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Understanding Group Accident

Commonly called Accidental Death and Dismemberment (AD&D) insurance, accident insurance pays a benefit amount if an insured accidentally dies or suffers a loss of:

  • Hearing
  • Ability to speak
  • Sight of one or both eyes
  • A hand or foot
  • A thumb and index finger of the same hand

Greenwood International Insurance Services, Inc. (GWI’s) Group Accident division focuses primarily on underwriting, sales, and administration of corporate AD&D insurance coverage through independent agents, brokers, and consultants. The term of coverage is found in the following policy forms:

Business Travel Accident
Voluntary Personal Accident
Basic Accident
Carve-Out Accident

 

Business Travel Accident
Business Travel Accident (BTA), commonly called Travel Accident, provides high limit AD&D coverage for employees traveling on behalf of their employer for business purposes. It is written on a non-contributory basis, meaning that premium is always paid by the employer, and the beneficiary is typically named by the employee, usually their spouse or family member.

Amounts of coverage usually range from $10,000 to $500,000 and may exceed $1 million for executives. Classifications of employees usually (but not always) denote what limits the employee receives in coverage. Some employers may opt to provide 24- Hour Business and Pleasure coverage to their senior management, while the rest of the employees receive coverage for Business Travel Only. Thus, a high degree of flexibility resides in constructing BTA coverage.

 

Voluntary Personal Accident Insurance
Commonly referred to as Voluntary Accidental Death and Dismemberment, this coverage is offered to the employee on a voluntary basis, where they may cover themselves and their family, while selecting limits of coverage. Voluntary plans are often characterized by more substantial benefit levels and coverage selections compared to other plans.

The employee is not limited by age-rated premiums, or evidence of insurability. Voluntary coverage is contributory (i.e. offered through an employer, but elected and paid for by employees with affordable group rates that are payroll deducted, naming the beneficiary of their choice). Due to the relatively affordable cost of coverage in comparison to Group Life, the employee has the opportunity to purchase very high limits of AD&D coverage compared to the amount of Group Life coverage they select or are limited to for various reasons including their health limitations. As a result, Voluntary AD&D plans are considered a popular, economic benefit.

 

Basic Accident Plans
A Basic Accident plan is an excellent way for an employer to provide employees with high limits of coverage at reasonable premium rates. A Basic Accident Plan is very similar to BTA coverage in that it may be class differentiated for limits, or may be a flat amount for all employees. The coverage is always 24-hour coverage, regardless of on or off the job exposures and coverage is employer paid. Typically, families are not covered under Basic AD&D plans. The employee usually names his or her own beneficiary.

 

Carve-Out Accident Plans
Carve-Out plans replace coverage traditionally provided under an AD&D rider on a Group Life contract. “Carving-out” this rider and writing it as a separate policy increases a broker’s commission while expanding the client’s coverage and cost, all without soliciting new business. Carve-Out policies are typically written on a non-contributory basis—meaning that the cost is fully paid for by the employer and all employees who fall under the class description are automatically covered.

This insurance does not apply to the extent that trade or economic sanctions or regulations prohibit us from providing insurance, including, but not limited to, the payment of claims.

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