Trust Rewards Frequently Asked Questions

Who is eligible for the TMLT Trust Rewards program?
All full-time and part-time individual policyholders who purchase their medical professional liability insurance from TMLT are eligible.

I am insured on a “scheduled physician” policy. Do I qualify for the program?
No, if you are insured on a scheduled physician policy, you are not eligible.

Am I automatically enrolled in the program?
Yes. Beginning in 2014, all eligible policyholders are automatically enrolled in the Trust Rewards program.

What happens when I no longer continue my coverage with TMLT and coverage is provided by another carrier?
In that case, you forfeit the balance in your Trust Rewards Account. The idea behind the Program is to reward policyholders for their loyalty and longevity with TMLT.

What happens if I leave and then decide to come back to TMLT? Can I participate in the Program again?
Yes, you can always be enrolled again, but the funds accumulated in the past were forfeited when you terminated your previous coverage, unless your account is in a suspended status.

What if I have to stop purchasing coverage from you due to reasons beyond my control, such as serving in the military?
The program does allow for temporary suspensions in your coverage, such as military service or leave of absence. You can suspend the program for up to 60 months. However, a suspension does not apply if coverage is provided by another insurance company.

What happens when my group or my employer pays the premium? Do I qualify for the program and who gets the money?
The program is designed to benefit the individual physician. Your balance will  grow regardless of who pays the premium. However, you can designate the employer or the group to be the recipient of the program in case of your qualified retirement, death, or disability.

Are those the only reasons the program will pay out? Qualified retirement, death, or disability? 
Yes. If you retire on or after age 50 and you have been insured with TMLT for 3 years, you are qualified to collect the balance in your account. That is also true in case of your disability and in case of your death.

What is your definition of Disability?
Disability means that the individual insured physician of TMLT: (1) is unable to practice medicine in his or her trained specialty due to a medically determinable physical or mental impairment; and (2) is under a physician’s care for such impairment and it is expected to be permanent or is expected to last for a continuous period of not less than twelve (12) months.

Who gets the funds in the event of my death while still insured with TMLT? Do I let you know who my beneficiary is?
In case of your death, the funds will be remitted to your estate, unless you have completed the optional group designation form. You can designate your beneficiaries when planning your estate settlement.

How will you know when I retired, became disabled, or passed away?
You or the executor of your estate will need to request the pay-out of the funds. A form is available for that purpose.

How will I know how much money is in my account?
We will provide quarterly statements reflecting the balance of your account.

Am I guaranteed to get that money if I meet the qualifications for retirement, disability, or death?
Any funds made available for the benefit of the Trust Rewards accounts shall be unrestricted surplus of TMLT until and unless distributed to the participant and, as such, remain available to TMLT for the satisfaction of policyholder obligations and general creditors. No participant shall have any individual claim to any funds made available for the benefit of the Trust Rewards Accounts until and unless such funds are distributed to the participant.

If TMLT non-renews my policy, do I lose the balance in my Trust Rewards Account?
Yes, that is correct. However, TMLT seldom non-renews policies and the decision to non-renew is made by our Underwriting Committee, which is entirely made up of physicians like you. Poor loss history or other reasons may be considered for non-renewal.  

Will my claims experience affect my Trust Rewards Account?
Only if you are non-renewed or your policy is subject to a surcharge due to poor loss history. New allocations are suspended during the time your policy is surcharged, but you will not forfeit your existing balance.

What are the tax implications of this Program for me?
The program is structured to avoid tax liability for you until the funds are distributed to you.

Do you withhold any taxes from the distribution?
No, when you receive the funds, it is your responsibility to meet your tax obligations.

How does the IRS know I received the money?
We will issue a 1099-MISC for the year in which the balance was distributed. Please consult your tax advisor regarding the distribution.

When I qualify for payment of the funds, how long does it take to get the money?
As stated, you will need to complete a form requesting the pay out. Upon receipt of the proper documentation by us, you should receive a check within 90 days.

I would like to read the plan document. Can I get a copy?
The plan document is available here. 

I have not been able to find the answer to my question. Who can assist me with additional questions? 
Contact the TMLT Customer Service team or call 512-425-5050.