This document describes payment guidelines for life insurance claims under the Research Foundation Basic Life and Optional Life insurance plans.
Payment is made to the employee’s designated beneficiary(ies) upon the employee’s death.
Additional payment is made under AD&D coverage if the dismemberment or death is the result of an accident. Death payments are made to the designated beneficiary(ies). Dismemberment payments are made to the employee.
In the event of an employee's death, the central office of human resources, benefits services unit will request the original Insurance Enrollment Form from operating locations. The form includes the life insurance beneficiary designation(s).
Central office will notify the beneficiary(ies) of the following payment guidelines:
Benefits may also be paid to an employee prior to his or her death under the Accelerated Benefits Payment Option.
If an employee is diagnosed as terminally ill with an injury or illness resulting in a life expectancy of less than 6 months with no reasonable prospect of recovery, the employee may receive a one-time, lump-sum payment of:
The minimum amount that can be accelerated is the lesser of:
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