Living Benefit Sample Clauses

Living Benefit. The life insurance benefit includes a “living benefit” option. To be eligible for this “living benefit,” the claimant must be under the age of seventy (70); be diagnosed terminally ill (with life expectancy of twelve [12] months or less); not have assigned his or her employee life benefits; and not have a court order in force which affects the payment of life insurance benefits. The life insurance benefit will pay a benefit of up to 50% of the combined basic and any supplemental life amounts. The maximum amount of the living benefit is $250,000 and the minimum is $7,500. Should the employee recover, the amount paid under this provision would be subtracted from the face amount of his/her full benefit at the time of death.
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Living Benefit. The life insurance benefit includes a “living benefit” option. To be eligible for this “living benefit,” the claimant must be diagnosed terminally ill (with life expectancy of twelve [12] months or less); not have assigned his or her employee life benefits; and not have a court order in force which affects the payment of life insurance benefits. The life insurance benefit will pay a benefit of up to 90% of the combined basic and any supplemental life amounts. The maximum amount of the living benefit is $600,000. Should the employee recover, the amount paid under this provision would be subtracted from the face amount of his/her full benefit at the time of death.
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Living Benefit. An employee who meets the following criteria shall be eligible to cash out 50% of his/her total claim value to a maximum of $50,000. Criteria: • the illness must be terminal with death likely to occur within 24 months; • write the IESO stating intent to apply for Living Benefits; • the consent of the employee and his/her beneficiary is required; • the employee must be competent and able to understand a transaction of this nature. Payments must be processed as a loan and interest charged to avoid making the payment a taxable benefit to the employee. When death occurs, the advance payment plus accrued interest is deducted from the claim value.
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Living Benefit. The Living Benefit is the amount of the accelerated benefit that we will pay to you under this rider. The Living Benefit is equal to the Eligible Proceeds, actuarially reduced to reflect: . the life expectancy of the Claimant, as determined by us; and . the amount of future premiums required to keep the policy in force for a 12 month period beginning with the date we receive proof of the terminal illness; and . the Interest Rate. The Interest Rate we will use to determine the Living Benefit will be the smaller of A and B, where
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Living Benefit. Effective onon or after April 12, 1998, the life insurance benefit will include a “living benefit”, the claimant must be under the age of 70; be diagnosed terminally ill (with life expectancy of twelve [12] months or less); not have assigned his or her employee life benefits; and not have a court order in force which affects the payment of life insurance benefits.
Sample 1
Living Benefit. If you are under age 62 and suffer a terminal illness from which death is expected within 24 months and you have been approved for the Waiver of Premium Benefit above, you may qualify for a Living Benefit. A Living Benefit is an advance payment of a portion of the amount of your basic Life coverage described on the Schedule of Benefits page. The Living Benefit consists of 50% of the amount of your Basic Life coverage to a maximum of $50,000. Upon your death, the Death Benefit will equal the sum insured on your date of death less the Living Benefit paid and the interest accrued on the Living Benefit.
Sample 1
Living Benefit. An employee who meets the following criteria shall be eligible to cash out of total claim value to a maximum of
Sample 1
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Living Benefit. Amend the Plan to increase the Living Benefit from 50% of the employee’s GE Life Insurance up to a maximum of $250,000 to 80% of the employee’s GE Life Insurance up to a maximum of $500,000. Effective for applications submitted to the insurance carrier on or after January 1, 2020.
Sample 1
Living Benefit. The Living Benefit is the amount of the accelerated benefit that we will pay to you under this rider. The Living Benefit is equal to the Eligible Proceeds: . discounted for the life expectancy of the Insured at the rate of interest charged for policy loans; and . minus the product of (1) the ratio of the Eligible Proceeds to the Total Proceeds, and (2) the amount of the single premium required to keep the Policy in effect for the life expectancy of the Insured assuming current cost of insurance rates, current expense charges, and the interest rate stated above; and . minus the product of (1) the ratio of the Eligible Proceeds to the Total Proceeds, and (2) the Policy Debt on the date of the accelerated benefit payment.
Sample 1

Related to Living Benefit

  • Vacation; Benefits During the Term, the Executive shall be eligible for 20 vacation days annually, which shall be accrued and used in accordance with the applicable policies of the Company. During the Term, the Executive shall be eligible to participate in such medical, dental and life insurance, retirement and other plans as the Company may have or establish from time to time on terms and conditions applicable to other senior executives of the Company generally. The foregoing, however, shall not be construed to require the Company to establish any such plans or to prevent the modification or termination of such plans once established.

