Life and Accidental Death and Dismemberment Insurances
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The Lincoln National Life Insurance Company
Eligible Class 43A: All active employees of Otterbein University.
Waiting Period
First of the month coinciding with or next following 12 months of continuous, full-time active employment.
Basic Life Insurance
An amount equal to 2 times the covered employee’s annual earnings. If not a multiple of $1,000, this amount will be rounded to the next higher multiple of $1,000. This amount may not exceed $250,000.
Basic Accidental Death and Dismemberment Insurance - Full Amount
An amount equal to 2 times the covered employee’s annual earnings. If not a multiple of $1,000, this amount will be rounded to the next higher multiple of $1,000. This amount may not exceed $250,000.
Additional Accidental Death and Dismemberment Insurance:
What is the Employee Seat Belt Benefit?
Maximum Benefit Amount: 10% of Full Amount up to $5,000.
What is the Employee Air Bag Benefit?
Maximum Benefit Amount: 10% of full amount up to $5,000.
What is the Employee Common Carrier Benefit?
Maximum Benefit Amount: An amount equal to 2 times the covered employee’s annual earnings. If not a multiple of $1,000, this amount will be rounded to the next higher multiple of $1,000. This amount may not exceed $250,000.
Reduction of Basic Life and Accidental Death and Dismemberment Insurance
The amount of Basic Life and Accidental Death and Dismemberment Insurance applicable to the covered employee’s class of benefits will reduce at age 65 or older as follows:
- Ages 65 - 69: to 67%
- Ages 70 & up: to 50%
Employee Contributions Required:
- Basic Employee Life Insurance: No
- Basic Accidental Death and Dismemberment Insurance: No
Increases and Decreases in Amounts of Coverage
Any increase in or addition to the benefits will take effect on the date of the change.
Any such change applies only to loss of life or accidental injury that occurs on or after the effective date of the change.
If a covered employee is not at work on the date the increase or addition is to take effect, it will take effect when he returns to active, full-time work.
Any decrease in or deletion of benefits will take effect on the date of the change.
Any such change applies to loss of life or accidental injury that occurs on or after the effective date of the change.