Life Insurance Benefit means ten million dollars ($10,000,000) of life insurance coverage (the “Coverage”) for the benefit and protection of the Executive’s family. The Company will pay, or reimburse the executive, for the premiums for the Coverage up to the preferred rates (i.e., the rates applicable to nonsmokers whose health, life-style, family history, and other characteristics are such as to suggest they will exhibit significantly better than average mortality experience) charged by the insurance company issuing the life insurance policy providing for such Coverage. In the event the Company cannot obtain the Coverage at the preferred rates, the Executive may either pay the premiums for such Coverage in excess of the preferred rates or reduce the Coverage to the level of coverage that can be obtained at the preferred rates. The Executive shall be the owner of the life insurance policy issued on the life of the Executive pursuant to this Section 1.20. See ARTICLE 11.
Life Insurance Benefit means ten million dollars ($10,000,000) of life insurance coverage (the “Coverage”) for the benefit and protection of the Executive’s family. The Company will pay, or reimburse (in accordance with the procedures for reimbursement set forth in ARTICLE 7) the Executive for, the premiums for the Coverage up to the preferred rates (i.e., the rates applicable to nonsmokers whose health, life-style, family history, and other characteristics are such as to suggest they will exhibit significantly better than average mortality experience) charged by the insurance company issuing the life insurance policy providing for such Coverage. In the event the Company cannot obtain the Coverage at the preferred rates, the Executive may either pay the premiums for such Coverage in excess of the preferred rates or reduce the Coverage to the level of coverage that can be obtained at the preferred rates. The Executive shall be the owner of the life insurance policy issued on the life of the Executive pursuant to this Section 2.20. See ARTICLE 12.
Life Insurance Benefit means ten million dollars ($10,000,000) of life insurance coverage (the “Coverage”) for the benefit and protection of the Executive’s family. The Company will pay, or reimburse the executive, for the premiums for the Coverage up to the preferred rates (i.e., the rates applicable to nonsmokers whose health, life-style, family history, and other characteristics are such as to suggest they will exhibit significantly better than average mortality experience) charged by the insurance company
Examples of Life Insurance Benefit in a sentence
However, the Life Insurance Benefit will be subject to the provisions of the Policy that reduce the coverage amount because of age, retirement, payment of an Accelerated Benefit or a change in class.
We will pay a Repatriation Benefit if all of the following requirements are met.1. A Life Insurance Benefit is payable because of your death.2. You die more than 200 miles from your primary place of residence.
In addition, We may, at Our option, pay a portion of Your Life Insurance Benefit up to $500 to any person equitably entitled to payment by reason of having incurred expenses on Your behalf or because of expenses from Your burial.
The Repatriation Benefit: The expenses incurred to transport your body to a mortuary near your primary place of residence, but not to exceed $5,000 or 10% of the Life Insurance Benefit, whichever is less.
Incontestability: When can the Life Insurance Benefit of The Policy be contested?Except for non-payment of premiums, Your or Your Dependent's Life Insurance Benefit cannot be contested after two years from its effective date.
More Definitions of Life Insurance Benefit
Life Insurance Benefit means ten million dollars ($10,000,000) of life insurance coverage (the “Coverage”) for the benefit and protection of the Executive’s family. The Company will pay, or reimburse (in accordance with the procedures for reimbursement set forth in ARTICLE 7) the Executive for, the premiums for the Coverage up to the preferred rates (i.e., the rates applicable to nonsmokers whose health, life-style, family history, and other characteristics are such as to suggest they will exhibit significantly better than average mortality experience) charged by the insurance company issuing the life insurance policy providing for such Coverage. In the event the Company cannot obtain the Coverage at the preferred rates, the Executive may either pay the premiums for such Coverage in excess of the preferred rates or reduce the Coverage to the level of coverage that can be obtained at the preferred rates. The Executive shall be the owner of the life insurance policy issued on the life of the Executive pursuant to this Section 2.21. See ARTICLE 12.
Life Insurance Benefit has the meaning set forth in Section 6.9(b).
Life Insurance Benefit shall have the meaning set forth in Section 3.2(g) below.
Life Insurance Benefit means the group term life insurance benefits provided by an Insurance Company selected by the Trustees to pay survivor benefits in the event of the Participant’s death.
Life Insurance Benefit means a term life insurance policy in the face amount of at least $1,000,000 (the “Death Benefit”) payable on the death of Executive during the Term to his designated beneficiaries, the premiums on which will be paid by the Company during the Term; provided that, death benefit shall be reduced by the amount of any benefits under the Company’s group term life insurance plan in which Executive participates; and
Life Insurance Benefit means three million ($3,000,000) of life insurance coverage for the benefit and protection of the Executive's family. The Life Insurance Benefit shall be provided to the Executive through an "employer- pay-all" split-dollar life insurance plan. See ARTICLE 12.
Life Insurance Benefit means a life insurance policy in the face amount of $2,000,000 payable on the death of the Executive to his designated beneficiaries during the Term or during the Consultancy Term, if in effect, the premiums on which will be paid by the Company during the Term and during the Consultancy Term; provided that, face amount of such life insurance policy shall be reduced at the end of each year of any Consultancy Term by $400,000 and (B) the “Disability Benefit” means a disability policy provided to the Executive (premiums with respect to which are paid for by the Company) if any such policy is made available by the Company to any executive officer of the Company and which policy is in addition to group long term disability benefits of the Company, for a number of years equal to the lesser of five or the number of years remaining in the Consultancy Term at the time of Disability, but any such amount reduced by any payments received by the Executive from any other long term disability benefits of the Company.