  • Health Benefits The method for determining the Employer bi-weekly contributions to the cost of employee health insurance programs under the Federal Employees Health Benefits Program (FEHBP) will be as follows:

  • Separation Compensation In exchange for your agreement to the general release and waiver of claims and covenant not to sue set forth below and your other promises herein, the Company agrees to provide you with the following:

  • Relocation Benefits If the Executive moves his residence in order to pursue other business or employment opportunities during the Continuation Period and requests in writing that the Company provide relocation services, he will be reimbursed for any expenses incurred in that initial relocation (including taxes payable on the reimbursement) which are not reimbursed by another employer. Benefits under this provision will include assistance in selling the Executive's home and all other assistance and benefits which were customarily provided by the Company to transferred executives prior to the Change in Control.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Economic Benefit The Administrator shall annually determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive’s age multiplied by the aggregate death benefit payable to the Executive’s beneficiary. The “life insurance premium factor” is the minimum factor applicable under guidance published pursuant to Treasury Reg. section 1.61-22(d)(3)(ii) or any subsequent authority.

  • Separation Benefits If this Agreement is terminated either by the Company without Cause in accordance with Section 6(c) (including the Company’s non-renewal of this Agreement) or by Employee resigning his employment for Good Reason in accordance with Section 6(d), the Company shall have no further obligation to Employee under this Agreement, except the Company shall provide the Accrued Obligations to Employee in accordance with Section 7(a) plus the following payments and benefits (collectively, the “Separation Benefits”) to Employee: (i) an amount equal to one times the sum of the Base Salary in effect immediately before the Termination Date plus the Annual Bonus received by Employee for the fiscal year preceding the Termination Date (or if Employee was employed for less than one full fiscal year prior to the Termination Date, the Annual Bonus for purposes of this Section 7 shall be the Annual Bonus payable during the current fiscal year at the target amount provided above) (together, the “Separation Pay”); and (ii) during the six-month period commencing on the Termination Date that Employee is eligible to elect and elects to continue coverage for himself and his eligible dependents under the Company’s group heath insurance plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), or similar state law, the Company shall reimburse Employee on a monthly basis for the difference between the amount Employee pays to effect and continue such coverage under COBRA and the employee contribution amount that active employees of the Company pay for the same or similar coverage; provided, however, that Employee shall notify the Company in writing within five days after he becomes eligible after the Termination Date for group health insurance coverage, if any, through subsequent employment or otherwise and the Company shall have no further reimbursement obligation after Employee becomes eligible for group health insurance coverage due to subsequent employment or otherwise. The Separation Pay shall be paid to Employee in a lump sum within 60 days of the Termination Date; provided, however, that no Separation Pay shall be paid to Employee unless the Company receives, on or within 55 days after the Termination Date, an executed and fully effective copy of the Release (as defined below). Any COBRA reimbursements due under this Section shall be made by the last day of the month following the month in which the applicable premiums were paid by Employee. For the avoidance of doubt, Employee shall not be entitled to the Separation Benefits if this Agreement is terminated (i) due to Employee’s death; (ii) by the Company due to Employee’s Inability to Perform; (iii) by the Company for Cause; (iv) by Employee without Good Reason; or (v) by non-renewal by Employee in accordance with Sections 4(b) and 6(f).

  • Compensation Benefits In accordance with Section 142 of the State Finance Law, this contract shall be void and of no force and effect unless the Contractor shall provide and maintain coverage during the life of this contract for the benefit of such employees as are required to be covered by the provisions of the Workers' Compensation Law.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

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