Amendments
Amendments to policies are required when the application is missing details or if changes are made without the applicant’s initials. Signed Policy Acceptances with amendments are a delivery requirement and require insured/policyowner signature(s) for the policy to be placed in force.
The most common causes of amendments are:
- Changes to elected monthly benefit amounts
- Required information is missing
- Correction fluid was used to correct errors
- Changes to the application were not initialed by the applicant
- Non-U.S. citizen applicant gave incomplete information
- The applicant has existing individual disability insurance with another carrier
The following errors will result in a policy amendment:
- An applicant answers “yes” to Other Insurance but does not provide the coverage information. The Standard will accept the information via email, but the omission on the application form will trigger a policy amendment.
- Questions in the Other Insurance section of the application are unanswered. The Standard will accept the information via email.
- The Actively at Work question is not answered. The Standard will accept the information via email.
Exceptions
Occasionally, circumstances on an individual case become complex or require discussion with the home office regarding eligibility.
To request an exception, please contact us.
Changes
Modifications to in-force policies are allowed under the GME program. The policy must be in force for 30 days or more to request a policy change.
Additional Information:
- The base policy and CAT amounts may be reduced. If the base benefit amount is reduced, the BIR will be permanently terminated and no future BIR increases will be available.
- There is a 4-to-1 ratio limitation for FPO-to-base-policy amounts, for Protector+ for GME policies only.
- There is a 3-to-1 ratio limitation for CAT-to-base-policy amounts.
- Only CAT, Indexed Cost of Living and Student Loan riders may be removed at a later date.
- Own Occupation and Noncancelable Policy riders cannot be removed. The Noncancelable Policy Rider must be present on all GME policy increases or reissued polices.
- The Enhanced Residual Disability Rider can be modified to a Basic Residual Disability Rider.
- Occupation class upgrades are not available with GME policies.
- Policyowners requesting a policy change from smoker to non-smoker must submit a request to The Standard and complete a nicotine test at a facility designated by The Standard. Negative test results will result in a reduced premium rate on the first of the month following the date the request was approved.
- If a GME policy is terminated or reduced in coverage, the resident won’t be eligible to apply for an additional GME policy.
