TERM LIFE INSURANCE COVERAGE. Subject to Executive's insurability on a standard risk basis, Executive will be provided with term life insurance coverage for an amount equal to three times his Annual Base Salary, as adjusted annually. The Company, in its sole discretion, may fulfill its obligation hereunder, in whole or in part, by means of Executive's participation in the Company's group insurance plan for eligible employees of the Company. The Company shall purchase and maintain individual term life insurance on Executive's life to provide for such coverage amount that is not otherwise provided through the Company's group term life insurance for employees. Upon termination of his Employment other than for cause (as provided for in Section 5. 1), Executive shall be entitled, with no obligation of reimbursement to the Company, to exercise any option available to him under the individual insurance policies and/or contracts purchased and maintained by the Company, to assume ownership thereof and continue such policies and/or contracts in full force and effect.
TERM LIFE INSURANCE COVERAGE. The District shall provide $50,000 term group life insurance for regular/contract faculty with the understanding that this term group life insurance reduces to $25,000 once the regular/contract faculty is over the age of seventy (70) due to provider limitations.
TERM LIFE INSURANCE COVERAGE. The District will provide term life insurance coverage for full-time employees in the following amounts: First five (5) years in the District - Forty Thousand Dollars ($40,000.00) Over five (5) years in the District - Forty-five Thousand Dollars ($45,000.00).
TERM LIFE INSURANCE COVERAGE. BANK shall provide YOO with the Bank Owned Life Insurance (BOLI). The BANK shall provide Yoo with term life insurance coverage in an initial amount not less than $500,000. If, during the term of this Agreement, the BANK adopts a plan providing life insurance benefits to other BANK employees and the maximum coverage under such plan exceeds the maximum coverage permitted under this Paragraph, then notwithstanding the limitations of this Paragraph, YOO shall be entitled to participate in the BANK’s life insurance benefit plan to the full extent that it is available to other BANK employees.
TERM LIFE INSURANCE COVERAGE. The City shall offer term life insurance with a benefit equal to the nearest $1,000 increment, greater than the employee’s base wage, to a maximum of $60,000 (the premium on a benefit in excess of $50,000 is taxable to the employee per Internal Revenue Code Section 79).
