Plan Insurance Sample Clauses
The Plan Insurance clause requires that insurance coverage be maintained for the benefit of the plan and its participants. Typically, this clause outlines the types and amounts of insurance that must be obtained, such as fiduciary liability or errors and omissions coverage, and may specify who is responsible for securing and paying for the policies. Its core function is to protect the plan and its stakeholders from financial losses arising from mismanagement, errors, or other covered risks, thereby ensuring the plan's ongoing security and compliance with legal requirements.
Plan Insurance. The Company may apply for and maintain such contracts of insurance with one or more insurance companies and on such rating or risk terms as the Company may determine to be appropriate for the provision of benefits under the Plans. The Trust shall be the policyholder and owner of such contracts. The Trustee, only as directed by the Pension Board or a duly authorized officer of the Company, shall pay premiums or other charges with respect to such contracts from assets of the Trust Fund.
Plan Insurance. Plan shall at all times maintain all insurance typical -------------- of similar health plans. In addition, it shall provide tail coverage for all employed Physicians who practice at Health Care Centers with respect to Covered Services rendered to Covered Persons prior to the Effective Date, unless the Plan required such Physicians to maintain appropriate tail coverage, and the Plan has provided PHE with the relevant certificates of insurance coverage.
Plan Insurance. The Employer shall provide and pay for the following welfare plan for each employee not otherwise covered. All health and insurance benefit premium costs paid by the Employer shall prorate in accordance with the proration formula.
Plan Insurance. Plan agrees to carry comprehensive general liability insurancewith limits of not less than one million dollars ($1,000,000) per occurrence and three million dollars ($3,000,000) annual aggregate.
Plan Insurance. Plan benefits are insured by the Pension Benefit Guaranty Corporation (PBGC), a federal insurance agency. If the Plan terminates without enough money to pay all benefits, the PBGC will step in to pay benefits. Most people will receive all of the benefits they would have received under the Plan, but some people may lose certain benefits. The PBGC guarantee generally covers: • Normal and early retirement benefits, • Disability benefits if you become disabled before the plan terminates, and • Certain benefits for your survivors. The PBGC guarantee generally does not cover: • Benefits greater than the maximum guaranteed amount set by law for the year in which the Plan terminates (for 2016, the maximum life annuity is $60,000 per year), • Some or all of the benefit increases and new benefits based on Plan provisions that have been in place for fewer than five years at the time the plan terminates, • Benefits that are not vested because you have not worked long enough for the Company, • Benefits for which you have not met all of the requirements at the time the Plan terminates, and • Certain early retirement payments (such as supplemental benefits that stop when you become eligible for Social Security) that result in an early retirement monthly benefit greater than your monthly benefit at the Plan’s normal retirement age. Even if certain of your benefits are not guaranteed, you still may receive some of those benefits from the PBGC depending on how much money the Pan has and on how much the PBGC collects from the Company. For more information about the PBGC and the benefits it guarantees, ask the Plan Administrator or contact the PBGC’s Technical Assistance Division, ▇▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇- ▇▇▇▇ or call ▇-▇▇▇-▇▇▇-▇▇▇▇ (not a toll-free number). TTY/TDD users may call the federal relay service toll-free at ▇-▇▇▇-▇▇▇-▇▇▇▇ and ask to be connected to ▇▇▇-▇▇▇-▇▇▇▇. Additional information about the PBGC is available through the PBGC’s website on the Internet at ▇▇▇▇://▇▇▇.▇▇▇▇.▇▇▇.