Life, Accidental Death & Dismemberment (AD&D) insurance, Weekly Income Replacement, Extended Health Care and dental Care benefits are all underwritten by Actra Fraternal Benefit Society. All terms and conditions with respect to these benefits are governed by the master policy issued by Actra Fraternal Benefit Society. The Member Insurance Program also includes Basic Critical Illness and access to the Member Assistant Program (MAP). Eligibility for these programs is a function of the earnings a Member generates in the previous calendar year and the Insurance Account balance a Member has available.
AFBS uses an external Actuary to determine the level of premium required to fund each insurance benefit level provided by AFBS. Factors that affect the price of insurance include health and dental claim costs, investment income earned on the assets of the Society and expenses. Each of these factors affect the net income of the Society.
Subsidy levels play a key role in the net premium levels that Members pay for their insurance coverage. The Guild Subsidy is funded by Equalization Payments received by AFBS after subsidizing the cost of retirement plan administration. A Fraternal Subsidy is provided to Members to reduce the costs of insurance subject to the financial results of AFBS for the previous calendar year.
Member’s Insurance Accounts
Insurance contributions received from engagers on behalf of Members' are held in individual interest bearing accounts for the Members and used to pay for Members’ cost of insurance. Balances in Members’ accounts after paying insurance premiums are held to pay insurance premiums in future years.