Group Office Overhead Expense

Underwritten by New York Life Insurance Company

Protection For Your Practice And Your Future

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Could your practice keep running without you? Personal disability plans may help your family with loss of your income, but they probably won't cover your monthly office expenses. The ABE-sponsored Group Office Overhead Expense Plan will help protect your practice and your assets, to help your business to go on without you. If you are totally disabled by an accident or illness, the ABE-sponsored Group Office Overhead Insurance can help your practice continue to operate.

For a brief overview of why the ABE-sponsored Group Office Overhead Expense Plan might be right for you and your family, click here for your free whitepaper.

Notice: This coverage is not available to members over age 65 or residents of Washington and foreign countries.

All of the applications for this Plan have been created using Adobe Acrobat and are saved as Portable Document Format (PDF) files. They are best viewed using Adobe Acrobat Reader version 6.0 or later. If you do not have the Adobe Acrobat Reader, download and install the reader by pushing the "Get Acrobat" Reader button below.

If you are having problems installing the Adobe Acrobat Reader, consult with Adobe Technical Support.

Who Is Eligible?

All ABA/ABE members under age 65 in a firm with five or fewer attorneys may apply for coverage. To be eligible, you must be actively performing the regular duties of your profession, at your regular place of business, for at least 30 hours each week, and you must reside in the United States (except Washington).

Pays Benefits Up To $10,000 Per Month.

Customize your coverage to meet your needs. You may request monthly benefits of $500 to $10,000 (in $100 increments), depending on your regular office expenses. The premium will vary with the amount of benefits.
Benefits payable will not exceed the lesser of: the average eligible expenses incurred for the six months prior to the disability; the actual monthly eligible expenses incurred, or the monthly benefit level in force. If you have other Office Overhead Expense Insurance, benefits will be coordinated so that total benefits payable under all plans do not exceed the actual expenses incurred. Click here to help determine how much coverage you will need.

When Benefits Are Paid.

Benefits start on the 31st day of total disability and will be paid for up to 12 months while you remain continuously disabled.

When Your Insurance Becomes Effective.

Your coverage will begin on the first day of the month after your application is approved provided the initial premium has been paid and you are in full-time Active Practice on the effective date and on the date your premium is paid. If you cannot meet New York Life's underwriting standards, there are instances where insurance may be provided at the same premium by eliminating coverage for a specific impairment or disease.

When Coverage Ends.

Your coverage can be renewed until the June 30th following your attainment of age 70, provided you do not cease full-time Active Practice (other than for reasons of disability), you maintain your ABA/ABE membership, you do not begin active duty in the Armed Forces (except for training purposes of two months or less), you make premium contributions when due, and the group policy is not terminated by New York Life or the ABE.

Your Premium Will Be Waived If You Are Disabled.

Premium payments due while you are receiving Group Office Overhead Expense benefits will be waived until you cease to receive benefits.

You Are Covered For These Office Expenses.

Your normal and regular business operation expenses are covered, including:

Rent
Interest payments on outstanding eligible business debts
Utilities (heat, water, telephone, electricity, etc.)
Non-attorney employees' salaries and payroll taxes
Postage and stationery
Equipment maintenance
Rental, lease, or depreciation of office equipment
Monthly average of taxes on the premises
Insurance premiums for Workers' Compensation, Employee Medical Plans, Employee Taxes, General Liability, Professional Liability/Malpractice
Accounting fees
Professional memberships and/or subscription dues.

What is Not Covered.

The following business expenses are NOT covered: Salaries, fees, drawing accounts, profits or other remuneration to the insured or a partner; Charges for services of individuals in the same profession as the insured, or any person hired to perform the insured's duties during his/her total disability; Cost of the purchase of office equipment, goods or merchandise; Income taxes, or any expenses an insured would not reasonably be expected to incur while disabled; Personal expenses; Charitable contributions; Payment of principal of any indebtedness. If you are incorporated, or a partner, or a joint tenant, overhead expenses are limited to your respective share.

Definition of Disability.

Total disability means you are unable to perform the material and substantial duties of your regular occupation, due to accident or illness, provided you are not otherwise engaged in any occupation for pay or profit. You must be under the care of a licensed physician, other than yourself or a close relative.

Benefits For Recurring Disability.

Benefits will be paid for recurrent disabilities. Successive periods of disability due to the same or related cause will be considered a single disability and the remainder of benefits will be paid, unless the disabilities are separated by a return to Active Practice of at least three consecutive months. Unrelated disabilities not separated by a return to Active Practice of at least one full day will also be considered as a single disability. Disabilities that do meet these separation requirements will be treated as new disabilities, subject to a new waiting period.

Exclusions And Limitations.

No benefit will be payable for losses caused by or resulting from: self-inflicted injury; declared or undeclared war; military service; any impairment or disease specifically excluded from your coverage; the use of any narcotic, drugs, or other substances, unless prescribed by a physician and used for the purpose prescribed; pre-existing conditions (as described in the paragraph below). Missouri residents: The exclusion for intentional self-inflicted injury is not applicable to injuries caused by an attempted suicide while insane.

No benefits will be payable for any period of disability during which the insured is not under the care of a licensed physician or surgeon other than the insured or a close relative of the insured. No benefits will be payable if the insured is outside the area of the United States, Canada, Puerto Rico or the Virgin Islands while benefits would otherwise be payable.

Benefits will not be paid for a pre-existing condition not disclosed on your application (i.e., an injury or illness for which treatment, medical advice or medication was taken during the 12 months prior to becoming insured) for up to 24 months after coverage begins.

You Have The Right To A 30-Day No-Obligation Review.

When you receive your Certificate of Insurance, please read carefully. If you decide not to participate, simply return it without claim within 30 days, coverage will be invalidated. There is no other obligation.

