This product is available for issue ages 18 and over. This product is guaranteed issue contingent on the employee/member participating in the major medical plan of the group contractholder and being actively at work (or an active member). Total expenses, inclusive of acquisition and maintenance expense, commissions and premium tax is expected to be 45.9% of earned premium. Lapse rates are composed by individuals changing employment and employers changing insurance coverage. For all durations, an aggregate lapse rate of 45% is assumed. Half of these lapses are assumed to occur uniformly throughout the year (representing those employees that terminate coverage largely due to change in employment). The remaining lapses are assumed to occur at year end as a result of a change in coverage as determined by the employer. More details can be found in the Actuarial Memorandum attached to the Rate/Rule Schedule tab.
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