Book Description

Excerpt from The Carnegie Foundation Plan of Insurance and Annuities for College Teachers The Handbook of the Teachers' Association sets forth its ideal plan for meeting the two contingencies. To meet the contingency of dependency in old age, it recommends an annuity policy providing at the retire ment age, say age 65, a fund sufficient to purchase some form of annuity for the remainder of life. Prior to the retirement age the annuity policy operates upon the simple plan of a savings fund which accumulatesat interest from the periodical payments made by the teacher. To meet the contingency of premature death, life insurance is recommended. For teachers not over 40 years of age a special decreasing insurance policy, has been devised to accompany the annuity policy. The insurance policy provides that the full face value shall be paid if death occur prior to age 41. At age 41, and each year thereafter, there occurs a reduction in the amount of insurance equal to 3 per cent. Of the original face value. At age 70, thirty reductions have occurred and the insurance has been reduced to 10 per cent. Of the original face value. Thereafter the redue tion ceases. It is further provided that premium payments shall cease at age 65. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.