There are circumstances under which an employee may elect or be reassigned to a position in a lower salary band. When an employee is reassigned to a job in a lower salary band on an involuntary basis, the employeeâs salary may be decreased to reflect the responsibilities of the new job. The supervisor and Human Resources will discuss salary implications in advance of the employeeâs change in position.
Term life insurance covers a person for a fixed term, usually 10 or 20 years, though some companies offer term policies in one-year increments from three to 30 years. Whole life insurance, by contrast, provides coverage from the day a person takes out the policy until the day he dies.
Annualized Premium: The total amount of premiums paid within 12 policy months. For example, if the monthly premium is $10, the annualized premium is $120 ($10 x 12 months). Assignment: The transfer of ownership rights in a life insurance policy or other type of contract from one party to another, or the document that causes the transfer of ownership rights to go into effect.