(215 ILCS 5/230.3) (from Ch. 73, par. 842.3)
Sec. 230.3.
Dependent Group Life Insurance.
Except for a policy issued
under subsection (B) of Section 230.1, a group life insurance policy may
be extended to insure the employees or members against loss due to the death
of their spouses and dependent children, or any class or classes thereof,
subject to the following:
(A) The premium for the insurance shall be paid either from funds
contributed by the employer, union, association, or other person to whom the
policy has been issued, or from funds contributed by the covered persons, or
from both. Except as provided in subsection (B) of this Section, a policy on
which no part of the premium for the spouse's and dependent child's coverage is
to be derived from funds contributed by the covered persons must insure all
eligible employees or members with respect to their spouses and dependent
children, or any class or classes thereof.
(B) An insurer may exclude or limit the coverage on any spouse or dependent
child as to whom evidence of individual insurability is not satisfactory to the
insurer.
(C) The amount of insurance for any covered spouse or dependent child under
the policy may not exceed 100% of the amount of insurance for which the
employee or member is insured.
(Source: P.A. 88-400.)
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