AICPA Insurance Programs

CPA Life Insurance Plan
Other Provisions

Cost of the Insurance
The cost of the insurance is met from contributions to the Trust. The current required contributions for participation in the life insurance coverage under the CPA Life Insurance Plan depends on your age, coverage amount and options.

When the Life Insurance Terminates
A member's life insurance may be continued until the terminating age of 80.

Earlier termination will occur:

• at such time the member is neither a member of the American Institute of Certified Public Accountants nor any State Society of CPAs, or other qualifying organization,
• if the Group Policy terminates, or
• if the participant withdraws from the Plan by so electing or by failure to pay the required contributions to the Trust. (The member may also elect an available lower amount and thereby reduce his or her coverage.)

Dependent Child Coverage under the CPA Life Insurance Plan will terminate under any of the following conditions: the CPA Life Insurance Plan coverage terminates for the participant; the child no longer qualifies as an eligible dependent; the CPA Life Insurance Plan itself is terminated; or the provision in the policy for the coverage terminates.

If the participant is deceased, the Dependent Child Coverage may be continued with Spouse Life Insurance, provided that Spouse coverage is in effect at the time of the participant's death, subject to the termination provisions shown above.

Conversion Privilege

If the CPA Life Insurance Plan reduces or terminates because of the member's attainment of an age, or because he/she is neither a member of the American Institute, nor a State Society of CPAs or other qualifying organization, or such membership is terminated and the member's coverage accordingly is reduced or terminated, the member has the privilege of converting the amount by which the insurance was reduced or terminated to a Prudential individual life insurance policy. The member can get this life insurance protection without taking a medical examination or answering health questions. To convert the member must apply for the individual contract and pay the first premium according to the following rules: If the member has been given written notice of the conversion privilege within 15 days before or after he/she ceases to be insured for all or part of the Insurance, he/she must apply for the individual contract and pay the first premium within 31 days after ceasing Insurance coverage; or if he/she has been given written notice of the conversion privilege more than 15 days but less than 90 days after he/she ceases to be insured for all or part of the Insurance, he/she must apply for the individual contract and pay the first premium within 45 days after written notice has been given; if he/she have not received written notice of the conversion privilege within 90 days after all or part of the Insurance ceases, the time allowed for exercising the privilege ends at the end of 90 days. If the insurance ends because all of the Insurance ends for the insured's class, the total amount of individual insurance which is obtained through this privilege will not exceed the total amount of the Insurance that was terminated under the Group Contract reduced by the amount of group life insurance from any carrier for which he/she becomes eligible within 45 days. A death benefit is payable under the Group Contract, even if the covered member did not apply for conversion , if the member dies within 31 days of the termination and while still entitled to convert according to the rules described above. If the insurance for a dependent child terminates for any of the reasons stated, all or part of the Dependent Child coverage may be converted to an individual life insurance policy. No evidence of insurability will be required. For plans covering Minnesota residents, special rules apply for conversions

---