2820 RESOLUTION NO. 2,820
A RESOLUTION AUTHORIZING EXECUTION OF AN AMENDMENT
TO THE POLICE AND FIRE DEPARTMENTS ' GROUP LIFE IN-
SURANCE POLICY; AND FOR OTHER PURPOSES .
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE
ROCK, ARKANSAS:
SECTION 1. An Amendment to be attached to and made a part
of Group Policy No . G-5193 with the General American Life Insurance
Company of St. Louis, Missouri, to be effective March 30, 1962,
as more fully set out in Section 2 hereof, is hereby approved and
adopted by the City of Little Rock, Arkansas .
SECTION 2. The Amendment to the Policy described in Section
1 hereof shall be in form and substance as follows:
J • • • '• • • • • • • • -•'''''• •''r'`'` GENERAL LIFE INSURANCE COMPANY ; -
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AMENDMENT TO BE ATTACHED TO AND MADE A PART OF THE
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GROUP INSURANCE POLICY IDENTIFIED BELOW ISSUED TO
•
CITY OF LITTLE ROCK (Police & Fire Department)
(herein called the Policyholder)
'.
.
Effective on and after ;March 30, 1962 Group Policy No. G-5193 is modified as
;; follows:
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1. The first two paragraphs of the Premiums provision on the third page of the
Group Policy, as previously modified, are hereby deemed to be deleted, and t;
the following provision is added to and made a part of this policy:
PREMIUM RATES "
EM
A
As of the effective date of this amendment, the Company will compute an
average premium rate per $1000 of insurance. This average premium rate ,,
will be determined as follows : '
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a) Apply the applicable tabular rates from the Life Rate Table attached IIl'z'
to and made a part of this amendment to the amounts of insurance in ! '+
force at the respective ages of all Employees then insured, and -
' b) If premiums are payable other than monthly, multiply the sum of the
products obtained in a) by 11.823 (if premiums are payable annually), -,
r 5.956 (if premiums are payable semiannually), or 2.985 (if premiums z.;
are payable quarterly), and
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c) Add an amount equal to $2.88 ( if premiums are payable annually), $1.44 -,
(if premiums are payable semiannually), $0.72 (if premiums are payable j
T quarterly) or $0.24 (if premiums are payable monthly), per $1000 of
0! insurance in force on such date, then
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d Divide the sum of the
} products obtained in a), or the result obtained
;' in b) , plus the applicable amount in c) by the total number of thou-
sands of insurance in force, and . - '
e) Multiply the quotient obtained in d) by the initial Life Rate Adjustment
' Percentage of 84%.
The Company reserves the right to change the Life Rate Adjustment Per- •;
centage; provided, however, that the exercising of this right shall be •
r% limited to the date as of which the average premium rate is recomputed,
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fig, as provided below. •
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1.
a (Continued on next page) Page 1 of 3 pages
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'is As of the beginning of each Policy Year commencing after the effective date
of this amendment, or at any time thereafter but not more than once during *'
each Policy Year, the Company reserves the right to compute the average
.' premium rate as above according to the amounts of insurance in force at •
:e the respective ages of the Employees then insured. In addition, whenever
the extent of the coverage is changed materially, either the Policyholder
or the Company may require the average premium rate to be recomputed as
provided above. a`
2) The Schedule of quarterly Rates Per �1Ov0 of insurance, in effect hereunder, •
., is hereby replaced by the Life Rate Table attached to and made a part of this '
yamendment.
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MAR
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Life Rate Table
TABULAR MONTHLY PREMIUM RATES PER $1,000 OF INSURANCE
Age Tabular Age Tabular Age Tabular Age Tabular
Nearest Premium Nearest Premium Nearest Premium Nearest Premium
Birthday Rate Birthday Rate Birthday Rate Birthday Rate
15 $ .19 35 $0.32 55 $1.65 75 $8.56
16 .20 36 .34 56 1.80 76 9.24
17 .21 37 .36 57 1.97 77 10.00
18 .22 38 .38 58 2.14 78 10.86
19 .23 39 .41 59 2.32 79 11.81
20 .23 40 .45 60 2.51 80 12.83
21 .24 41 .49 61 2.72 81 13.93
22 .24 42 .53 62 2.96 82 15.07
23 .25 43 .58 63 3.21 83 16.26
24 .25 44 .63 64 3.48 84 17.50
25 .25 45 .68 65 3.78 85 18.80
26 .25 46 .74 66 4.11 86 20.16
27 .26 47 .81 67 4.48 87 21.60
28 .26 48 .89 68 4.89 88 23.13
29 .26 49 .97 69 5.34 89 24.79
30 .27 50 1.06 70 5.81 90 26.62
31 .27 51 1.16 71 6.32 91 28.68
r 32 .28 52 1.26 72 6.84 92 31.03
33 .29 53 1.38 73 7.38 93 33.75
34 .30 54 1.51 74 7.95 94 36.95
SECTION 3 . The Mayor and City Clerk are hereby authorized
and directed to sign and execute the Amendment described in Sections
1 and 2 hereof.
SECTION 4. This resolution shall be in full force and effect
from and after its adoption.
ADOPTED: March 19, 1962
ATTEST: APPROVED: - /
City Clerk Mayor.