§ 36-12-8. Provisions of insurance contract.
(a) The director is hereby authorized and directed to establish a life insurance plan
for employees of the state as herein provided, which, subject to the conditions and
limitations contained in §§â€‚36-12-6 — 36-12-14, and in the regulations promulgated pursuant to the authority vested in him or her
by §§â€‚36-12-6 — 36-12-14, will provide for each participating employee group life insurance equal to the amount
of his or her annual compensation, taken to the next higher multiple of one thousand
dollars ($1,000), plus an equal amount of group accidental death insurance with dismemberment
coverage a
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§ 36-12-8. Provisions of insurance contract.
(a) The director is hereby authorized and directed to establish a life insurance plan
for employees of the state as herein provided, which, subject to the conditions and
limitations contained in §§â€‚36-12-6 — 36-12-14, and in the regulations promulgated pursuant to the authority vested in him or her
by §§â€‚36-12-6 — 36-12-14, will provide for each participating employee group life insurance equal to the amount
of his or her annual compensation, taken to the next higher multiple of one thousand
dollars ($1,000), plus an equal amount of group accidental death insurance with dismemberment
coverage as provided herein.
(b) In addition to the benefits provided hereinbefore and subject to the conditions and
limitations of the policy or policies purchased by the director, the policy or policies
shall provide payments as follows:
| Loss |
Amount Payable |
| For accidental loss of life. |
An amount equal to the full amount of life insurance provided by this section. |
| For accidental loss of one hand or one foot or loss of sight of one eye. |
An amount equal to one-half the amount of life insurance provided by this section. |
| For accidental loss of two or more such members. |
An amount equal to the full amount of life insurance provided by this section. |
(c) For any one accident the aggregate amount of group accidental death and dismemberment
insurance that may be paid shall not exceed the amount of life insurance provided
by §§â€‚36-12-6 — 36-12-14.
(d) The director shall by regulation provide for the conversion of other than annual rates
of compensation to an annual basis and shall further specify the types of compensation
to be included in annual compensation.
(e) The amount of insurance shall be reduced by one percent (1%) thereof at the end of
each calendar month following the date the employee attains the age of sixty-five
(65), until the amount of the insurance reaches forty percent (40%) of the annual
salary at age seventy (70). The amount of insurance shall remain at forty percent
(40%) of the annual salary thereafter until the active employee reaches age seventy-four
(74), at which point it shall be reduced to thirty percent (30%) of the annual salary
until age eighty (80), at which point it shall be reduced to twenty-five percent (25%)
of the annual salary and it shall remain at twenty-five percent (25%) thereafter.