Optional Benefit definition

Optional Benefit means the optional benefit described as being available in certain Sections of this Policy.
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Optional Benefit means a benefit included in this Policy which is included at the option of the Policyholder with the agreement of the Company and in respect of which the relevant rider is attached to this Policy and which is described as an affirmed benefit and for which additional premiums are payable to the Company.
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Optional Benefit means the optional benefit described as being available in certain Sections of your Policy. Optional benefits that are covered are shown as being operative in the Schedule.
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Examples of Optional Benefit in a sentence

  • Part-time employees whose normal workweek consists of twenty (20) hours or more will be eligible to receive fifty (50) percent of the Optional Benefit amount available to full-time employees.

  • Employees hired or promoted after the commencement of a plan year will be eligible for the Optional Benefit on a pro-rata basis the first day of the month following the twenty-eighth (28th) day of employment in an eligible classification.

  • Eligibility - a full-time regular, limited-term or probationary employee is eligible to receive the Optional Benefit provided he or she is continuously employed in a full-time capacity.

  • The Optional Benefit Plan is a cash allotment which allows employees the option to take the benefit as taxable cash and/or apply the allotment to the cost of non-taxable benefits as described in the Authority’s Section 125 Cafeteria Plan, based on personal preferences.

  • Employees covered by CALPERS will receive the Credit for Unused Sick Leave Optional Benefit (Section 20965).

  • The Company’s Assistance Service Provider should be intimated for availing ‘International Second Opinion’ (Optional Cover 7) under ‘Smart Hospi-Care Plus’ (Optional Benefit 3).

  • Final compensation for purposes of retirement shall be as set forth in the City’s contract with CalPERS, including, when applicable, the Government Code Section 20692 Optional Benefit or as required by law.

  • The Claim amount assessed would be deducted from the Coverage Amount of respective Optional Benefit or Optional Cover.

  • Optional Benefit No 1 – Extension to cover Landlord’s Household Goods and Furnishings in blocks of flats/apartments (N.B This benefit is meant for landlord only).

  • The Insured Member may avail out-patient treatment at any of the Company’s Network Provider or other Empanelled Provider which is payable up to 1% of ‘Smart Hospi-Care Plus (Optional Benefit 3)’Coverage Amount as specified in the Certificate of Insurance.


More Definitions of Optional Benefit

Optional Benefit means the endorsement(s) or clauses described as being available in Your Policy. Optional benefits are not applicable unless they are shown as being operative in the Schedule.
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Optional Benefit. 3 : SMART HOSPI-CARE PLUS If an Insured Member is diagnosed with an Illness or suffers an Injury which requires the Insured Member to be admitted in a Hospital in India which should be Medically Necessary during the Cover Year and while the Policy is in force for:
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Optional Benefit means an optional Benefit that Acronis may offer to Member which is not listed as a Benefit at a particular Program Level, which may or may not include a fee.
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Optional Benefit means the benefit plan option elected by a Participant with respect the Component Plans as described in Plan Article V.
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Optional Benefit means the District approved insurance program (namely, Voluntary Employee Benefit Association [VEBA] Trust) which is not a basic benefit program as described in Section 8.05, above. The District's contributions for optional benefits, based on the same contribution ratio among eligible employees as is reflected in Section 8.04, above, will be designed to utilize, in combination with the District's basic benefits contributions, the total insurance pool as defined in Section 8.06.B., above. Payroll deductions will be made for insurance premiums not covered by District contributions. No District contributions for optional benefits will be made during 2015-16 except as may result from the operation of this section. (Reference attached Basic Benefit/VEBA Memorandum of Understanding.) 8.07 2016-17 and 2017-18 2016-17 and 2017-18: For the 2016-17 and 2017-18 school years, the concept and methodology set forth for 2015-16 will be utilized based on a District contribution equal to the State Health Care Authority’s benefit allocation less the appropriate retiree benefit allocation (carveout). In the event of a change in the State support figure per month, the District's monthly contribution will be changed accordingly. Additionally, for the 2016-17 and 2017-18 school years, the District agrees to fund the medical, dental, and vision benefits in the same manner as is agreed to between the District and the Bellingham Education Association. The District and the Teamsters may mutually agree to adjust the menu of available plans or other details of the insurance program. To maintain compliance with legal mandates for health benefits, the parties will reopen for the medical portion of Health and Welfare for each year of this agreement for the implementation of state-required changes, if appropriate.
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Related to Optional Benefit

  • Special benefit means a particular and distinct benefit over and above general benefits conferred on real property located in the district or to the public at large. General enhancement of property value does not constitute “special benefit.”

  • Annual Benefit means an annual sum of fifty thousand dollars ($50,000) multiplied by the Applicable Percentage (defined below) and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).

  • life annuity means an annuity payable under a policy issued to an SRS member for a term ending with, or at a time ascertainable only by reference to, the end of his life;

  • Retirement Benefit means the benefit set forth in Article 5.

  • Termination Benefit means the benefit set forth in Article 7.

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • Change in Control Benefit means the benefit described in Section 2.4.

  • Normal Retirement Benefit means an annual benefit equal to One Hundred Fifty Thousand Dollars and No/100 ($150,000.00) per year, payable in accordance with the terms of this Agreement. Beginning on the thirteenth month that the Normal Retirement Benefit is paid, and continuing thereafter until paid in full, the Normal Retirement Benefit shall be increased annually by three percent (3%) from the previous year’s Normal Retirement Benefit amount to account for cost of living increases.

  • Public benefit means making capital available, or facilitating the availability of capital, to businesses in this state that have 750 or fewer employees, the intent of which is to create or retain employment opportunities for residents of this state, stabilize or increase the tax base of this state, or support the redevelopment of facilities for use by small businesses.

  • Projected Annual Benefit means the annual retirement benefit (adjusted to an actuarial equivalent straight life annuity if such benefit is expressed in a form other than a straight life annuity or Qualified Joint and Survivor Annuity) to which the Participant would be entitled under the terms of the Plan assuming:

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Actuarial equivalent means a benefit of equal value when

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Lump Sum means the total sum which will have become payable to the Contractor by the Principal upon completion of the Works.

  • Maximum Benefit means the maximum benefit amount of each of the benefits covered under this Policy as stated in the Schedule of Benefits.

  • Net Benefit means the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes.

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • retirement annuity contract means a contract or scheme approved under Chapter III of Part XIV of the Income and Corporation Taxes Act 1988;

  • Retirement allowance means the retirement payments to which a member is entitled.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Last Monthly Benefit means the gross Monthly Benefit payable to the Insured Employee immediately prior to death. Any reductions for Other Income Benefits, or for earnings the Insured Employee received for Partial Disability Employment, will not apply.