Termination of the participant’s eligibility under the group insurance contract Sample Clauses

Termination of the participant’s eligibility under the group insurance contract. Participants who are no longer eligible under the group insurance contract may use the conversion privilege without having to present evidence of insurability. A written application for conversion must be submitted to the Insurer within 31 days of the date of conversion eligibility in order to convert for the value of their life insurance or that of their dependents. The insurance amount available for conversion to an individual life insurance contract is the lesser of the following amounts: the total of the participant’s or spouse’s and dependent children’s life insurance amounts on the date the conversion privilege is exercised; or $400,000; or the amount set out in any legal provisions, if this amount is higher than the amount above; or the difference between the participant’s total life insurance amounts at the time the conversion privilege is exercised and the amount obtained under the group insurance plan of the retirees offered by the Insurer (RIIRS). The participant’s or spouse’s and dependent children’s life insurance amounts remain in force until the date the conversion privilege is exercised, up to the 31-day time frame set out above. Participants cannot exercise their conversion privilege with regard to any amount of life insurance for themselves or their dependents that has been lost as a result of a reduction due to a change in age or a transfer from one class of eligible employees to another.
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Termination of the participant’s eligibility under the group insurance contract. Participants who are no longer eligible under the group insurance contract may use the conversion privilege without having to present evidence of insurability. A written application for conversion must be submitted to the Insurer within 31 days of the date of conversion eligibility in order to convert for the value of their life insurance or that of their dependents. The insurance amount available for conversion to an individual life insurance contract is the lesser of the following amounts:
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Related to Termination of the participant’s eligibility under the group insurance contract

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  • Long Term Disability Benefit In the event an employee, while covered under this plan, becomes totally disabled as a result of an accident or a sickness, then, after the employee has been totally disabled for seven (7) months, including periods approved in Section 1.3(a) and (c), he/she shall be eligible to receive a monthly benefit as follows:

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