Important Notice: How New York Life Underwrites Your Request For Group Office Overhead Insurance

Information regarding insurability will be treated as confidential. In considering whether the persons in your request for insurance qualify for coverage, we will rely on the medical information you provide, and on the information you authorize us to obtain from your doctor, other medical practitioners and facilities, other insurance companies to which you have applied for insurance, and MIB Inc. (Medical Information Bureau). New York Life will not disclose such information to anyone except those you authorize or where required or permitted by law. We may make a brief report to MIB regarding your application; however, we will not disclose our underwriting decision. Information in our files may be seen by New York Life and ABE employees, but only on a "need to know" basis in considering your request. Upon receipt of all requested information, we will make a determination as to whether your request for insurance can be approved.

MIB is a non-profit membership organization of life insurance companies which operates an information exchange on behalf of its members. When you apply for insurance or submit a claim for benefits to a MIB member company, medical or nonmedical information may be given to the Bureau, which may then be furnished to member companies.

If we cannot provide the coverage you requested, we will tell you why. If you feel our information is inaccurate, you will be given a chance to correct or complete the information in our files. Upon written request to New York Life or MIB, you will be provided with non-medical information. Generally, medical information will be given either directly to the proposed insured or to a medical professional designated by the proposed insured. Your request is handled in accordance with the Fair Credit Reporting Act procedures. MIB's information office is at P.O. Box 105, Essex Station, Boston, Massachusetts 02112, telephone 1-866-692-6901 (TTY 1-866-346-3642). For Canadian residents, the address is 330 University Avenue, Suite 403 Toronto, Ontario, Canada M5G 1R7.

For NM residents: In addition, PROTECTED PERSONS¹ have a right of access to certain CONFIDENTIAL ABUSE INFORMATION² we maintain in our files and they may choose to receive such information directly. You have the right to register as a PROTECTED PERSON by sending a signed request to ABE at the address listed on the application. Please include your full name, date of birth, and address.

¹PROTECTED PERSON means a victim of domestic abuse: who has notified us that he/she is or has been a victim of domestic abuse; and who is an insured person or prospective insured person.

²CONFIDENTIAL ABUSE INFORMATION means information about: acts of domestic abuse or abuse status; the work or home address or telephone number of a victim of domestic abuse; or the status of an applicant or insured as family member, employer or associate of a victim of domestic abuse or a person with whom the applicant or insured is known to have a direct, close, personal, family, or abuse related relationship.

If we can provide the coverage you requested, we will inform you as to when such coverage will be effective. Under no circumstances will coverage be effective prior to this date. Payment of a premium contribution with your Application does not mean there is any insurance in force before the effective date as determined by New York Life.

New York Life Insurance Company 0905ed

Schedule Of Monthly Premiums And Quarterly Benefits

Assignment of Dividends

How Your Assignment of Dividends Works– your policy’s Unique Charitable giving Feature

Founded in 1942, the American Bar Endowment is a §501(c)(3) not-for-profit organization composed of members of the American Bar Association. ABE makes annual grants to the American Bar Foundation and ABA’s Fund for Justice and Education to fulfill ABE’s charitable purpose of improving the administration of justice, one of our profession’s highest obligations, by funding research, public service and educational projects in the field of law. ABE also maintains a Legacy Fund for the permanent support of its grantees. By participating in the Endowment’s group insurance programs, designed for and available only to ABA/ABE members, members can contribute to these funding efforts. Lawyers who enroll in ABE-sponsored group insurance programs agree that their share of any dividends payable on the group policies may be retained by the Endowment for its charitable purposes unless reclaimed as outlined below. The Internal Revenue Service has ruled that insured members who leave their dividends with the Endowment are eligible for a charitable contribution deduction on their individual income tax returns.

Members who donate dividends to ABE make a difference--these funds, after administrative expenses, are the primary source of ABE’s charitable grants. They also add to the Legacy Fund. Insured members who donate their dividends are helping to meet their professional and public responsibilities, as well as obtaining valuable coverage for their families. About 90% of members donate their dividends and these members are notified each year in late January of the amount, if any, of the dividend donation for the prior year. (Dividends are not guaranteed and in any given year, a given plan may not pay a dividend; dividends will vary from year to year.)

Members who wish to request a refund of their dividends may do so. The approximate percentage of premium available for refund (if any) on each plan will be published in each November’s ABA Journal along with ABE’s Annual Report; you do not need to wait for this information as refund requests are accepted beginning January 1, for each year. To request that dividends be paid to you rather than donated to ABE: For each year after the first policy year of your participation, a written request for refund (by mail, fax, e-mail to dividends@abendowment.org or online at www.abendowment.org) must be made each year and must reach the Endowment by December 15. When your refund request is received, a confirmation will be sent; retain this for your records. If your confirmation is not received within 3 weeks, contact the Endowment promptly to obtain another. Instructions for new applicants can be found on the bottom or back of the application and apply to dividends, if any, during the first policy year only.

Please note: Members who do not want to contribute dividends to ABE are required to “opt out” each year, using the procedures above. When members sign the application, they are agreeing to make an annual decision whether to contribute. Please do not sign the application if you do not agree with these procedures.

To fill out the request for dividend refund form, please click here

THIS IS A SUMMARY of the principal provisions of the group insurance program offered through the American Bar Endowment for its members. IT IS NOT TO BE CONSIDERED A CONTRACT OF INSURANCE. The complete terms of the program are set forth in the Group Policy G-5381-0 issued by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010, on Policy Form GMR-FACE/G-5381-0. Domiciled and principal place of business in New York; NAIC identification number 66915.

We will be happy to answer your questions. Just call 1-800-621-8981 or e-mail us at information@abendowment.org