Personnel who retire within the Monroe County Employees’ Old-age System shall be eligible for $4, coverage

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Relevant Clauses

About Borrowing Coverage Refunds

Single-Superior Credit Life insurance coverage In connection with the brand new origination out of people Mortgage loan, zero arises from people Mortgage loan were used to finance a beneficial single-premium borrowing life insurance coverage;

Single Superior Credit Term life insurance None of your own continues of Mortgage loan were used to invest in single-superior borrowing life insurance policies.

Life insurance coverage Susceptible to availability within low-rated advanced no superior terrible-right up, in the Employment Title, as well as to the most other advantages to and therefore Manager should be titled, the company agrees to blow the newest premiums toward a phrase lives insurance contract covering the Exec that will pay a dying benefit of at the least $421,000. The firm in its discernment will discover the life insurance coverage contract about what it can pay the superior; nevertheless Professional will be the owner of like contract and you may could well be or commonly employ the brand new recipient of these deal. The business should include and you will declaration instance superior money on the Executive’s taxable income on the the total amount necessary not as much as applicable laws. Such as advanced repayments might be paid back towards the otherwise before March fifteen once the end of the season where the premiums on the such as term life insurance contract accumulated (offered the brand new Executive was operating from the such as big date). In spite of all other supply of the Contract, if for example the coverage bargain explained herein runs outside the cancellation out-of Executive’s a career toward Team, the brand new Administrator, rather than the business, will be obligated to afford the advanced into the including term insurance rates package accruing adopting the Executive’s cancellation out-of a position for the Organization. Notwithstanding almost every other provision with the Arrangement, in the event your Company’s prominent insurers, for whatever reason, are unwilling to guarantee the newest Administrator on the technically realistic terminology, the company will pay toward Professional an annual matter equivalent with the average-life insurance premium paid to insure almost every other Executives towards the a great prorated rates for each and every thousand basis in place of the coverage described in this part. Such as for instance annual matter (prorated in case your Manager isn’t useful a complete seasons) is paid off for the otherwise before February 15 once the termination of the year where including coverage bargain or even would have been provided.

Coverage The business may, when following the performance associated with the A career Contract, submit an application for and procure since the holder and its work for, life insurance policies into the Staff member, this kind of wide variety and in such form or versions because the Providers will get dictate. Worker shall, in the request of one’s Organization, submit to instance medical examinations, supply such information, and you can perform for example records just like the may be required because of the insurance rates team or businesses in order to which the business provides applied for such as for example insurance coverage. Staff hereby is short for one so you can their education he’s in the a good both mental and physical position in fact it is not under the influence of unlawful medicines or similar substance.

Life insurance policy And the insurance contemplated by the Area 4(e), when you look at the A career Identity the company shall manage ultimately label life insurance policy toward Exec having a dying advantage of at the very least Five-hundred Thousand Cash ($500,000), susceptible to the new Executive’s insurability from the basic pricing and with the beneficiary otherwise beneficiaries, thereof designated from the Exec. Despite Area nine from the Contract, such life insurance coverage or procedures is generally allotted to an effective faith into advantageous asset of any beneficiary appointed by the Government.

Retiree Insurance Energetic , the fresh new employs or those individuals employees who will be towards payroll, however presently qualified to receive professionals, won’t be qualified to receive retiree insurance.

Key Man Insurance The firm can get submit an application for and acquire and maintain a key man life insurance coverage from the name off Administrator with other managers of your Organization within the an count deemed adequate because of the Board, new beneficiary from which would be the business. Executive should submit to bodily examinations and answer reasonable questions for the connection with the application form and you can, if acquired, the maintenance out-of, since may be needed, such as insurance.

First Coverage 37.1 The brand new Manager shall shell out 100 % (100%) of your own month-to-month premium of your basic insurance bundle.

Group Life insurance coverage The hospital will contribute completely (100%) towards this new monthly superior from HOOGLIP or any other equivalent classification lives insurance plan in essence having eligible full-date teams in the effective utilize of the Healthcare on the eligibility criteria put down cash payday advance loan Tennessee in the existing Agreements.

Split Buck Life insurance coverage The firm will shell out towards Executive a lump sum equal to the cost with the Termination Day of getting, within important independent advanced cost, an individual