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| When quoting The ProtectorSM in California for the 4P occupation class | |
| The current version of the illustration software (2.22.0626) allows the sum of the monthly benefit plus the Future Purchase Option (FPO) to exceed The Standard's established issue limits for the 4P occupation class with The Protector. | |
| Sample scenario | |
| For example, with a 4P occupation class earning an income of $300,000 with no other coverage in force, the illustration software will correctly calculate a monthly benefit amount of $11,380 but incorrectly calculate a maximum FPO of $5,000. The maximum FPO amount of $5,000 erroneously allows for a potential monthly benefit of $16,380 which exceeds The Standard's maximum issue limit of $15,000 for the 4P occupation class. | |
| The maximum FPO should be $3,620 (which is the difference between the $15,000 issue limit and the $11,380 benefit). The Standard will not issue coverage in excess of our issue limits, so please calculate the FPO maximum amount manually to ensure your customers receive the correct illustration. We regret the inconvenience this error may cause and are working with the software vendor on a correction. | |
| Questions | If you have any questions, or would like assistance please contact getinfo@standard.com or call us at 800.992.4446. We will be happy to help you. |
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Standard Insurance Company, Individual Disability Insurance,
1100 SW Sixth Avenue, Portland, OR 97204, USA.
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