CPA Life Insurance Plan
Exclusions and Notices


Life insurance: payable for death from any cause, except suicide within two years after the effective date of inception of coverage or an increase of coverage.

Accidental death and dismemberment insurance: loss must occur as a result of an accident while insured and within 90 days after the injury is sustained. Losses not covered are those resulting from war, act of war, suicide, attempt at suicide, bodily or mental infirmity or disease or treatment thereof, any bacterial or viral infection (unless the infection was the result of an accidental injury or bacterial infection which results from the accidental ingestion of contaminated substances), or travel in an aircraft except as a passenger without duties aboard.

The exclusions, with the exception of suicide within the first two years, only to apply to Accidental Death and Dismemberment portion of the policy.

Important Notices

For simplicity, features have been briefly described here and on this web site and appear more fully in the certificates provided to insured participants. Governing provisions and details are contained in the Amended Agreement and Declaration of Trust and the CPA Life Insurance Plan established according to its terms. The extent of the insurance for each individual is governed at all times by the complete terms of the master group insurance contract issued by Prudential.

Cost of the Insurance

The cost of the insurance is met from contributions to the Trust. The current required contributions for participation in the life insurance coverage under the CPA Life Insurance Plan depends on your age, coverage amount and options.

Evidence of Insurability

It is expected that most members who apply for Standard or Select rates will be accepted for coverage on the basis of their answers to health questions and without further medical evidence. Members not so accepted may, at their option, furnish additional medical evidence. A medical exam is required for Preferred rates.

Reduction of Coverage at Age 75

At age 75, your coverage under this Plan will reduce to 50% of the coverage amount in force immediately prior to your attainment of age 75, or $500,000, whichever is less.

When the Life Insurance Terminates

A member's life insurance may be continued until the terminating age of 80.

Earlier termination will occur:
at such time the member is neither a member of the American Institute of Certified Public Accountants nor any State Society of CPAs, or other qualifying organization,
if the Group Contract terminates, or
if the participant withdraws from the Plan by so electing or by failure to pay the required contributions to the Trust. (The member may also elect an available lower amount and thereby reduce his or her coverage.)

Dependent Child Coverage under the CPA Life Insurance Plan will terminate under any of the following conditions: the CPA Life Insurance Plan coverage terminates for the participant; the child no longer qualifies as an eligible dependent; the CPA Life Insurance Plan itself is terminated; or the provision in the policy for the coverage terminates.

If the participant is deceased, the Dependent Child Coverage may be continued with Spouse Life Insurance, provided that Spouse coverage is in effect at the time of the participant's death, subject to the termination provisions shown above.

Conversion Privilege

If the CPA Life Insurance Plan reduces or terminates because of the member's attainment of an age, or because he/she is neither a member of the American Institute, nor a State Society of CPAs or other qualifying organization, or such membership is terminated and the member's coverage accordingly is reduced or terminated, the member has the privilege of converting the amount by which the insurance was reduced or terminated to a Prudential individual life insurance policy. The member can get this life insurance protection without taking a medical examination or answering health questions. To convert the member must apply for the individual contract and pay the first premium according to the following rules: If the member has been given written notice of the conversion privilege within 15 days before or after he/she ceases to be insured for all or part of the Insurance, he/she must apply for the individual contract and pay the first premium within 31 days after ceasing Insurance coverage; or if he/she has been given written notice of the conversion privilege more than 15 days but less than 90 days after he/she ceases to be insured for all or part of the Insurance, he/she must apply for the individual contract and pay the first premium within 45 days after written notice has been given; if he/she have not received written notice of the conversion privilege within 90 days after all or part of the Insurance ceases, the time allowed for exercising the privilege ends at the end of 90 days. If the insurance ends because all of the Insurance ends for the insured's class, the total amount of individual insurance which is obtained through this privilege will not exceed the total amount of the Insurance that was terminated under the Group Contract reduced by the amount of group life insurance from any carrier for which he/she becomes eligible within 45 days. A death benefit is payable under the Group Contract, even if the covered member did not apply for conversion , if the member dies within 31 days of the termination and while still entitled to convert according to the rules described above. If the insurance for a dependent child terminates for any of the reasons stated, all or part of the Dependent Child coverage may be converted to an individual life insurance policy. No evidence of insurability will be required. For plans covering Minnesota residents, special rules apply for conversions


The life insurance proceeds are paid to the designated beneficiary(ies). If there is more than one beneficiary, proceeds may be divided into equal or unequal shares. The proceeds are usually paid in a single sum, but as an alternate method of payment, a periodic income may be elected, with equal monthly installments of all or part of the proceeds (with interest) paid over a fixed period of time. Several other modes of settlement also are available. One of these may be selected by mutual agreement with Prudential.

To change your beneficiary(ies), or change your legal name, please use the Change of Name/Beneficiary Form.

Prudential cannot give legal or tax advice. Please consult your tax advisor. The CPA Life Insurance Plan is subject to applicable laws and regulations.

The Prudential Insurance Company of America, a Prudential Financial Company, is the underwriting company and is licensed in all states, the District of Columbia, Guam, Puerto Rico and the United States Virgin Islands. Principal offices are 751 Broad Street, Newark, NJ 07102-3777, Phone: 973-802-6000. The Plan Agent is Aon Insurance Services, 159 E. County Line Rd., Hatboro, PA 19040-1218, Phone: 800-223-7473.

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