Overhead Expense Insurance Plan Group Insurance Administrators Contents Applications Printer-friendly format Email this page Group Office Overhead Expense Insurance Plan Available in Adobe Acrobat PDF format . When You Are Disabled To pay for office expenses without spending savings or using your personal disability income coverage in the event of an accident or illness, you should consider the benefits of Office Overhead Expense Insurance. The benefits are designed to pay your pro-rata share of Covered Expenses. Premiums can be tax deductible as a qualified business expense, but be sure to check with your tax advisor. The ACP-ASIM sponsors Office Overhead Expense Insurance that can pay office expenses in the event of disability because of covered injury or sickness.
Applications are subject to approval by the underwriting insurance company.
Insurance will become effective on the date the request for coverage is approved by New York Life provided the initial contribution for insurance is paid in a timely manner and the member is actively at work on the date coverage is effective. Disability waiting period 30 days. Business Estate Settlement Benefit payable up to four times the monthly benefit selected. Premiums paid from date of disability will be refunded following total disability of 180 days and waived for continuing disability. Covered Expenses Expenses incurred by you or your share of expenses in practice with one or more persons are considered Covered Expenses.