The CBIA is excited to announce that, as a result of better than anticipated financial performance, in October 2013, CBIA Business Overhead Expense and Term Life certificate owners will share in over $8.8 million through a premium refund!
Qualifying Business Overhead Expense certificate owners will receive a cheque in an amount equal to 100% of their 2012 paid premiums.
Qualifying Term Life certificate owners will receive a cheque in an amount equal to more than 32% of their 2012 paid premiums on combined face amounts of $1,500,000 or less per life insured.
The CBIA helps members of the Canadian legal profession buy high-quality insurance at the lowest possible cost. This is achieved through a combination of group buying power and our no-profit, breakeven pricing goal. If better than anticipated plan performance results in a financial position that exceeds the long-term requirements of an insurance program, we return this money to our customers. Such is the case with the over $8.8 million now being refunded to most Term Life and Business Overhead Expense insurance customers.
Although we cannot guarantee future results, over the last 15 years, better than anticipated plan performance has resulted in over $53 million being returned to CBIA customers through reduced rates, contractual improvements and refunded premiums.
For more details, please visit www.barinsurance.com.