Life Insurance Contract Sample Clauses

Life Insurance Contract. Employer has the right to elect to purchase a life insurance contract or contracts on the life of the Employee, for the purpose of providing Employer with cash funds to meet and discharge the payments to be made by it under this Agreement. In such event, Employer shall at all times be the sole and absolute owner of any such life insurance contract or contracts and the sole beneficiary thereof, and shall have the full and unrestricted right to use or exercise all values, privileges and options available thereunder as it may desire, without the knowledge or consent of any other person or persons. It is expressly understood and agreed that notwithstanding any of the terms, provisions or conditions of this Agreement, neither the Employee nor his or her beneficiary, his or her estate, or any other person, persons, or their executors or administrators shall have any right, title or interest whatsoever in or to any such life insurance contract or contracts.
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Life Insurance Contract. The Company has decided to terminate the SERP in 1999. In consideration of the Executive's agreement to assign to the Company his rights to the insurance contract on his life maintained under the split dollar arrangement connected to the SERP, the Company agrees to procure a term life insurance policy on the Executive's life with a face amount equal to or greater than the face amount of the policy being assigned and to pay the premiums on said policy until the later of the date the Executive terminates his employment with the Company, or until the end of the Severance Period. In the event that the Executive dies while this replacement insurance policy is in force and while the Company is paying the premiums, payment of the face amount to the Executive's beneficiaries shall constitute a benefit payable under the SERP and that amount shall be credited to reduce the payment obligations of the Company under Section 4.a.(vi) below."
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Life Insurance Contract. 10 Losses................................................................... 10
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Life Insurance Contract. The term life insurance contract has the meaning given to it in section 7702(a). A life in- surance contract may also be referred to as a life insurance policy.
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Life Insurance Contract. If USAA Life approves and issues the New Contract, and I accept it, USAA Life will apply for the surrender of the Old Contract(s) for the cash value after the New Contract is delivered to me. As of the Surrender Date, if the Old Contract(s) is/are a life insurance or endowment policy, it will no longer provide life insurance protection in the event of the insured's death. If the insured under the Old Contract(s) dies BEFORE the Surrender Date, and USAA Life's Home Office is given written notice of the death before the Surrender Date, USAA Life will reassign the Old Contract(s) to the owner or the owner's legal representative. The beneficiary named in the Old Contract(s) may then apply to the issuer of the Old Contract(s) for any death benefit available under the Old Contract(s). Upon such reassignment, USAA Life shall be discharged from all liability with respect to the Old Contract(s). FURTHER, IN THIS SITUATION, USAA LIFE SHALL NOT BE OBLIGATED OR HAVE ANY LIABILITY TO PAY DEATH PROCEEDS TO ANY BENEFICIARY UNDER THE NEW CONTRACT EXCEPT TO THE EXTENT SAID PROCEEDS EXCEED THE DEATH PROCEEDS OF THE OLD CONTRACT. If the insured dies ON or AFTER the Surrender Date, I understand that no death benefits will be available under the Old Contract(s). I understand that the cash values of the Old Contract(s) will be applied by USAA Life as a non-repeating premium under the New Contract.
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Life Insurance Contract. Jostens has the right to elect to purchase a life insurance contract or contracts on the life of the Employee, for the purpose of providing Jostens with cash funds to meet and discharge the payments to be made by it under this Agreement. In such event, Jostens shall at all times be the sole and absolute owner of any such life insurance contract or contracts and the sole beneficiary thereof, and shall have the full and unrestricted right to use or exercise all values, privileges and options available thereunder as it may desire, without the knowledge or consent of any other person or persons. It is expressly understood and agreed that notwithstanding any of the terms, provisions or conditions of this Agreement, neither the Employee nor his beneficiary, his estate, or any other person, persons, or their executors or administrators shall have any right, title or interest whatsoever in or to any such life insurance contract or contracts.
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Life Insurance Contract. A contract of life insurance is a contract to which paragraph (1) applies but which is not ordinarily payable in full during the life of the insured.
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Related to Life Insurance Contract

  • Life Insurance No portion of your IRA may be invested in life insurance contracts.

  • Insurance Contracts To the extent that any Welfare Plan is funded through the purchase of an insurance contract or is subject to any stop loss contract, the Parties shall cooperate and use their commercially reasonable efforts to replicate such insurance contracts for SpinCo or Parent as applicable (except to the extent that changes are required under applicable Law or filings by the respective insurers) and to maintain any pricing discounts or other preferential terms for both Parent and SpinCo for a reasonable term. Neither Party shall be liable for failure to obtain such insurance contracts, pricing discounts, or other preferential terms for the other Party. Each Party shall be responsible for any additional premiums, charges, or administrative fees that such Party may incur pursuant to this Section 7.06.

  • Life Insurance Policy In addition to the insurance coverage contemplated by Section 4(e), during the Employment Term the Company shall maintain in effect term life insurance coverage for the Executive with a death benefit of at least Five Hundred Thousand Dollars ($500,000), subject to the Executive's insurability at standard rates and with the beneficiary or beneficiaries, thereof designated by the Executive. Notwithstanding Section 9 of this Agreement, such life insurance policy or policies may be assigned to a trust for the benefit of any beneficiary designated by the Executive.

  • Key Man Life Insurance The Company may apply for and obtain and maintain a key man life insurance policy in the name of Executive together with other executives of the Company in an amount deemed sufficient by the Board, the beneficiary of which shall be the Company. Executive shall submit to physical examinations and answer reasonable questions in connection with the application and, if obtained, the maintenance of, as may be required, such insurance policy.

  • Life Insurance Policies If any Debtor, now or any time hereafter, is the beneficiary of a “key man life insurance policy”, it shall promptly notify the Agent thereof, provide the Agent with a true and correct list of the Persons insured, the name and address of the insurance company providing the coverage, the amount of such insurance and the policy number, and, unless otherwise waived by the Agent in writing, take such actions as Agent may deem necessary or the Agent shall deem reasonably desirable to collaterally assign policy to the Agent for the benefit of the Lenders.

  • Term Life Insurance The Employer will maintain and make available to full-time and part-time employees, the current term life insurance plan as set forth in the document "Summary of Health Benefits, Maryland State Employees."

  • REINSURANCE COVERAGE Reinsurance under this Agreement will apply to insurance issued by the Ceding Company on the Plans of Insurance shown in Schedule A. Such Plans of Insurance shall be reinsured with the Reinsurer on an automatic basis, subject to the requirements set forth in Section A below, or on a facultative basis, subject to the requirements set forth in Section B below, or on a facultative obligatory basis, subject to the requirements set forth in Section C below. The specifications for all reinsurance under this Agreement are provided in Schedule B.

  • Split Dollar Life Insurance The Company shall pay to the Executive a lump sum equal to the cost on the Termination Date of purchasing, at standard independent insurance premium rates, an individual

  • Insurance Coverage The Company and each Subsidiary maintains in full force and effect insurance coverage that is customary for comparably situated companies for the business being conducted and properties owned or leased by the Company and each Subsidiary, and the Company reasonably believes such insurance coverage to be adequate against all liabilities, claims and risks against which it is customary for comparably situated companies to insure.

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