- 22 - * * * 3. * * *[Petitioner] completes at least one Individual Life Insurance Application for each defined class of covered employees. 4. The aggregate number of employees within each defined class of covered employees, on the effective date of coverage, totals at least 2,000 lives. 5. The minimum annual premium for each covered employee is $3,000 and the maximum annual premium for each covered employee is $16,667. 6. AIG Life determines that each defined class of covered employees identified on the attached Client Master Information Form and each employee identified on the Certification of Employee Census are acceptable for underwriting purposes and that the amounts of coverage applied for are acceptable. In addition, the Letter of Understanding required that petitioner acknowledge and agree with the following: 1. This Letter of Understanding and attached Exhibits A and B contain the entire agreement between the parties and supersedes all previous agreements entered into between Client and AIG Life, or promises made with regard to the subject matter of this letter. 2. * * * [Petitioner] has reviewed with its own legal and tax advisors all present and future implications of its ownership of the Policies, including, but not limited to, the tax consequences of loans and/or withdrawals from the Policies and the deductibility thereof, and that it has not relied upon any representations of AIG certification, and that petitioner notify and obtain consent from each employee on the census that insurance is to be issued on his or her life.Page: Previous 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Next
Last modified: May 25, 2011