Plan Administrator's Guide â List Bill - RBC Insurance
Plan Administrator's Guide â List Bill - RBC Insurance
Plan Administrator's Guide â List Bill - RBC Insurance
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Keisha SambalaThe benefit schedule is 3x annual earnings, Keisha’s coverage is found by multiplyingher annual earnings by factor of 3:Benefit schedule:3x annual earningsAnnual salary: $113,300Coverage calculation: $340,000 (Coverage is rounded up to the next $1,000)Coverage: $300,000** Coverage calculation is greater than the NEM; therefore, coverage is capped at $300,000.Applying for Excess Life:With the maximum of the Life policy at $500,000, Keisha may apply for $40,000($340,000 - $300,000) in Excess Life. To do so, she must complete the evidenceof insurability process, and upon approval from underwriting, she will receive theadditional $40,000 in coverage. This amount will appear on the Premium Statement,shown as Excess Life (separate column from Basic Life) and calculated with the samerate as Basic Life. Please refer to the Evidence of Insurability section in this <strong>Guide</strong> formore information about this process.Premium: (Coverage x Rate) or (($300,000 x $0.28/1000)$84.00<strong>Plan</strong> Administrator’s <strong>Guide</strong> — <strong>List</strong> <strong>Bill</strong>25
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