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DEFINITIONS (continued ) EMPLOYEE BENEFIT PLAN means the employee welfare benefit plan established by the Participating Employer. The Employee Benefit Plan must be defined in written form and be in effect on the Effective Date of the Participating Employer's coverage under this Policy. A copy of the Employee Benefit Plan and any amendments must be provided to and approved by SAFECO . EMPLOYER means the Participating Employer, EXCESS LOSS refers to the coverage provided to the Participating Employer by SAFECO under this Policy. FINAL POLICY PERIOD means the Policy Period shown on the Schedule that is in effect when coverage is terminated . INCURRED means the date on which services for Covered Expenses were rendered for a Covered Unit or Covered Family Unit according to the terms of the Employee Benefit Plan . INDIVIDUAL ADVANTAGE DEDUCTIBLE means the amount shown on the Schedule for which the Participating Employer is responsible to pay. It applies collectively to each Covered Unit or Covered Family Unit for each Policy Period . INDIVIDUAL DEDUCTIBLE means the amount shown on the Schedule for which the Participating Employer is responsible to pay. The Individual Deductible applies separately to each Covered Unit or Covered Family Unit for each Policy Period . INDIVIDUAL LIFETIME REIMBURSEMENT MAXIMUM means the limit of SAFECO's liability as shown on the Schedule , in excess of the Individual Deductible for a Covered Unit or Covered Family Unit during the lifetime of that Covered Unit or Covered Family Unit. LARGE CLAIM means paid or pending Covered Expenses greater than or equal to 50% of the Individual Deductible , MONTHLY AGGREGATE ATTACHMENT POINT means the sum of the Monthly Aggregate Attachment Factors multiplied by the monthly Covered Units , The Monthly Aggregate Attachment Point is used to calculate the Aggregate Attachment Point. PAID CLAIM means that: a . the Covered Expense is adjudicated according to the terms of the Employee Benefit Plan ; b . a check is written and mailed or electronically deposited directly to the payee within the Policy Period ; and c . funds are available to honor the check. To be sure that funds are available , they must be on deposit no later than the first working day following the end of the Policy Period , PARTICIPATING EMPLOYER means the entity named on the Participation Agreement and the Schedule who has applied for coverage under this Policy. POLICY refers to the terms and provisions of this contract . POLICYHOLDER means the entity named as the Trustee for this Policy. LGC 8803 11 /01 2