Accidental death and dismemberment insurance

In insurance, accidental death and dismemberment (AD&D) is a policy that pays benefits to the beneficiary if the cause of death is an accident. This is a limited form of life insurance which is generally less expensive, or in some cases is an added benefit to an existing life insurance policy.

Accidental death

In the event of an accidental death, this insurance will pay benefits in addition to any life insurance but only up to a set amount total regardless of any other insurance held by same insurer, held by the client. This is called double indemnity coverage and is often available even when accidental death insurance is merely an add-on to a regular life insurance plan. Some of the covered accidents include traffic accidents, exposure, homicide, falls, heavy equipment accidents and drowning. Accidental deaths are the fifth leading cause of death in the U.S.[1] as well as in Canada.

Accidental death insurance is not an investment vehicle and thus clients are paying only for sustained protection. Most policies have to be renewed periodically (with revised terms), although the client's consent with renewal is often implicitly assumed.

Common exclusions

Every insurer maintains a list of events and circumstances that void the insured's entitlement to his or her accidental death benefit. Death by illness, suicide, non-commercial radiation, war injury, and natural causes are generally not covered by AD&D. Similarly, death while under the influence of any non-prescribed drugs or alcohol is most likely exempt from coverage. Overdose with toxic or poisonous substances and injury of an athlete during a professional sporting event may void the right to claim too.

Some insurance carriers will tailor their clients' coverage to include some of the above risks, but every such extension will be accompanied by increased premiums.

Due to these restrictions, the process of claiming the benefit may be relatively lengthy; the deceased client may have to undergo autopsy and the accident may have to be officially investigated before a claim is approved by the insurer.

Dismemberment

Fractional amounts of the policy will be paid out if the covered employee loses a bodily appendage or sight because of an accident.[2][3][4] Additionally, AD&D generally pays benefits for the loss of limbs, fingers, toes, sight and permanent paralysis. The types of injuries covered and the amount paid vary by insurer and package, and are explicitly enumerated in the insurance policy.

Coverage types

There are four common types of group AD&D plans offered in the United States:

  1. Group Life Supplement – the AD&D benefit is included as part of a group life insurance contract, and the benefit amount is usually the same as that of the group life benefit.
  2. Voluntary – the AD&D benefit is offered to members of a group. An example is an AD&D policy provided in an initial nominal amount with premiums paid by another party (such as a small $1,000 AD&D policy offered to credit union members, with the premium paid for by the credit union itself), with higher elective benefits offered to members where the member must pay the additional premiums separately.
  3. Travel Accident (Business Trip) – the AD&D benefit is provided through an employee benefit plan and provides supplemental accident protection to workers while they are traveling on company business (the entire premium is usually paid by the employer).
  4. Dependents – Some group AD&D plans also provide coverage for dependents.[5]

See also

References

  1. ^ Accidents or Unintentional Injuries by Centers for Disease Control and Prevention, accessed July 14, 2011.
  2. ^ "BLS Information". Glossary. U.S. Bureau of Labor Statistics Division of Information Services. February 28, 2008. Archived from the original on 6 May 2009. Retrieved 2009-05-05.
  3. ^ Margaret E. Lynch, Editor, "Health Insurance Terminology," Health Insurance Association of America, 1992, ISBN 1-879143-13-5
  4. ^ "Accidental Death Insurance Coverage and Exclusions". Glossary. death-insurance.com. March 22, 2016. Retrieved 2016-03-22.
  5. ^ Fundamentals of Health Insurance: Part A, Health Insurance Association of America, 1997, ISBN 1-879143-36-4
1999 Aggie Bonfire collapse

At approximately 2:42 a.m. on November 18, 1999, the annual Aggie Bonfire at Texas A&M University in College Station, Texas collapsed during its construction, killing 12 people and injuring 27.

Accidental death

An accidental death is an unnatural death that is caused by an accident such as a slip and fall, traffic collision, or accidental poisoning. Accidental deaths are distinguished from death by natural causes (disease) and from intentional homicides and suicide. An accidental death can still be considered a homicide or suicide if a person was the unintentional cause.

For criminal purposes, intentional homicides are usually classified as murder. Exceptions such as self-defense vary by jurisdiction, and some cases, persons accused of murder have asserted as a defense that the deceased was actually the victim of an accidental death rather than an intentional act. However, a person who is responsible for the accidental death of another through negligence may still be criminally liable for manslaughter, and civilly liable for wrongful death. Accidental death and dismemberment insurance and similar insurance policies pay a benefit in the event of an accidental death, With these policies it must be demonstrated that a given death is in fact an accident, rather than an intentional suicide or homicide (which might also involve insurance fraud).

It has been suggested that "vast majority of accidents are not really accidents of chance but rather accidents of folly, negligence, and blatant human misjudgment". The Centers for Disease Control and Prevention reports that in the US in 2015, there were 146,571 "unintentional injury deaths" that year, the fourth leading cause of death. Of those, 47,478 were from unintentional poisoning, 37,757 were from traffic accidents, and 33,381 were from falls.In some countries, all accidental deaths (or apparently accidental deaths) are investigated by government bodies. Inquests in England and Wales, for example, are held into sudden and unexplained deaths, and a fatal accident inquiry is performed for an accidental death in Scotland. A verdict of "accidental death" in such cases is returned when there is no contributory factor from an action or omission of the victim ("death by misadventure") or by another person ("unlawful killing").

Deaths during wartime due to imprecise or incorrect targeting may be euphemistically termed collateral damage or the result of friendly fire.

CUNA Mutual Group

CUNA Mutual Group is a mutual insurance company that provides financial services to cooperatives, credit unions, their members, and other customers worldwide. CUNA Mutual Group sells commercial and consumer insurance and protection products.

