Life Insurance Notice and Consent Sample Clauses

Life Insurance Notice and Consent. It is anticipated that the Entity or Owners may from time to time obtain life insurance policies on the lives of the Owners. If those policies fall within the definition of “employer-owned life insurance policies” as defined in Code Section 101(j), it is intended that the policies qualify for an exclusion from those rules (and thus making the proceeds income tax-free) and that this Agreement comply with the notice and consent requirements necessary to obtain that exclusion. Therefore, each Owner is hereby given written notice (“EOLI Notice”) that the Entity or Owners intend to insure his life by purchasing life insurance policy(ies) in the maximum face amount of $[ENTER AMOUNT], and that the Entity or Owners will be the owner and beneficiary of that policy and of any proceeds payable on such Owner’s death. By signing this Agreement, each Owner hereby gives advance written consent to being insured under such policy(ies) and to the continuation of the policy(ies) after such Owner ceases to have an Interest in the Entity or otherwise terminates employment (as defined in Code Section 101(j)(4)(B)) with the Entity (and no inference is intended that a Member is an “employee” for any purposes other than the possible application of Code Section 101(j)). The Owners also agree to enter into a separate EOLI Notice and consent containing these terms with regard to each life insurance policy obtained before the issuance of that policy.
Sample 1
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Related to Life Insurance Notice and Consent

  • Additional Life Insurance All eligible employees shall be permitted to purchase term life insurance in addition to the amount provided by the Board in paragraph C. of this Article.

  • Optional Life Insurance The State shall make available optional term-life insurance to employees. The cost will be paid by the employee on a payroll deduction basis. The available coverage will be at least two (2) times the employee’s salary. No evidence of insurability will be required if an adequate number of employees participate. The State will explore smoker/non-smoker rates and spousal coverage.

  • Life Insurance No portion of your IRA may be invested in life insurance contracts.

  • Insurance Terms and Conditions Company must maintain the following limits and coverages uninterrupted or amended through the term of this Agreement. In the event Company becomes in default of the following requirements, Authority reserves the right to take whatever actions it deems necessary to protect its interests. Required liability policies other than Workers’ Compensation / Employer’s Liability will provide that Authority, members of Authority’s governing body, and Authority’s officers, volunteers and employees are included as additional insureds.

  • Term Life Insurance The Employer will maintain and make available to full-time and part-time employees, the current term life insurance plan as set forth in the document "Summary of Health Benefits, Maryland State Employees."

  • Life Insurance Benefits A. During the life of this Agreement, the basic life insurance benefit made available to Faculty members shall be calculated as 3 times base annual earnings, rounded to the next highest $1,000, but not more than $225,000. A separate additional benefit up to the amount of the life insurance will be paid for accidental death and dismemberment, or loss of sight. The amount of Life and Accidental Death and Dismemberment/Loss of Sight benefits will be reduced to 65% at age 65, and further reduced (from the original insurance amount) as follows: to 50% at age 70, and 35% at age 75. Basic life insurance and AD&D benefits will be provided with no employee contributions.

  • Supplemental Life Insurance In addition to the life insurance benefits provided by this agreement, employees may subscribe voluntarily and at their own expense for supplemental life insurance. Employees may subscribe for an amount not to exceed five hundred thousand dollars ($500,000), of which one hundred thousand ($100,000) is a guaranteed issue, provided the election is made within the required enrollment periods.

  • Group Term Life Insurance The School District will pay the full premium for each $1,000 of coverage for group term life insurance. The amount of life insurance provided will be $20,000, subject to the conditions of the carrier.

  • Optional Group Life Insurance Subject to the provisions of the Plan, eligible employees shall be entitled to purchase optional Group Life Insurance coverage in units of ten thousand dollars ($10,000) up to a maximum of two hundred and fifty thousand dollars ($250,000). The employee shall pay one hundred percent (100%) of the premiums for the optional coverage.

  • Life Insurance Coverage a. Fifteen Thousand ($15,000) Dollars life insurance policy with AD&D from an insurance carrier selected by the Board, subject to the provisions of this section. Such insurance shall pay double in the case of accidental death or dismemberment.

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