TKE Insurance FAQ
There are several changes to TKE's Insurance Program, most notably a new provider for members. JR Favor and company was announced on June 1 of this conversion. To help you understand more about this, here are four points to digest.
1. How much should we budget for our Risk Management Fee in 2012-2013?
a. Same as the past - $250/ man
b. You can better estimate this total by taking your end of year membership number, multiplying that by 0.65, and this will equal the approximate number of men you will be charged for next year.
i. Ex - End of year chapter membership number = 40
ii. 40 men x 0.65 membership return rate = 26 men returning in 2012-2013
iii. 26 men x $250 = $6,500.00 estimated Risk Management Fee
2. How will our chapter's risk rating play into our overall Risk Management Fee?
b. To ensure we have an accurate risk rating for your chapter, please make sure to let your regional director know the proactive risk education participated in during the last year (2011-12).
3. Why did we switch to a different insurance company? How can I learn more information about James R. Favor & Company?
a. TKE ultimately made the move to a different insurance provider because of their educational resources, expertise on housing insurance, and established lowered insurance rates for each of their clients over time. James R. Favor & Company has successfully cut insurance costs in half over time in peer group Fraternities such as Lambda Chi Alpha, Pi Kappa Alpha, and Sigma Alpha Epsilon.
b.
TKE, in collaboration with JR Favor & Co., will be releasing more specific information on the partnership throughout the coming months. For now, you can visit
www.jrfco.com.
4. Will the due dates for our Risk Management Fees in 2012-2013 change? No.
a. August - Chapter/Colony will receive invoice from JR Favor & Co.
b. September 15th - 10% Rebate Credit will be credited towards chapter statement if full payment is received
c. October 15 - Entire balance is due - If invoice is more than $2,000, JR Favor & Co can help you arrange financing before the due date of October 15. If you choose this option, a down-payment of at least 50% must be paid.
d. March 4 - Remaining balance due, if financed
As always, if you have any questions about this please email us. Over the next few months we will have further correspondence helping you further grasp the inner workings of this change.
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