CPA Spouse Life Insurance - Exclusions and Notices

CPA Spouse Life Insurance
Exclusions and Notices

Exclusions

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 apply to the 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 or Group Variable Universal Life 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 policy issued by Prudential.

IMPORTANT NOTICE -- THIS POLICY DOES NOT PROVIDE COVERAGE FOR SICKNESS.

Prudential cannot give legal or tax advice. Please consult your tax advisor.

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 spouse's answers to health questions and without further medical evidence. Members not so accepted may, at their option, furnish additional medical evidence. A full medical exam is required for Preferred rates.

Reduction of Coverage at Age 75

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

How Coverage Terminates

Spouse Life Insurance terminates when your spouse reaches age 80, unless you discontinue the insurance earlier. Also, termination occurs if you are no longer a member of the AICPA nor any State Society of CPAs or other qualifying organization, or do not make the required contributions, or the program itself terminates. Should you as the Plan participant die before your spouse, he or she may continue spouse coverage until age 80.

Conversion Privilege

When Spouse Life coverage terminates or is reduced due to an attainment of age or a loss of membership, there is an option for the spouse to convert such coverage to an individual insurance policy as of that attained age and without evidence of insurability within 31 days of the loss of coverage. However, if written notice of the conversion privilege is given more than 15 days but less than 90 days after coverage ceases, the application for conversion and first premium must be made within 45 days of first notice or if written notice of the conversion privilege has not been given within 90 days after coverage ceases, the time allowed to apply and pay the first premium ends at the end of 90 days. For plans covering Minnesota residents, special rules apply for conversions.

Beneficiary

As the member, you will be the beneficiary of your spouse's life insurance. However, if you choose, you may name someone else. If you name more than one beneficiary, proceeds may be divided into equal or unequal shares. The proceeds (amounts of $10,000 or more) are deposited into an interest-bearing account in the beneficiary's name. Each beneficiary may choose to withdraw all or part of the proceeds, or leave the funds in the account. Several modes of settlement options are also available by mutual agreement with Prudential.

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

The Prudential Insurance Company of America 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, 973-802-6000. The Plan Agent is Aon Insurance Services, 159 E. County Line Rd., Hatboro, PA 19040-1218, 800-223-7473.

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