| Human
Resources Policies & Procedures Illinois Institute of Technology |
Policy No. B. 4.00
Date of Issue 4/97 |
|
Subject: Life Insurance IIT provides a group decreasing term life insurance plan under a certificate between the university and Life Insurance Company of North America (LINA). Participation is mandatory for employees qualifying for this benefit.
|
||
| 4.01 | Eligibility1 (Refer to Policy B. 1.00 for
definitions)
|
|||||
| 4.02 | When Coverage Begins
All eligible employees have coverage on the first day of the month coinciding with, or following the date of hire. An application must be submitted to Human Resources.
|
|||||
| 4.03 | Plan Cost
The university pays most of the cost of life insurance coverage with the employee paying the balance of the cost by payroll deduction. Premiums are waived if the insured individual becomes disabled and applies for waiver. |
|||||
| 4.04 | Schedule of Benefits
Life insurance death and disability benefits are a pre-determined percentage of salary on an age-based schedule.
|
|||||
| 4.05 | Designation of
Beneficiary
Employees may request changes to existing beneficiary designations by completing the appropriate form available in Human Resources.
|
|||||
| 4.06 | Continuing Coverage
While on Leave of Absence or Upon Termination
Coverage will terminate on the last day of the month following final deduction for coverage. Upon termination, a former employee can enroll in a conversion policy by completing the appropriate application within 31 days of the termination of the group plan. Continuation of coverage is available while on an approved leave of absence, with the employee paying the full monthly premium.
|
|||||
| 4.07 | Forms and
Applications The following forms are available in Human Resources:
LINA Enrollment Card
|
|||||
| 4.08 | Important Contact
Information
Consult Human Resources for forms and
full details concerning the plan and brochures describing
coverage. |
|||||
Converted to HTML 10/21/97 by |