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The Executive 400 Plan
Disability Insurance
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FOR
Personal Estate Plans
Income Replacement
Excess Disability
High Limit Disability
Business Estate Plans
Salary Continuation
Buy-Sell Agreements
Business Overhead Expense
Key Person
Contract Agreement
Bank Loan Indemnification
Monthly Benefits are payable while Totally Disabled or Residually Disabled, if applicable, beginning the
first day following the Elimination Period and for as long as the Benefit Period for each disability.
- TOTAL DISABILITY MONTHLY BENEFITS are payable when, due to sickness or injury, you cannot perform the substantial and material duties of your regular occupation and you are under the regular care of a legally qualified physician.
- PRESUMPTIVE DISABILITY benefits will be paid for the maximum benefit period even if you are able to return to your own or any other occupation. Benefits will be paid should you lose the use of both hands, both feet, one hand and one foot, the sight in both eyes, hearing in both ears, or the ability to speak. The medical care requirements and the elimination period will be automatically waived.
- RECURRENT DISABILITIES resulting from the same cause or causes are considered a new claim with a new benefit period if you have returned to your regular occupation, full-time, for six months or longer.
- TRANSPLANT BENEFIT means that Total Disability benefits will be paid for disability following surgery if you donate an organ from your body to another person. Benefits will be paid as a sickness benefit. This benefit is applicable after the certificate has been in force for six months or longer.
- OPTIONAL RESIDUAL DISABILITY RIDER BENEFITS are payable when you are engaged in your regular occupation, or another occupation, and you experience reduced income of 20% or more, due to a disability. The benefit amounts will be calculated by multiplying the Monthly Benefit Amount provided by this Certificate by the percentage of reduced income compared to the average monthly earned income received during the twelve month period preceding the onset date of the disability.
- OPTIONAL COST OF LIVING ADJUSTMENT (COLA) will automatically increase the monthly benefit amount based upon the Consumer Price Index (CPI), but not to exceed 10% per year.
The Principal Lump Sum Benefit is payable at the expiry of the specified elimination period.
- The Principle Sum Benefit will be paid to you or to a designated loss payee, trust or annuity carrier. You may elect to receive the Benefit in any one of the following ways:
- Single payment
- Monthly benefits for a certain period of time or to a prescribed age.
- Monthly benefits for life.
- Interest only for life with Principal Sum paid to beneficiaries at the time of your death.
- Simple Arbitration is utilized should your physician and PIU's physician not be able to agree that you are permanently totally disabled. Your physician and PIU's physician shall name a third physician to make a decision on the matter which shall be final and binding.
- Disability must result from an injury or sickness which is first diagnosed or incurred and which results in a loss beginning while the certificate is in force.
- You must have been totally disabled for the elimination period and at the end of such period you are determined by competent medical authority to be unable to resume the material duties of your regular occupation and that you have suffered a career-ending disability.
Sickness means disease or illness which is first diagnosed and results in a disability beginning while the Certificate is in force.
Injury means accidental bodily injury sustained and which results in a disability beginning while the Certificate is in force.
This is a Specified Occupation Plan. It will terminate automatically if you change from the occupation in which you were engaged in at the time the plan was issued, unless an agreement has been obtained in writing from the underwriters and any additional premium required by the underwriters has been paid. The sole liability of the underwriters in the event of an occupation change shall be to return on a pro-rata basis any unearned premiums paid for the balance of the plan term.
TERM OF INSURANCE is the time period during which the terms of the certificate or the rates charged cannot be changed by the Underwriters. On the renewal date following a Term of Insurance the underwriters reserve the right to refuse renewal or to offer renewal with different terms or rates.
No benefits will be paid due to Sickness or Injury caused by, contributed to by or related to the following and/or their treatments and/or complications thereof:
- Suicide or intentional self-inflicted Injury or poisoning;
- War, declared or undeclared (Please note that Terrorism or Acts of Terrorism is defined differently than war and is covered under this certificate);
- While committing or attempting to commit a crime;
- Taking of illegal or non-prescribed drugs, or addiction or misuse of prescription drugs;
- Alcohol abuse or addiction, or being under the influence of alcohol, as defined by the vehicle code of the state or province in which the Accident has occurred;
- Mental or Nervous disorders;
- Pre-Existing Conditions;
- Subjective Pain or other symptoms unless supported by objective medical findings;
- Pregnancy and pregnancy-related conditions including but not limited to fertility, pre-natal care, childbirth, miscarriage, abortion or postpartum conditions.
- Nuclear, biological or chemical exposure as a result of war, declared or undeclared terrorism.
This plan is administered by
Petersen International Underwriters
23929 Valencia Boulevard, Suite 215
Valencia, CA 91355-2186
It is underwritten by Certain Underwriters at Lloyd's that is rated A "Excellent" by A.M. Best.
This is a brief description of the insurance provided by this plan. The Certificate of Insurance is
the complete description of coverage.
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