Benefits Program. 18.01 Benefits and plans referred to in this Article are necessarily qualified in their entirety by reference to the underlying policies or contracts of insurance. The terms of any contract issued in respect hereof, by an insurance agency or governmental agency, shall be controlling in all matters pertaining to qualifications of employees for benefits there under, and in all matters pertaining to the existence and extent of benefits and conditions. 18.02 The following benefit program shall remain in existence for the term of this Collective Agreement and be paid for by the Company on behalf of seniority employees, providing such employees have not attained age seventy (70). The Company shall continue to pay the benefit premiums for otherwise eligible employees for a period of eight (8) weeks from the date of layoff for any reason (except for Weekly Indemnity). (Exception of Life Insurance, which is reduced by 50% at age 65.) a) Group Life Insurance: Effective May 1, 2009 $38,000 Effective May 1, 2010 $39,000 Effective May 1, 2011 $40,000 b) Accidental Death and Dismemberment: Effective May 1, 2009 $38,000 Effective May 1, 2010 $39,000 Effective May 1, 2011 $40,000 c) Weekly Indemnity - first day accident, first day hospitalization, including outpatient treatment; third day sickness for a period of thirty-nine (39) weeks at seventy (70) percent of basic earnings. All days are workdays.
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Sources: Collective Agreement, Collective Agreement