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Offered through the American Podiatric Medical Association to its
members by The United States Life Insurance Company in the City of New
York.
Professional Overhead Expense Insurance pays up to 100% of most
normal and customary business expenses so your business can continue
operating while you are disabled. Your rent, utilities, employees'
salaries, maintenance of your equipment, interest on existing loans
related to podiatric practice and more are covered.
The plan pays the following benefits for covered disabilities: if you
become disabled before the age of 65, monthly benefits are payable for
up to two years; if you become disabled at age 65 or over, monthly
benefits are payable for up to one year but not beyond age 70. Also, you
select when benefits begin – your choice of either on the 16th or
31st day of total disability.
You may obtain coverage in $100 units, for a monthly benefit in the
amount of $300 or $7,500. Your monthly benefit amount will be limited to
the lesser of: the covered overhead expense actually incurred, the
average of covered overhead expenses incurred in the six months before
disability or your monthly benefit level in force.
Some of the expenses that are covered in this policy are rent,
utilities, employees' salaries, monthly average of taxes on the
premises, postage and stationery, as well as professional liability
insurance premiums.
All members of the American Podiatric Medical Association under the
age of 60 and actively at work on a full-time basis (at least 20 hours a
week in a gainful occupation) are eligible to apply.
Coverage
is subject to approval by United States Life. Coverage becomes effective
the first day of the month following approval of your application,
provided your first quarterly premium payment is received when due by
the APMA Members' Insurance Program.
Your
coverage may otherwise be terminated (a) when you fail to pay premiums
when due, (b) the January date you cease to be a member of APMA, (c) the
date you retire or otherwise cease full-time employment (20 hours a week
in a gainful occupation) for reasons other than disability, (d) when the
master policy is terminated or amended to cancel the class of insureds
to which you belong, or (e) on the January 1 anniversary coincident with
or next following your 70th birthday, (f) the date of sale of the
member's business or practice other discontinuance of his business or
practice if such sale or discontinuance is for reasons other than total
disability.
If
you become totally disabled before age 60 and the disability continues
for at least six months, premiums due thereafter may be waived as long
as you remain totally disabled.
No monthly benefits will be paid for disability due to:
- intentionally self-inflicted injury;
- a war or act of war;
- committing a crime or an attempt to do so;
- active military duty in the service of any country;
- traveling in or flying in any aircraft operated by or under the direction of any
military (land, sea or air) authority or while in any aircraft being
used for any test or experimental purpose.
Monthly expenses do not include expenses incurred for:
- any salary, fees, drawing accounts, profits or other remuneration to a
member or his partners, or their replacement;
- income taxes;
- payment on the principal of any debt;
- the cost or depreciation of any office equipment, furniture, fixtures,
instruments, cost of goods or merchandise, or pharmaceutical products
pertaining to the member's profession or occupation; or
- any expense a member would not reasonably be expected to incur while
disabled.
The United States Life Insurance Company is an industry leader which
meets the ongoing needs and expectations of its insureds. A.M. Best
Company, a leading independent insurance industry analyst, has rated The
United States Life Insurance Company A++ (Superior) for financial
stability.
THE UNITED STATES LIFE Insurance Company An AMERICAN INTERNATIONAL
GROUP, INC. Company
This is a summary of benefits only and is subject to terms, conditions and
limitations of Group Policy No. G-198, 097
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This information is for purposes of
illustration only.
A complete description of benefits and limitations of the plan will be
found in the insurance policy and certificate.
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