HomeMy WebLinkAboutM-98-0166TO
FROM
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
Honorable Mayor and
Members of the City Commission
Jose Garcia -Pedrosa
City Manager
30
DATE: January 12, 1998
SUBJECT: Elected Officials
Life Insurance
REFERENCES:
ENCLOSURES:
FILE :
Enclosed please d premium quotes received by the Risk
Management Divisio concerning the January 13, 1998 Commission
Discussion Item No. 32.
Enclosures
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CITY OF MIAMI ELECTED OFFICIALS
LIFE INSURANCE PREMIUM QUOTES
ANNUALLY RENEWABLE TERM LIFE INSURANCE POLICIES
FACE AMOUNT: $250,000
INSURANCE COMPANY
ESTIMATED TOTAL
ANNUAL PREMIUM*
1st Year
Transamerica Occidental $2,963
Without Accidental Death Benefits
Southland Life $4,075
Without Accidental Death Benefits
All American Life $4,473
Without Accidental Death Benefits
*ESTIMATED YEARLY RENEWABLE RATES GUARANTEED FOR FIVE YEARS
American International Group
Blanket Accidental Death Benefits
$990
PREMIUM QUOTES OBTAINED BY CITY'S INSURANCE BROKER, AON RISK
SERVICES.
RATES QUOTED ARE SUBJECT TO INSURANCE CARRIER'S APPROVAL OF
EVIDENCE OF INSURABILITY WHICH MAY REQUIRE A MEDICAL EXAM.
CITY OF MIAMI ELECTED OFFICIALS
BENEFIT AMOUNT: $250,000
GROUP TERM LIFE AND ACCIDENTAL DEATH AND DISMEMBERMENT (AD&D)
INSURANCE PREMIUM QUOTE FROM CIGNA
CURRENT INSURANCE
VOLUME
(EXECUTIVE GROUP
PLAN POLICY)
12,460,072*
*EXCLUDING ELECTED
OFFICIALS BENEFIT
AMOUNT
PROJECTED INSURANCE
VOLUME
13,960,072*
*INCLUDING ELECTED
OFFICIALS BENEFIT
AMOUNT
CURRENT ESTIMATED
TOTAL ANNUAL PREMIUM
$70, 275
PROJECTED ESTIMATED TOTAL
ANNUAL PREMIUM BASED ON PREMIUM QUOTE
$129, 432
4
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