Note: This is not a current version of the policy. View current version. »
| 91.1 | Policy | |||
| It is the policy of the University to make life insurance coverage available for all regular full-time employees and others as designated by the University Administrative Regulations. This group life insurance is intended to provide for a death benefit to designated beneficiary(ies) should the employee die while an active employee. | ||||
| 91.1.1 | The University provides a seven thousand five hundred dollar ($7,500) life insurance policy at no cost for each eligible employee. | |||
| 91.1.1.1 | Enrollment in the University sponsored portion occurs within the initial thirty (30) day of employment. | |||
| 91.1.1.2 | All University life insurance (to include optional plan, (see 91.1.2 below) is a term insurance plan and no cash values accumulate. The policy provides for payment of a principal sum to a designated beneficiary(ies) upon death of the employee. | |||
| NOTE: | Enrollment in the optional part of the plan may occur in the first thirty (30) days of employment solely upon initiative of the employee or at any later date if approved by the company. | |||
| 91.1.2 | Optional amounts of life insurance may be purchased in addition to the basic coverage. The optional insurance is that amount which when added to the basic seven thousand five hundred dollars ($7,500) will equal one and one half (1.5) times or two (2) times the employee’s annual salary. | |||
| 91.1.2.1 | The amount of optional insurance will be raised to the next higher one thousand dollars ($1,000) in cases where the amount selected is not an even multiple of one thousand dollars ($1,000). Expense of optional insurance must be borne by the employee. | |||
| NOTE; | Annual base salary is the employee’s annualized current rate of pay without any premium or overtime rates. | |||
| 91.1.2.2 | The amount of optional insurance is impacted as an employee’s salary changes, and the effective date of change will be the first day of the month following the month in which the salary change occurs. | |||
| 91.1.2.3 | An employee may convert without evidence of insurability all or part of the coverage to an individual, non-term type policy if application is made within thirty-one (31) days following termination of employment or retirement. The amount of insurance which an employee would be eligible to convert will be paid to the beneficiary(ies) regardless of whether application for conversion has been made in the event death should occur during this thirty-one (31) day period. The rates for any converted insurance are based on the normal and usual rates charged by present carrier company. | |||
| 91.1.2.4 | Under no circumstances will the University permit an employee to assign the life insurance plan or any portion thereof. | |||
| 91.1.2.5 | Employees who were hired prior to August 1, 1965 and who were covered by the old Prudential life insurance plan will continue to have the basic amount of coverage after retirement (under University rules) which will be paid for by the University. | |||
| 91.2 | Delegation | |||
| Administration of the group life insurance plan is a function of the Employee Benefits Office. | ||||
| 91.3 | Procedure | |||
| 91.3.1 | An employee seeking information about the life insurance plan or desiring to enroll should refer to a current brochure or contact the Employee Benefits Office. | |||
| 91.3.1.1 | All enrollments are processed through and recorded by the Employee Benefits Office. | |||
| 91.3.1.2 | The Employee Benefits Office will forward contracts to employee acknowledging enrollment. This may take several weeks and does not impact the date the coverage becomes effective. | |||
| 91.3.2 | Premium payments for employees enrolled in the optional part of the plan are accomplished through payroll deductions. | |||
| 91.3.3 | An employee going on leave(s) without pay must make special arrangements with the Employee Benefits Office to prepay the optional life insurance premium until active employment is resumed. | |||
| 91.3.4 | An employee may cancel or change to the lower optional amount by written notification to the Employee Benefits Office; this change will be effective the first day of the month following receipt of the request. | |||