nder a non cancelable policy, as long as the insured continues to pay the fixed annual premium for the policy's duration, the company cannot cancel the policy or change the premium. Voluntary Benefits Voluntary benefits products are primarily sold to groups of employees through payroll deduction at the workplace and include life, disability, accident, hospital indemnity, cancer, and critical illness offered on both a group and individual basis. The company develops its assumptions based on its own claims and persistency experience and published industry tables. Its underwriters evaluate the medical condition of prospective policyholders prior to the issuance of a policy on a simplified basis. Underwriting requirements may be waived for cases that meet certain criteria, including participation levels. Individual voluntary benefits products other than life insurance are offered on a guaranteed renewable basis, which allows it to re-price in-force policies, subject to regulatory approval. Group voluntary benefits products are offered primarily on an optionally renewable basis which allows the company to re-price or terminate in-force policies. Unum UK This segment includes insurance for group long-term disability, group life, and supplemental lines of business, which include dental, individual disability, and critical illness products. Unum UK's products are issued primarily by Unum Limited and are sold in the United Kingdom through field sales personnel and independent brokers and consultants. Group Long-term Disability Group long-term disability products are sold to employers for the benefit of employees. Group long-term disability provides employees with insurance coverage for loss of income in the event of extended work absences due to sickness or injury. Services are offered to employers and insureds to encourage and facilitate rehabilitation, retraining, and re-employment. Most policies begin providing benefits following 90 or 180 day waiting periods and continue providing benefits until the employee reaches a certain age, generally between 60 and 67. The benefits are limited to specified maximums as a percentage of income. The company has defined underwriting practices and procedures. Group Life Group life products are sold to employers as employee benefit products. Group life consists of two types of products, a renewable term life insurance product and a group dependent life product. The renewable term life product provides a lump sum benefit to the beneficiary on death of an employee. Supplemental Supplemental products are sold to individual retail customers, as well as groups of employees and include individual disability, group and individual critical illness, and group dental. Individual disability products provide the insured with a portion of earned income lost as a result of sickness or injury. Critical illness products provide a lump-sum benefit on the occurrence of a covered critical illness event. Premiums for the company’s individual products vary by age and are based on assumptions concerning morbidity, mortality, persistency, administrative expenses, investment income, and profit. The company develops its assumptions based on its own claims and persistency experience and published industry tables. Approximately one half of the company’s individual disability policies are written on a noncancelable basis. The remainder of the company’s individual disability policies and all of its individual critical illness products are offered on a guaranteed renewable basis, which allows it to re-price in-force policies. Its underwriters evaluate the medical and financial condition of prospective policyholders prior to the issuance of a policy. Colonial Life This segment includes insurance for accident, sickness, and disability products, life products, and cancer and critical illness products issued primarily by Colonial Life & Accident Insurance Company and marketed to employees, on both a group and an individual basis, at the workplace through an independent contractor agency sales force and brokers. The company defines for Colonial Life as accounts with approximately 1,000
unum group (UNM:New York Consolidated)
1 Fountain Square
Chattanooga, TN 37402
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