FREQUENTLY ASKED QUESTIONS
Q: How much is my premium?
A: Monthly payment varies by state. This covers three (3) months.
Q: When is this insurance effective?
A: April 1,2020.
Q: How do I pay for this?
A: If your rebate qualifies, we will deduct it from your quarterly rebate check. If you do not qualify, you can sign onto the I.B.C. portal and pay your premium plus an online-processing fee. Click HERE for instructions on how to use our online portal.
Q: If I chose to leave I.B.C., is my enrollment on the insurance program cancelled?
A: Your enrollment will cancel at the end of the quarter that you leave.
Q: What happens if I do not opt out?
A: Your premium payment will be taken out of your rebate automatically.
B: You can still opt out at a later time, if you missed this notice. Read below for refund specifics.
Q: Is there a limit on number of employees covered?
A: No. All part time and full time employees covered (no cash employees). The policy has a limit of $800,000 per incident. Example-- If 3 employees are killed, the $800,000 would be divided by 3. Note-- Over the 12 years of associations having this policy, there has never been 2 employees killed or shot at the same time. Note: $800,000 is per incident not calendar year.
Q: Are owners covered?
A: Yes. Owners are covered. In addition, owners are covered while to and from the bank.