Group Life and Accidental Death Clause Samples
The 'Group Life and Accidental Death' clause establishes the provision of life insurance and accidental death benefits to a group of individuals, typically employees of an organization. Under this clause, the employer arranges for a group insurance policy that covers all eligible members, providing financial compensation to beneficiaries in the event of the insured person's death or accidental death. This arrangement ensures that employees and their families have a safety net in case of unforeseen events, addressing the need for collective risk management and financial security within the group.
Group Life and Accidental Death and Dismemberment Effective October 1, 1999: Effective October 1, 2000
(a) The Employer shall provide a group life insurance plan.
(b) The plan shall provide basic life insurance in the amount of twenty-five thousand dollars ($25,000) [effective October 1, 2002: fifty thousand dollars ($50,000)] and standard 24-hour accidental death and dismemberment insurance until age sixty-five (65). After the age of sixty-five (65), the amount of coverage shall decrease to twelve thousand, five hundred dollars ($12,500) [Effective October 1, 2002: twenty-five thousand dollars ($25,000)] until the age of seventy (70), at which time the group insurance coverage will cease. On termination of employment (excluding retirement) coverage shall continue without premium payment for a period of thirty-one (31) days during which time the conversion privilege may be exercised; that is, the individual covered may convert all or part of her group life insurance into any whole life, endowment or term life policy normally issued by the insurer and the insurer's standard rates at the time, without medical evidence.
(c) The Employer shall pay one hundred percent (100%) of the premium.
Group Life and Accidental Death and Dismemberment Effective date April 1, 2000 Effective date October 1, 2000
(a) The Employer shall provide a group life insurance plan.
(b) The plan shall provide basic life insurance in the amount of $25,000 (effective October 1, 2002 - $50,000) and standard 24-hour accidental death and dismemberment insurance until age 65. After the age of 65, the amount of coverage shall decrease to $12,500 (effective October 1, 2002 - $25,000) until the age of 70, at which time the group insurance coverage will cease. Coverage shall continue until termination of employment. On termination of employment (excluding retirement) coverage shall continue without premium payment for a period of 31 days during which time the conversion privilege may be exercised; that is, the individual covered may convert all or part of her group life insurance into any whole life, endowment or term life policy normally issued by the insurer and the insurer's standard rates at the time, without medical evidence.
(c) The Employer shall pay 100% of the premium.
Group Life and Accidental Death and Dismemberment
a) Group Life Coverage Amount $25,000 b) AD & D Coverage Amount $25,000
Group Life and Accidental Death and Dismemberment - Plan to provide two hundred percent (200%) of an employee’s annual salary, with a thirty thousand dollars ($30,000) minimum and double indemnity in the event of accidental death.
Group Life and Accidental Death. Dismemberment (AD&D)
Group Life and Accidental Death. Upon completion of the probationary period for regular employment, eligible regular and regular part-time employees will be covered by a Group Life Insurance Plan which provide a benefit of two times the employee’s annual salary with double indemnity. Enrolment in the plan shall be mandatory. The Employer shall pay one hundred percent (100%) of the premium cost of the above plan.
Group Life and Accidental Death and Dismemberment Insurance (at the levels in effect at the date of termination of employment, taking into account any waiver of coverage under the Corporation's Supplemental Executive Retirement Program). For purposes of Section 5.2.5, the "fair market value" shall be the mean between the highest and lowest prices at which the Common Stock is traded on the effective date of termination as reported by the New York Stock Exchange or any successor thereto. If there is no sale of the Common Stock on such exchange on such date, the mean between the bid and asked prices on such exchange at the close of the market on such date shall be deemed to be the fair market value of the Common Stock. Executive shall not be required to seek other employment during such Severance Period, but in the event Executive renders personal services during such period to any person or firm other than the Corporation, whether as an employee, a partner or as a self-employed individual and earns income (whether or not then payable) attributable to the performance of such personal services during either the 12 month period commencing on the date of termination of employment or the next two succeeding 12 month periods in excess of $ 100,000 per such 12 month period, (i) Executive shall notify the Corporation, in accordance with Section 9.3 hereof, within 15 days of the commencement of such employment, and (ii) the amount of salary which the Corporation would otherwise be required to pay Executive during such 12 month period shall be reduced dollar for dollar by such excess amount. If as a result of Executive's accruing such income, the Corporation has overpaid Executive, Executive shall promptly reimburse the Corporation for the amount of such overpayment.
Group Life and Accidental Death and Dismemberment
(a) The Employer shall provide a mutually acceptable Group Life Plan with benefits equivalent to twice an employee's annual salary, with a minimum of eight-five thousand dollars ($85,000), effective November 1, 1993. November 1, 1998, minimum will be one hundred thousand dollars ($100,000). The Employer shall pay one hundred percent (100%) of the premium on the base minimum as set out above and the employee shall pay the premium for any insurance over the base minimum.
(b) Employees shall as a condition of employment, enrol in the Group Life Plan and shall complete the appropriate payroll deduction authorization forms.
(c) The Group Life Plan shall include the following provisions for accidental dismemberment:
(1) loss of both hands or feet - the principal sum;
(2) loss of sight of both eyes - the principal sum;
(3) loss of one hand and one foot - the principal sum;
(4) loss of one hand or one foot and sight of one eye - the principal sum;
(5) loss of one hand or one foot - ½ of the principal sum;
(6) loss of sight of one eye - ½ of the principal sum.
Group Life and Accidental Death and Dismemberment shall commence on the first day of employment.
Group Life and Accidental Death. Dismemberment Insurance Coverage: In the amount of one hundred and twenty thousand dollars ($120,000.00) to cover all permanent employees. The Company shall pay the full cost of this premium. This will give twenty- four (24) hour coverage.