Common use of Basic Life and Accidental Death and Dismemberment Coverage Clause in Contracts

Basic Life and Accidental Death and Dismemberment Coverage. The Employer agrees to provide and pay for the following term life coverage and accidental death and dismemberment coverage for all faculty members eligible for an Employer Contribution as described in Section C. Any premium paid by the State in excess of fifty thousand dollars ($50,000) coverage is subject to a tax liability in accordance with Internal Revenue Service regulations. A faculty member may decline coverage in excess of fifty thousand dollars ($50,000) by filing a waiver in accordance with Department of Finance procedures (also see Appendix F). The basic life insurance policy will include an accelerated benefits agreement providing for payment of benefits prior to death if the insured has a terminal condition. Faculty Member's Annual Base Salary Group Life Insurance Coverage Accidental Death and Dismemberment Principal Sum

Basic Life and Accidental Death and Dismemberment Coverage. The Employer agrees to provide and pay for the following term life coverage and accidental death and dismemberment coverage for all faculty members eligible for an Employer Contribution as described in Section C. Any premium paid by the State in excess of fifty thousand dollars ($50,000) coverage is subject to a tax liability in accordance with Internal Revenue Service regulations. A faculty member may decline coverage in excess of fifty thousand dollars ($50,000) by filing a waiver in accordance with Department of Finance procedures (also see Appendix F). The basic life insurance policy will include an accelerated benefits agreement providing for payment of benefits prior to death if the insured has a terminal condition. Faculty Member's Annual Base Salary Group Life Insurance Coverage Accidental Death and Dismemberment Principal SumDismemberment