News and Views - March 2002 issue
Federation Insurance News
Owing to a
high claim rate, the providers of our Group Life and Group Accident Schemes
have imposed, changes in the: benefits payable. We have worked hard with our
Brokers, Alan Stevenson & Co to minimise the implications on our members
and to try and retain premiums as at present as well as keeping a higher level
of benefits as possible.
Details of
the Schemes are as follows with the alterations to benefits indicated.
Group
Life Scheme
Provider changed to Canada Life. Premium to remain 10p
per week.
Benefit of £4600 payable on death
Group
Accident Scheme
Scheme
Provider remains Royal Sun Alliance. Premium to remain at £1.05 per week.
Summary of
benefits: -
Death
£12000
Loss
of two or more Limbs or Both Eyes or one of each
£12000
3. Loss of
one Limb or Eye
£12000
Permanent
Total Disablement from usual occupation
£3000
Permanent Total Disablement from gainful employment of any kind
£9000
Temporary
Total Disablement from usual occupation — 104 weeks maximum benefit at £40.00
per week. Six week deferment period. This is increased from the
present two-week deferment period
Outline
of certain important conditions
1. Specified hazardous sports
excluded see exceptions 2/11 in policy wording.
2. Claims to be reported as soon
as practicable and in any case within 14 days of the accident.
3. Permanent Total Disablement must have lasted
for up to 104 weeks before the appropriate benefit becomes payable.
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