Maximum Annual Benefit Clause Samples
The Maximum Annual Benefit clause sets a cap on the total amount an insurer or benefit provider will pay out for covered claims or services within a single policy year. In practice, this means that once the specified annual limit is reached, the policyholder is responsible for any additional costs incurred during that year, regardless of the number or type of claims made. This clause helps insurers manage financial risk and provides policyholders with clear expectations about the extent of their coverage each year.
Maximum Annual Benefit. The total benefits payable to or on behalf of a Covered Person shall be unlimited per Plan Year.
Maximum Annual Benefit. Shall be defined as those benefits payable under this Agreement that have annual maximum limits for each Covered Person as shown in Exhibit A and B.
Maximum Annual Benefit. During the Term, the maximum annual benefit provided by the Company on behalf of Executive for his personal expenses (including those benefits enumerated in paragraphs B, C, D and E of this Section 4) shall be limited to fifty thousand dollars ($50,000) in value. If the value of the benefits provided in any one year exceeds $50,000, Executive will promptly reimburse the Company for such excess. The benefits provided under paragraphs B, C, D and E hereof, and any other benefits provided to Executive, shall be valued based on the methodology used to value such benefits for securities law reporting purposes.
Maximum Annual Benefit. Notwithstanding any other provision of the Plan to the contrary and subject to exceptions below, the “annual benefit” payable under this Plan shall not exceed the lesser of: (1) $90,000 multiplied by the Adjustment Factor or (2) for Limitation Years beginning prior to January 1, 1995, 100% of the Participant’s average Compensation for the period of three consecutive years during which the Employee has the greatest aggregate Compensation from the County.
Maximum Annual Benefit. This Section applies regardless of whether any Participant is or has ever been a Participant in another qualified plan maintained by the Employer.
Maximum Annual Benefit. Maximum Annual Benefit means the total Salary Reduction Contributions a Covered Employee authorizes to his or her Health Care Flexible Spending Account, according to the election procedures of Section 7.1, for Qualifying Medical Expense reimbursement, which amount must be not more than an amount communicated annually by the Plan Administrator, which amount shall not exceed the maximum amount allowed under Section 125 of the Code. Plan means the PAREXEL International Corporation Health Care Flexible Spending Account Plan as herein set forth and as amended from time to time.