FY2006 07/20/2005
Memorandum
To:
Isabelle DeSantis
Clerk of Courts Office
From:
Maria Z. Fernandez
Group Insurance Ad
Date:
July 29, 2005
Re:
Hartford Life Insurance
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At the BOCC meeting of July 20, 2005 the Board approved the renewal with The Hartford
Life Insurance for our Group Life & Accidental Death and Dismemberment policy.
Enclosed please find a copy for your records.
If you have any questions or require additional information, please do not hesitate to contact
me at (305) 292-4448.
CC: Finance Department
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Hartford Life
May 26, 2005
Rick Capizzi/Mary Kay Lantz
Gallagher Benefit Services, Inc.
2255 Glades Road, Suite 400E
Boca Raton, FL 33431
Subject:
Monroe County Board of County Commissioners, Policy #303613
Underwriting has completed the evaluation for the above named account for the upcoming October 1, 2005 renewal.
We currently underwrite their Basic Life/ AD&D coverages. Outlined below are the benefit highlights, the financial
results to date and renewal decisions.
BASIC LIFE and AD&D
Eligibility / Class Class I: All active, full-time employees
Class 2: Retirees
Fundine Method FullyInsure~on-Par
Contributions Non-Contributory
Benefit $20,000
Benefit Maximum $20,000
Guaranteed Issue Amount $20,000
Cutback Schedule Class 1: 33% at 70,50% at 75
Class 2: 50% at 70
Disabilitv Provision Standard prior to 60, Lifetime
Livint! Benefits Option 12 months
Commission Schedule 4% Commission
Date Rate .per $1,000 Volume Reason
10/1/1999 $.39 Inception
Time Periods 10/1/2000 - 5/1/2005
Paid Premium $647,729
Common Premium $647,729
Paid Claims $649,644
IBNR Reserves $25,118
Incurred Claims $674,762
Incurred Loss Ratio 104.2%
Desired Loss Ratio 82.3%
Inforce Rate $.39
Experience Rate $.499
Credibility 66%
Formula Rate $.487
The Life Experience is running above desired. 2000 was the only full year in our experience that has run below
desired. Although, the formula rate is calling for a 25% rate increase, Underwriting has agreed to a 13% increase at
this renewal, and is willing to offer this rate for 2 years.
Quoted Rate per $1000 of Volume $.44
Annual Premium $155,063.04
Rate Guarantee 2 Years
AD&D Quoted Rate per $1000 of Volume $.02
AD&D Annual Premium $6,066.72
We value our relationship with both Monroe County Board of County Commissioners and Gallagher Benefit
Services and look forward to our continued efforts in providing Monroe County with a strong benefit plan for their
employees.
Please let us know if you have any questions regarding any of this information.
Sincerely,
:Mary :Molloy
Mary Molloy
Account Manager
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