814.1 Insurance

814.1 Insurance

A. Background

Faculty, administrators, and support personnel share in the university programs which insure members of the community against illness, injury, disability, and death.

B. Policy

All full-time personnel are eligible to participate in the university group insurance programs. Details concerning the coverage and participation in the insurance programs may be obtained in the Personnel Office.

C. Guidelines

1. Medical Insurance: All eligible individuals are covered for doctor and hospital care based on the schedule of benefits outlined in the contract and summarized in the benefit booklets issued to all employees. Furman and the individual share the cost of the premium.

2. Life Insurance: All eligible individuals are covered in an amount equal to one and one-half times annual earnings rounded to the nearest $1000. Maximum coverage is $150,000. Dependent life coverage is $2,500 for the spouse of the individual and up to $2,500 for each dependent child, depending on the child's age. Furman and the individual share the cost of the premiums.

3. Long Term Disability (LTD): Eligibility for participation begins after completion of one year of service. After three months of total disability the policy pays 60 percent of Covered Monthly Salary as of the date the disability began, but not to exceed $4,000 monthly. Benefits will continue to age sixty-five (65) while the employee is totally disabled. If total disability begins after attainment of age sixty (60), benefits will continue during such disability for five (5) years or the attainment of age seventy (70), whichever occurs first. The 60 percent disability benefit identified above includes social security and workers' compensation payments received as a result of the disability. The LTD insurance program continues the monthly premiums in the TIAA retirement plan, if participating. Furman and the individual share the cost of the premiums.

4. Details for participation in these insurance programs and optional insurance programs are explained to each eligible person upon employment.

5. The portions of premiums paid by the individual are deducted from each payroll check.

 ...........................