IUP Guidelines

Involuntary Unemployment Rules

• For the purposes of this information, “Accountholder” means the member of The Advantage Plan.
• “Involuntary Unemployment” means unemployment due to economic reasons including strikes, lockouts, individual and mass layoffs, or loss of income due to business failure or bankruptcy.
• The Accountholder has to qualify for State Unemployment Benefits.
• Involuntary Unemployment” does not include:
  
  Mandatory retirement as a result of an employer policy or other reason, or involuntary retirement.
  
  The Accountholder quitting or resigning from their employment.
  
  The Accountholder being terminated from employment as a result of willful misconduct, a transgression of some established and definite rule, a forbidden act, a dereliction of duty, where such transgression is willful, improper or wrongful behavior, which behavior is not mere negligence nor carelessness.
  
  Loss of income from self-employment for any reason.
  
  Independent Contractors that are 1099

The Advantage Plan Guidelines

• Prior to the effective date of the application, Accountholder must be employed 30 days prior to the effective date of The Advantage Plan membership and payment of the IUP benefit.
  
• After the effective date of the application, The Advantage Plan benefits will be in effect 30 days after the effective date on the application.
  
• The IUP benefit (Involuntary Unemployment Protection) has a 90 day waiting period before any claims are paid out.
  
• 2 people can be on the The Advantage Plan application but if only one has a job, only include that person that has a job on the application. If both have jobs and one member becomes Involuntary Unemployed, only 50% of the monthly payment to the Lienholder will be paid.
  
• The Advantage Plan benefits package is mailed to the Accountholder from the Insurance Company directly within 30 days.
  
• The underwriter for the insurance company will verify that the customer is Involuntary Unemployed.
  
• In case of an unwind (financing not approved by the bank) the full amount will be refunded to the company that provided the Membership to the customer.
  

The Advantage Plan Disclaimer
This is NOT an Insurance Policy. This is a membership called The Advantage Plan.
The company that offers the membership for the customers does NOT need to be licensed.
All claims will be filed by customer, directly to the Insurance Company. The Company providing the Membership Benefits and IUB Agency LLC does not get involved with claims.

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