Active expatriate members of
Geocare may purchase Term Life and Accidental Death and Dismemberment
Insurance. However, Term Life Insurance for dependents is not offered
through the GeoCare Program. The Term insurance is valid as long as
one is an expatriate member of international societies and associations in
the petroleum, engineering and mining industries. The age limit for
new insureds is age 64. Benefits Individual Life Benefit The individual life benefit
becomes due in the event of the Insured Person's death prior to the normal
retirement age which is 65. The providers shall pay the full life benefit up
to $500,000, unless as otherwise agreed. Accidental Death &
Dismemberment Benefit Upon proof that the Insured
Person has suffered an AD&D loss as a direct consequence of an accident
within three hundred and sixty (360) days from the date of accident and
provided that such loss is not the direct or indirect result of a risk
excluded below, a benefit becomes payable in accordance with the provisions
and limitations as set forth below. In case of dismemberment by
accident, the maximum benefit payable equals the life benefit or US$
250,000, whichever is lower. If a dismemberment benefit has been paid
to an Insured Person who dies later on while still being covered under the
Accidental Death & Dismemberment section, any dismemberment benefit already
paid will be subtracted from the individual life and accidental death
benefits should they become due. Accident shall mean any
bodily injury involuntarily sustained by the Insured Person as a consequence
of a sudden and unpredictable intervention of external forces.
Exclusions and Limitations
The following exclusions apply for the specific
benefit: All active, and passive war, terrorism, and warlike
actions perils, including the perils of weapons of mass destruction. "Active participant" in warlike operations means an
active member of the military forces e.g. Army, Navy, Air Force, Territorial
Army or Police or any other special forces activated by Government or other
public authorities to defend law and order in case of a warlike operation,
or any other person who takes up arms 'm an active or defensive role. "Warlike action" means hostilities, mutiny, riot, civil
commotion, civil war, rebellion, revolution, insurrection, conspiracy,
military or usurped power and martial law or state of siege. Claims resulting from terrorist activity, including the
use of armaments, the detonation of any form of explosive or nuclear
devices, the use of chemical or biological weapons and distribution of
gases, toxins, and infectious diseases, including the poisoning via the air
or water supplies or food products and deliberate destruction of buildings
and transportation. Beneficiary
Members have the liberty to
appoint or change a beneficiary at their discretion. Territorial Limitations: Rates exclude Life Insurance and AD&D premiums
The monthly premiums quoted are per $1,000 of insurance.
Members interested in applying for AD&D benefits are also required to apply
for Life Insurance coverage. AD&D coverage is not offered as a stand alone
policy under the GeoCare Program.
Territorial Limitations: Rates exclude Life
Premium
calculation
example: Amount of life Insurance requested
$100,000 Age of Applicant
30 Rate
3.19 Annual Premium
$319.00 AD&D premium calculation example: Amount of AD&D Insurance
$100,000 Age of Applicant
30 Rate
1.34 Annual Premium
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