Executive Life Insurance Plan Description for Former Executives of Michigan Consolidated Gas Company and MCN Energy Group, Inc.
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Summary
This document describes a life insurance plan offered to certain former executives of Michigan Consolidated Gas Company and MCN Energy Group, Inc. Eligible executives receive universal life insurance coverage equal to twice their annual salary, up to $700,000, with the option to purchase additional coverage up to the same amount. The policy also builds a cash surrender value that can be accessed upon retirement.
EX-10.47 9 k70722exv10w47.txt EXECUTIVE LIFE INSURANCE PLAN EXHIBIT 10.47 Description of Executive Life Insurance Plan This Plan is available to certain former executives of Michigan Consolidated Gas Company and MCN Energy Group, Inc. An eligible executive is provided with universal life insurance coverage equal to two times his/her annual salary, up to a maximum of $700,000. Eligible executives may elect to purchase up to two times their annual salary in additional coverage. The policies include the accumulation of a cash surrender value which may be accessed upon retirement. 1
