Group Office Overhead Expense Insurance

ACP members, Physician Affiliates, or Non-Physician Affiliates under age 60 and working full time (at least 20 hours per week) are eligible to apply.

An incapacity from illness or injury that continuously prevents you from doing the duties necessary to perform your regular occupation or medical specialty.

Check your records for actual expenses and calculate your average monthly expenses for the past twelve months. The benefit cannot exceed your actual eligible expenses.

Office rent, utilities, employee salaries, equipment maintenance, insurance premiums, accounting fees, professional dues, and other normal operating expenses.

Your salary, partner compensation, individual hired after disability begins, income taxes, personal expenses, charitable contributions, equipment purchases, or principal payments on debt.

This important Insurance takes effect on the date approved by New York Life Insurance Company, provided initial premium is paid and you are at full-time work.

Coverage remains in force until age 70, provided you maintain full-time work, pay premiums when due, and don’t begin active military duty (except for training purposes of two months or less) is not begun; and the group policy is not terminated or modified by the policyholder of New York Life Insurance Company to end.

The insurance does not provide benefits for any disability that occurs during or is due or related to: intentionally self–inflicted injury while sane or insane, (Missouri residents: the exclusion for intentionally self-inflicted injury is not applicable to injury caused by an attempted suicide while insane); declared or undeclared war or any act thereof; military service; incarceration for or participation in (except as a victim) an illegal occupation activity or the commission of a crime; Pre–Existing Condition (except as noted below); or any impairment or disease specifically excluded from your coverage.

No benefits are payable for any disability for which you are not under the regular care of a licensed physician or surgeon other than yourself, your business associate, or member of your immediate family or household.

The insurance limits benefits for disabilities due to alcoholic intoxication and drug use (unless prescribed by a physician other than yourself) to 12 months.

A Pre–Existing Condition is an injury or illness for which you consulted a physician, took medication, or received medical services or supplies during the immediate 12–month period prior to becoming insured under this Policy. Benefits are not payable for disability due to a Pre–Existing Condition until the end of the earlier of: 12 consecutive months during which you have not consulted a physician, took medication, or received medical services or supplies or: 24 months.

When you become insured, you will be sent a Certificate of Insurance, summarizing your coverage. This website is only a brief description of some of the principal provisions and features. The complete terms are set forth in the group policy issued by New York Life Insurance Company to the Trustees of the American College of Physicians, Inc. Insurance Trust.

If you’re not completely satisfied with the terms of your Certificate of Insurance, you may return it, without claim, within 30 days. Your coverage will be invalidated, and you will be sent a full refund, no questions asked!

Successive periods of disability which are due to the same or related causes and are not separated by return to full-time work for at least six consecutive months will be considered as one period of disability, as will unrelated disabilities that are not separated by return to full-time work of at least one day. Disabilities which meet these separation requirements will be treated as a new disability, subject to a new benefit and waiting period.

If you die while receiving benefits or during your waiting period, the policy will pay a benefit for covered expenses incurred in closing your office. The benefit will be paid to your estate or to the corporation if your practice is incorporated up to a maximum of four times the monthly benefit selected.

The IRS currently recognizes “Office Overhead Expense Insurance” as a legitimate business expense and allows deductions of its premium contributions as a business expense under Rev. Rul. 55–264, 1955–IC.B11. This aspect should be discussed with your financial advisor.

Yes, Office Overhead  Expense Insurance is endorsed by ACP.

The ACP Insurance Trust incurs costs in connection with this sponsored Program. To provide and maintain this valuable membership benefit, it is reimbursed for these costs.

Administered by:
A.G.I.A., Inc.
P.O. Box 9947
Phoenix, AZ 85068-9952

A.G.I.A., Inc. is licensed/authorized to transact business in all 50 United States, and the District of Columbia. Their state of domicile is California. Joseph Guerrero CA Insurance License #0B54298. Joseph Guerrero AR Insurance License #766720.