurance. The State shall pay the full premium of employees' basic group life insurance.
Life Insurance. The Board shall provide term life and accidental death and dismemberment coverage in the amount of $65,000 for each teacher. Bargaining unit members may purchase additional term life insurance at the group rate, in $5,000 increments, up to a maximum of $60,000 coverage in addition to Board paid coverage. Modifications to this provision may be necessary to comply with requirements of the insurance carrier. The value of the life insurance reduces by 50% at age 65. The specific terms of the policy are contained in the life insurance contract.