Pension Endowment Life Assurance And Other Schemes for Employees of Commercial

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A. Plan 1.
D. E. Plan 2.
30 . 40 .
35 years 25 I s. D. 1 3 3 1 15 3 s. D. 16 4 1 6 6 s- d. 46 10 - 70 10 1 s. ^ 32 13 - 53 - - CHAPTER XI GROUP LIFE ASSURANCE GROUP Life Assurance, introduced by an American Life Office some few years ago, is a non-contributory system of Staff Life Assurance, the policy usually taking the form of a year to year contract to pay an amount in the event of death during the year, the firm paying a flat rate of premium calculated upon the wages or salary bill.
The fla
...t premium rate is built up on an age classifica- tion of the whole staff, and is recalculated from time to time.
Medical examination is dispensed with, and when an employee quits the firm he has an option of selecting (without medical examination) any form of policy if willing to pay the premium at his then age, which premium must, of course, be met entirely out of his own pocket.
Whilst admitting that a Group Policy is really a gift from employer to employee so long as he continues in his service, the forfeiture of the benefit, if he leaves, is likely to be thought a hardship by the employee, especially as in the majority of these forfeiture cases, Life Assurance is mostly needed.


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