Optional Life Insurance definition

Optional Life Insurance. You may elect additional life insurance equal to 1, 2, or 3 times your annual base salary, up to the guaranteed issue amount of $400,000 without evidence of insurability or up to a maximum of $500,000 with evidence of insurability. Employees pay age-based premiums through a payroll deduction. Optional Dependent Life Insurance: Employees may enroll in a $5,000 term life insurance plan for their spouse/registered domestic partner and/or in a $2,000 plan for each dependent child. Employees pay the premium through a payroll deduction.
Sample 1

Examples of Optional Life Insurance in a sentence

  • These are Dependent Optional Life Insurance terms you need to know.

  • Optional Life Insurance: provides coverage based upon one, two, three or four times the employee’s salary.

  • The benefits under the Retiree Optional Life Insurance Plan and the Retiree Dependent Life Insurance Plan are not combined for experience with the other insurance coverages.

  • This form cannot be used to designate a beneficiary for your spouse’s or children’s coverage under the Optional Life Insurance Plan because you are the beneficiary of those benefits.

  • It is not anticipated that there will be any future dividends declared for the Retiree Optional Life Insurance Plan and the Retiree Dependent Life Insurance Plan based on the manner in which the insurer has determined the premium rates.

  • If your Dependent dies while insured, you will receive the amount of your Dependent Optional Life Insurance in force when Sun Life receives written Notice and Proof of Claim.

  • An employee may elect to apply for Optional Life Insurance coverage in accordance with the terms and conditions of the Life Insurance Plan and the Company Booklets and benefit plan documents.

  • If your Dependent’s Optional Life Insurance ceases, your Dependent may be able to convert the Optional Life Insurance to an individual policy.

  • The amount of your Dependent Optional Life Insurance is the lesser of: 1.

  • If a Dependent had previously converted his Optional Life Insurance under the Conversion Privilege of this Policy, his amount of Dependent Optional Life Insurance will be reduced by the amount of any insurance remaining in force under that individual policy.

Related to Optional Life Insurance

  • Life insurance means insurance coverage on human lives including benefits of endowment and annuities, and may include benefits in the event of death or dismemberment by accident and benefits for disability income and unless otherwise specifically excluded, includes individually issued annuities.

  • Life Insurance Policy has the meaning given in Section 6.10.

  • Life Insured means the person named in the Schedule, on whose life the Policy is effected;

  • life insurance business means the business of providing or undertaking to provide policy benefits under life policies;

  • Credit life insurance means insurance on the life of a debtor in connection with

  • Personal lines insurance means property and casualty insurance coverage sold for primarily noncommercial purposes to:

  • Insurance Company The Transferee is an insurance company whose primary and predominant business activity is the writing of insurance or the reinsuring of risks underwritten by insurance companies and which is subject to supervision by the insurance commissioner or a similar official or agency of a state, U.S. territory or the District of Columbia.

  • policy of life insurance means any instrument by which the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, or any instrument evidencing a contract which is subject to payment of premiums for a term dependent on human life;

  • Fidelity Insurance means insurance coverage with respect to employee errors, omissions, dishonesty, forgery, theft, disappearance and destruction, robbery and safe burglary, property (other than money and securities) and computer fraud in an aggregate amount acceptable to Seller’s regulators.

  • group insurance means insurance, other than creditor’s group insurance and family insurance, whereby the lives of a number of persons are insured severally under a single contract between an insurer and an employer or other person; (“assurance collective”)

  • Life insurance producer means any person licensed in this state as a resident or nonresident insurance producer who has received qualification or authority for life insurance coverage or a life line of coverage pursuant to chapter 522B.

  • Sponsored captive insurance company means a captive insurance company:

  • Group long-term care insurance means a long-term care insurance policy which is delivered or issued for delivery in this State and issued to:

  • Professional liability insurance means insurance against legal liability incident to the practice of a profession and provision of a professional service.

  • Co-insurance means the percentage of the usual, reasonable, customary, and fair market value expense that a covered person must pay.

  • Insurance means comprehensive insurance of the vehicle(s)/equipment and shall include insurance of the crew.

  • life policy means a contract in terms of which a person, in return for a premium, undertakes to -

  • Long-term care insurance means group insurance that is authorized by the retirement system for retirants, retirement allowance beneficiaries, and health insurance dependents, as that term is defined in section 91, to cover the costs of services provided to retirants, retirement allowance beneficiaries, and health insurance dependents, from nursing homes, assisted living facilities, home health care providers, adult day care providers, and other similar service providers.

  • Insurance premium finance company means a person engaged in the business of

  • FHA Insurance The contractual obligation of FHA respecting the insurance of an FHA Loan pursuant to the National Housing Act, as amended.

  • Mortgage Insurance means insurance protecting Lender against the nonpayment of, or default on, the Loan.

  • ' Compensation Insurance With respect to all operations performed, the Party shall carry workers’ compensation insurance in accordance with the laws of the State of Vermont. Vermont will accept an out-of-state employer's workers’ compensation coverage while operating in Vermont provided that the insurance carrier is licensed to write insurance in Vermont and an amendatory endorsement is added to the policy adding Vermont for coverage purposes. Otherwise, the party shall secure a Vermont workers’ compensation policy, if necessary to comply with Vermont law.

  • Individual health insurance coverage means health insurance coverage offered to individuals in the

  • Special Primary Insurance Policy Any Primary Insurance Policy covering a Mortgage Loan the premium of which is payable by the Trustee pursuant to Section 4.04(a), if so identified in the Mortgage Loan Schedule. There are no Special Primary Insurance Policies with respect to any of the Mortgage Loans.

  • General Liability Insurance Subcontractor shall carry minimum primary General Liability Insurance for the following amounts:

  • Specified Insurance Company means any Entity that is an insurance company (or the holding company of an insurance company) that issues, or is obligated to make payments with respect to, a Cash Value Insurance Contract or an Annuity Contract.