fixed benefits Clause Samples
A fixed benefits clause establishes predetermined, unchanging amounts or types of benefits that will be provided under a contract or policy. In practice, this means that the recipient is entitled to specific benefits, such as a set monetary payment or defined service, regardless of varying circumstances or actual losses incurred. This approach simplifies administration and provides certainty for both parties, as it eliminates ambiguity about the extent of benefits and helps avoid disputes over calculations or eligibility.
fixed benefits. If the revised underwriting information varies by more than 10% Chubb agrees to provide cover from the date of creation or acquisition of such subsidiary or Associated Company, for a period of 30 days during which time the Insured shall provide any additional information as Chubb may require and pay such additional premium as may become due.
fixed benefits. If the revised underwriting information varies by more than 20% the Insurer agrees to provide cover from the date of creation or acquisition of such subsidiary or Associated Company, for a period of 30 days during which time the Policyholder shall provide any additional information as the Insurer may require and pay such additional Premium as may become due. Otherwise, the Insurer agrees to provide cover for such subsidiary or Associated Company from the date that the revised underwriting information is provided.
fixed benefits. The amount of Fixed Benefits payable to an Eligible Participants shall be calculated as the sum of the assumed values determined under Sections 2(a)(i), (ii) and (iii) below ("ASSUMED VALUE"), plus eight percent (8%) interest compounded annually on the unpaid balance until the Payment Date:
fixed benefits. Fixed Benefits shall become 100% vested on the first anniversary of the Effective Date or, if earlier, upon the death or permanent disability of the Eligible Participant or as may be set forth in an Eligible Participant's written employment agreement.