Life Insurance Benefit definition

Life Insurance Benefit means ten million dollars ($10,000,000) of life insurance coverage (the “Coverage”) for the benefit and protection of the Executive’s family. The Company will pay, or reimburse the executive, for the premiums for the Coverage up to the preferred rates (i.e., the rates applicable to nonsmokers whose health, life-style, family history, and other characteristics are such as to suggest they will exhibit significantly better than average mortality experience) charged by the insurance company issuing the life insurance policy providing for such Coverage. In the event the Company cannot obtain the Coverage at the preferred rates, the Executive may either pay the premiums for such Coverage in excess of the preferred rates or reduce the Coverage to the level of coverage that can be obtained at the preferred rates. The Executive shall be the owner of the life insurance policy issued on the life of the Executive pursuant to this Section 1.20. See ARTICLE 11.
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Life Insurance Benefit means ten million dollars ($10,000,000) of life insurance coverage (the “Coverage”) for the benefit and protection of the Executive’s family. The Company will pay, or reimburse the executive, for the premiums for the Coverage up to the preferred rates (i.e., the rates applicable to nonsmokers whose health, life-style, family history, and other characteristics are such as to suggest they will exhibit significantly better than average mortality experience) charged by the insurance company
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Life Insurance Benefit has the meaning set forth in Section 6.9(b).
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Examples of Life Insurance Benefit in a sentence

  • However, the Life Insurance Benefit will be subject to the provisions of the Policy that reduce the coverage amount because of age, retirement, payment of an Accelerated Benefit or a change in class.

  • We will pay a Repatriation Benefit if all of the following requirements are met.1. A Life Insurance Benefit is payable because of your death.2. You die more than 200 miles from your primary place of residence.

  • In addition, We may, at Our option, pay a portion of Your Life Insurance Benefit up to $500 to any person equitably entitled to payment by reason of having incurred expenses on Your behalf or because of expenses from Your burial.

  • The Repatriation Benefit: The expenses incurred to transport your body to a mortuary near your primary place of residence, but not to exceed $5,000 or 10% of the Life Insurance Benefit, whichever is less.

  • Incontestability: When can the Life Insurance Benefit of The Policy be contested?Except for non-payment of premiums, Your or Your Dependent's Life Insurance Benefit cannot be contested after two years from its effective date.

  • Definitions For Accelerated BenefitInsurance means your Life Insurance Benefit and Supplemental Life Insurance Benefit, if any, under the Group Policy.

  • Definitions For Accelerated BenefitInsurance means your Life Insurance Benefit under the Group Policy.

  • Incontestability: When can the Life Insurance Benefit of The Policy be contested?Except for non-payment of premiums, Your Life Insurance Benefit cannot be contested after two years from its effective date.

  • However, Evidence Of Insurability is required to become insured for any Plan 2 (additional) Life Insurance Benefit that exceeds the Guarantee Issue Amount.

  • TL-004716 as modified by TL-009330 WHAT IS COVERED LIFE INSURANCE BENEFITSDeath BenefitIf an Insured dies, we will pay the Life Insurance Benefit in force for that Insured on the date of his or her death.


More Definitions of Life Insurance Benefit

Life Insurance Benefit means a term life insurance policy in the face amount of at least $1,000,000 (the “Death Benefit”) payable on the death of Executive during the Term to his designated beneficiaries, the premiums on which will be paid by the Company during the Term; provided that, death benefit shall be reduced by the amount of any benefits under the Company’s group term life insurance plan in which Executive participates; and
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Life Insurance Benefit means three million ($3,000,000) of life insurance coverage for the benefit and protection of the Executive's family. The Life Insurance Benefit shall be provided to the Executive through an "employer- pay-all" split-dollar life insurance plan. See ARTICLE 12.
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Life Insurance Benefit shall have the meaning set forth in Section 3.2(g) below.
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Life Insurance Benefit means a life insurance policy in the face amount of $2,000,000 payable on the death of the Executive to his designated beneficiaries during the Term or during the Consultancy Term, if in effect, the premiums on which will be paid by the Company during the Term and during the Consultancy Term; provided that, face amount of such life insurance policy shall be reduced at the end of each year of any Consultancy Term by $400,000 and (B) the “Disability Benefit” means a disability policy provided to the Executive (premiums with respect to which are paid for by the Company) if any such policy is made available by the Company to any executive officer of the Company and which policy is in addition to group long term disability benefits of the Company, for a number of years equal to the lesser of five or the number of years remaining in the Consultancy Term at the time of Disability, but any such amount reduced by any payments received by the Executive from any other long term disability benefits of the Company.
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Life Insurance Benefit means the group term life insurance benefits provided by an Insurance Company selected by the Trustees to pay survivor benefits in the event of the Participant’s death.
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Life Insurance Benefit means the group term life insurance benefits provided by an Insurance Company selected by the Trustees to pay survivor benefits in the event of the Participant’s death.
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Related to Life Insurance Benefit

  • 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.

  • 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.

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

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

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

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

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

  • 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.

  • 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.

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

  • Severance Benefit means the payment of severance compensation as provided in Article III.

  • Disability Benefit means the benefit set forth in Article 8.

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

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

  • Medical Benefits means medical, optical, or dental benefits, including, but not limited to, hospital and physician services, prescription drugs, and related benefits.

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

  • superannuation benefit means any payment, other than a refund of contributions, made to a dentist by virtue of the application of the (a) National Health Service Pension Scheme Regulations 1995; or (b) the National Health Service Superannuation Scheme (Scotland) Regulations 1995 or (c) the corresponding provisions of the law in force in Northern Ireland; as a result of his providing general dental services;

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

  • Primary Social Security Benefit means, with respect to any member, the primary insurance amount

  • Social Security Benefit means the Primary Insurance Amount to which a Participant becomes entitled at age sixty-five (65) under Social Security legislation in effect on the earliest of his Normal Retirement Date, early retirement date or Termination Date.

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

  • housing benefit means housing benefit under Part 7 of the SSCBA;

  • 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.

  • Individual retirement account means a trust, custodial arrangement, or annuity under Section 408(a) or (b), Internal Revenue Code of 1954 (26 U.S.C. Section 408 (1986)).

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

  • Medicare benefit means the Medicare benefit payable within the meaning of Part II of the Health Insurance Act 1973 with respect to a professional service.