Get the answers to your Professional Service Employers Trust questions:
What is the Professional Services Employers Trust?
The Trust is a Washington state Trust, approved June 1, 1982, to provide group long term disability (LTD), group short term disability (STD), and group life insurance to health practitioners, attorneys, engineers/architects, accountants, scientists and employees of firms providing these services.
What are the eligibility guidelines for participating in the Trust?
Available to employer/employee groups of five (5) or more on a guaranteed issue basis. See Industry Solutions for eligible groups.
Can an employer's participation in the Trust be terminated?
Yes, in the event the required Insurance Premium(s) is not made within the 31 day grace period, or if the required information cannot be reasonably obtained, the Trustee(s) may terminate an Employer's participation in the insurance provided through the Trust.
Can the insurance company terminate benefits under the Trust?
No. The policy is guaranteed renewable and cannot be terminated by the Insurance Company, except for the non-payment of premium or inability to obtain reasonable information.
Can the insurance company change the policy without the permission of the policyholder?
No. The Insurance Company cannot change the policy without the permission of the policyholder.
How much risk does the Trust assume?
None. The Trust is authorized to offer only fully insured benefits.
What insurance company underwrites the Trust?
Standard Insurance Company of Portland, Oregon has been the underwriter, on an uninterrupted basis, since inception of the Trust in June, 1982. Standard possesses an "A" (excellent) financial/claim paying ability from the A.M. Best Company, which has analyzed insurance companies since 1899.
What is the purpose of the Trust?
To enable participating Employers to obtain unique contractual advantages, cost effective coverage, segregate their premium and claim loss experience, and to participate in dividends.