Life Insurances Sample Clauses
The 'Life Insurances' clause establishes the requirement for one or more parties to maintain life insurance policies, typically on the life of a key individual relevant to the agreement. This clause may specify the minimum coverage amount, the designated beneficiaries, and the party responsible for paying premiums. Its core practical function is to provide financial protection or security in the event of the insured individual's death, thereby mitigating the risk of financial loss to the other party or parties involved in the contract.
Life Insurances. (a) Group Life Insurance Employees will be covered for Basic Life insurance equivalent to one times base salary. The Company will pay one hundred per cent (100%) of the premium cost of this Plan.
(b) Supplementary Group Life Insurance The Company will provide Supplementary Life insurance equivalent to one times base salary and will pay one sixth (1/6) of the premium necessary to support this Plan. Employees may elect to continue their Supplementary Life coverage upon retirement. The coverage will decrease by 10% for each year beyond age 65, reducing to 0 at age 75.
Life Insurances. (a) Group Life Insurance Employees will be covered under the terms of the Manulife Policy 37984. The Company will pay one hundred per cent (100%) of the premium cost of this plan.
(b) Supplementary Group Life Insurance Effective 1999 June 01 all employees will be covered under the terms of the Manulife Policy 37984. The Company will pay 1/6 of the premium cost of this plan. The current Supplementary Life Insurance coverage for employees who elect to continue their Supplement Life coverage upon retirement will be modified as follows for employees who retire on or after June 01, 2006 or date of ratification, whichever is later: • The $500 paid-up benefit provision will be eliminated • The reduction in coverage will change from 10% for each year beyond age 60 to 10% for each year beyond age 65.
Life Insurances. Group Life Insurance Employees will be covered under the terms of the Policy The Company will pay one hundred per cent of the premium cost of this plan. Supplementary Group Life Insurance Effective June all employees will be covered under the terms of the Policy The Company will pay of the premium cost of this plan.
Life Insurances. (a) Group Life Insurance
Life Insurances. (a) Group Life Insurance Employees will be covered under the terms of the Manulife Policy 37984. The Company will pay one hundred per cent (100%) of the premium cost of this plan.
(b) Supplementary Group Life Insurance Effective 1999 June 01 all employees will be covered under the terms of the Manulife Policy 37984. The Company will pay 1/6 of the premium cost of this plan.
Life Insurances. The Company shall maintain a group plan of life and accidental death and dismemberment insurance and offer opportunity to purchase optional life insurance for non-grandfathered employees.