Plan Administrator's Guide â List Bill - RBC Insurance

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4. Sample Premium CalculationsThe purpose of these samples is to provide a reference for benefit calculations for group productofferings. Our hope is to aid you in understanding the information shown on your GROUP PREMIUMSTATEMENT. The Plan specifics and benefit schedules used represent those typical to each product.Please refer to your Group Insurance Policy (ies) for specifics of your Plan.The sample calculations shown are for changes that would appear on the June 1st Premium Statement.As such, these changes would have reached RBC Insurance, Group Customer Account Services prior tothe printing of the June Premium Statement. All employee names used within the sample are fictional.Sample Plan Specifics:■■All products have one class■■All products are 100% employee paid■■All new employees have a 3 month waiting period■■All employees reside in OntarioBasic Life:■■Benefit schedule is 3x annual earnings to a maximum of $500,000 of coverage■ Non-evidence maximum (NEM) is $300,000 (benefits over $300,000 are referred to as Excess Life)■■Rate is $0.28 per $1,000 of coverageDependent Life■■Coverage is sold on a per unit basis■■Rate is $1.08 per employeeAccidental Death and Dismemberment (AD&D):■■Benefit schedule is 3x annual earnings to a maximum of $500,000 of coverage■■No non-evidence maximum (NEM)■■Rate is $0.03 per $1,000 of coverageShort Term Disability (STD):■■Benefit schedule is at 66.6667% of weekly earnings to a maximum of $750 of coverage■■No non-evidence maximum (NEM)■■Rate is $0.15 per $10 of coverageLong Term Disability (LTD):■■Benefit schedule is a split, 66.6667% of first $4,000 of monthly earnings + 50% of the next$6,666 of monthly earnings to a maximum of $6,000 of coverage■■Non-evidence maximum (NEM) is $4,500■■Rate is $1.10 per $100 of coverage22 Plan Administrator’s Guide — List Bill
Coverage and Premium Calculations:New Enrolments:This sample includes 2 new employees:Joe Jones: Annual salary $35,000Hire date February 1Keisha Sambala Annual salary $113,300Hire date February 10Plan Administrator’s Guide — List Bill23
Page 4 and 5: IntroductionThank you for choosing
Page 6 and 7: 2. Life InsuranceTo enrol new emplo
Page 8 and 9: 4. Waiving the Waiting PeriodThe Wa
Page 10 and 11: 7. Refusal of CoveragePay special a
Page 12 and 13: 2a. Change of ClassPlease refer to
Page 14 and 15: 3. Change of Name and/or Beneficiar
Page 16 and 17: 8. Terminating Eligible DependentsI
Page 18 and 19: D. Inactive Employees1. Lay-off/Lea
Page 20 and 21: E. Understanding Your Group Premium
Page 24 and 25: How do I calculate Basic Life cover
Page 26 and 27: How do I calculate Dependent Life c
Page 28 and 29: How do I calculate STD coverage for
Page 30 and 31: How do I calculate LTD coverage for
Page 32 and 33: How do I calculate back-charges for
Page 34 and 35: How do I calculate back-charges/cre
Page 36 and 37: F. How to Report ClaimsFor claims i
Page 38 and 39: G. General1. Directory AssistanceFo
Page 40 and 41: 7. Group Insurance AuditPeriodicall
Page 42: Please note that this paragraph is

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Plan Administrator's Guide â List Bill - RBC Insurance