CUNA Mutual Group provides retirement plan services to small businesses and credit union employees. The Madison, Wisconsin-based company also provides auto, home, life and loan protection products to credit union members through its TruStage brand.

Christian Labour Association of Canada

The Christian Labour Association of Canada (CLAC) is a labour union that represents workers in the construction, healthcare, and food industries. It was established in 1952 to represent workers on the basis of "Christian social principles."

It claims that its approach to labour relations develops workers' sense of responsibility, participation, stewardship, and dignity. It opposes what it calls the undemocratic, adversarial, and monopolistic practices of the labour movement.

Ephrata Area School District

The Ephrata Area School District is a midsized, suburban, public school district located in Lancaster County, Pennsylvania, US. Ephrata Area School District encompasses approximately 44 square miles. At the 2000 federal census it served a resident population of 30,458. In 2009 the district residents' annual per capita income was US$19,574, while the median family income was $51,151 a year. According to District officials, in school year 2007–08, the Ephrata Area School District provided basic educational services to 4,000 pupils. The district employed 316 teachers, 199 full-time and part-time support personnel, and 16 administrators in 2009. Ephrata Area School District received more than $14.3 million in state funding in school year 2007–08. The district is a member of Lancaster-Lebanon Intermediate Unit (IU) 13.

Health insurance in the United States

Health insurance in the United States is any program that helps pay for medical expenses, whether through privately purchased insurance, social insurance, or a social welfare program funded by the government. Synonyms for this usage include "health coverage", "health care coverage", and "health benefits".

In a more technical sense, the term "health insurance "is used to describe any form of insurance providing protection against the costs of medical services. This usage includes private insurance and social insurance programs such as Medicare, which pools resources and spreads the financial risk associated with major medical expenses across the entire population to protect everyone, as well as social welfare programs like Medicaid and the Children's Health Insurance Program, which both provide assistance to people who cannot afford health coverage.

In addition to medical expense insurance, "health insurance" may also refer to insurance covering disability or long-term nursing or custodial care needs. Different health insurance provides different levels of financial protection and the scope of coverage can vary widely, with more than 40% of insured individuals reporting that their plans do not adequately meet their needs as of 2007.The share of Americans without health insurance has been cut in half since 2013. Many of the reforms instituted by the Affordable Care Act of 2010 were designed to extend health care coverage to those without it; however, high cost growth continues unabated. National health expenditures are projected to grow 4.7% per person per year from 2016 to 2025. Public healthcare spending was 29% of federal mandated spending in 1990 and 35% of it in 2000. It is also projected to be roughly half in 2025.

Life insurance

Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits.

Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.

Modern life insurance bears some similarity to the asset management industry and life insurers have diversified their products into retirement products such as annuities.Life-based contracts tend to fall into two major categories:

Protection policies – designed to provide a benefit, typically a lump sum payment, in the event of a specified occurrence. A common form—more common in years past—of a protection policy design is term insurance.

Investment policies – the main objective of these policies is to facilitate the growth of capital by regular or single premiums. Common forms (in the U.S.) are whole life, universal life, and variable life policies.

List of United States presidential vetoes

The phrase presidential veto does not appear in the United States Constitution, but Article I requires every bill, order, resolution or other act of legislation approved by the Congress of the United States to be presented to the President of the United States for their approval. After that is done, there are several scenarios in which a bill may or may not be enacted into law.

The president may sign the bill within 10 days (excluding Sundays). This enacts the bill into law.

The president may return the bill to Congress with a statement of objections within 10 days (excluding Sundays). This is a "veto."

If the president vetoes a bill, the president's objections shall be considered by the Congress. Each house may vote to override the president's veto. If 2/3 of each house agree to override the president's veto, the bill is enacted into law.

The president may do nothing, and after 10 days (excluding Sundays) if Congress has not yet adjourned, the bill is enacted into law.

The president may do nothing, and if Congress adjourns before the 10th day (excluding Sundays), the bill is not enacted into law. This is known as "pocket veto".The list below contains many of the bills vetoed and pocket vetoed by Presidents.

National Life and Accident Insurance Company

The National Life and Accident Insurance Company is a former life insurance company which was based in Nashville, Tennessee.

National Life and Accident began in 1900 as the National Sick and Accident Association, a mutual company. It was reorganized as a stock company and adopted the National Life name shortly thereafter. It was purchased by a rival company in 1982.

Ullico

Ullico Inc. is a privately held insurance and financial services holding company in the United States. Formerly known as Union Labor Life Insurance Company, it was founded in 1927 by the American Federation of Labor (AFL) and its then president, Samuel Gompers, to offer health and life insurance products specifically to America’s working men and women. Matthew Woll, president of the Photo Engravers Union, became the company’s first president. Today, Ullico is one of the largest insurers, risk solutions and investment managers focused on the union marketplace in the United States. It is based in Washington, D.C.

United Federal Credit Union

United Federal Credit Union (UFCU) is a federally chartered credit union based in St. Joseph, Michigan with a 60-year-plus history. Originally chartered in 1949, UFCU has more than 168,000 Members in all 50 states and the District of Columbia. It ranks in the top 2% of all federal credit unions by asset size, with assets in excess of $2 billion as of 2016. UFCU has 31 branches in six states: Michigan, Ohio, Indiana, Nevada, North Carolina, and Arkansas. United Federal Credit Union offers a diverse array of products and services for businesses and individuals, include checking and savings accounts; mortgage, construction, and lot loans; home equity loans and lines of credit; business accounts, loans, and credit cards; United Diamond Insurance and Allied Solutions Insurance Products.

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