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| EBS Managing Directors, who are insurance agents, provide the following insurance and implementation services to the Bank: |
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- Consult with the Bank concerning the census of insureds and BOLI premium allocation among the insureds by carrier.
- Assist with the underwriting process with each applicable insurance carrier.
- Communicate insurance offers and reallocate premium to obtain best policy yields.
- Coordinate the wiring of funds with each insurance carrier.
- Review insurance policies and deliver policies to the bank.
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- Assist with communication with Bank's Board of Directors and approval documentation (e.g., Sample Board Resolution).
- Provide Bank with a sample Policy and Procedures memorandum that the Board can use to establish internal policies and procedures governing its BOLI holdings.
- Provide Bank with Administrative Manual to be used to store annual updated information concerning cash values, death benefits, census information, and procedures for filing death claims.
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- Assist with the benefit plan design based on the objectives of the Bank's Management and Board of Directors.
- Provide calculations of benefit plan liability amounts based on the preliminary terms of the plan.
- Provide calculations of the potential impact of accelerated vesting that may occur upon a change of control. These calculations assist with benefit liability considerations as well as the potential impact of excess parachute payments.
- Provide draft of benefit agreements and consult with outside Bank attorney on drafting issues including early termination, death, disability, and change of control.
- Recalculate financial statement impact of benefit plan based on final terms of the documents.
- Provide analysis of death benefit amounts available for endorsements that may be incorporated into the overall plan design.
- Assist with filing of death benefit endorsements that may be incorporated in the benefit plan agreements.
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