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In this issue |
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The Standard is pleased to announce |
The Future Purchase Option (FPO) Rider's maximum pool size for The Protector+SM and The ProtectorSM has been increased from $5,000 to $10,000. |
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With this change comes a new requirement that the maximum FPO pool size cannot be more than four times the sum of the Base plus Supplemental Social Insurance benefit amounts, up to the $10,000 maximum. For example, in order to qualify for the full $10,000 FPO pool, the minimum base policy size is $2,500. All FPO amounts are subject to issue and participation limits. Additional lab testing may be required and is at underwriter discretion. |
Transition Rules for FPO pool increase to $10,000 |
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Pending Business |
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Pending IDI applications that are in underwriting or have been recently issued, but not yet placed, may be eligible for the higher FPO pool amount. Please contact your Customer Management Specialist. |
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Policies Already in Force |
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Policies delivered to the insured after January 1, 2009 may be exchanged for a policy with the new FPO pool amount by request. The last date to initiate the request for exchange to receive the higher pool amount is March 1, 2009. Producers whose cases were delivered to the insured before January 1, 2009 or those that fall after the March 1, 2009 notification deadline must submit a new fully underwritten application in order to receive the new FPO pool amount. Commissions will be treated as a replacement and are payable only to the extent of a premium increase. For more information or to initiate such a change, please contact your Customer Management Specialist. |
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Any increase in benefit limits to either pending or in force polices require underwriter approval. |
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The Standard is pleased to announce |
The maximum issue limits for The Business ProtectorSM have been increased for occupation classes 3A, 4A and 5A. |
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For The Business Protector, the 3A occupation class includes 3A physicians and dentists, and 4A includes 4P physicians and dentists. These increases complement the Issue and Participation Limits increases announced in 2008 for The Protector and The Protector+ individual disability income insurance. Please see the table below for more details. |
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The Standard is pleased to announce |
The issue limits for The Business Equity ProtectorSM have been increased for all occupation classes. |
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For The Standard's individual disability business buy/sell funding insurance, lump sum and monthly benefit issue limits have been increased for most occupation classes. Please see the table below for examples on changes to lump sum benefit limits. Increases to monthly benefit issue limits can be found in the online Reference Product Guide, form 9251REF. |
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Transition Rules for Issue limit increases for The Business Protector and
The Business Equity Protector |
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Pending Business |
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Pending IDI applications that are in underwriting or have been recently issued, but not yet placed, may be eligible for the higher benefit amounts. Please contact your Customer Management Specialist. |
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Policies Already in Force |
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Policies delivered to the insured after January 1, 2009 may be exchanged for a policy with the new benefit limits. The last date to initiate the request for exchange to receive the higher limits is March 1, 2009. Producers whose cases were delivered to the insured before January 1, 2009, or those that fall after the March 1, 2009 notification deadline must submit a new fully underwritten application in order to receive the new benefit limits. Commissions will be treated as a replacement and are payable only to the extent of a premium increase. For more information or to initiate such a change, please contact your Customer Management Specialist. |
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Any increase in benefit limits to either pending or in force polices require underwriter approval. |
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New Illustration Software Release |
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Illustration software version 2.22.0719 reflects the above changes. For more details of changes reflected in this release of the illustration software, please see the What's New document. |
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To download the new software, please go to www.standard.com/di and choose Download Software at the bottom right, and then click Download Full Software. Software CDs will be mailed this week. |
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Updated IDI applications and reference materials |
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IDI applications for all states have been revised to include a revised Medical Underwriting Requirement, form 12244 (rev. 2/09). Please go to www.standard.com/di and choose Find New Business Application Forms at bottom right to download the revised application for your state. |
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The online Reference Product Guide, form 9251REF, and the Underwriting Guidelines, form 8735, have also been revised to reflect the changes announced above. |
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Underwriting requirements for those employed in certain health care occupations |
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Please note that for those employed in the following health care occupations, a blood profile and Home Office Specimen are required for any amount: |
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Physicians (MD or DO), physician's assistants, podiatrists, registered nurses, dentists, dental hygienists, surgical assistants, dialysis technicians, emergency medical technicians, paramedics, and others performing invasive procedures or drawing blood. An examination is not necessary unless required by the amount applied for. |
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