Guidelines on Gifts of Life Insurance

Policy Statement

The policies and procedures set forth in this document are intended to assist and guide the activities of University personnel who are involved in the acceptance of gifts of life insurance to Adelphi.

Reason for Policy

这些政策和程序旨在提供一个标准化和一致的方法，大学的邀请和接受的礼物的人寿保险，保护我们与许多校友，朋友，公司，基金会，和其他人的良好关系，通过他们的慈善事业受益阿德尔菲。

它还确保人寿保险礼物的接收促进了大学的使命，并按照适用的地方、州和联邦法规行事。该指导方针的设计具有足够的灵活性，以适应复杂或不可预测的捐赠情况和捐助者的期望，并与大学的使命和政策保持一致。

Who Is Governed by this Policy

Staff

Policy

For insurance to qualify as a gift, whole life, variable and/or certain universal life insurance policies should be purchased as follows:

1. Adelphi University will accept gifts of life insurance policies, including whole life, and certain variable life and/or universal life policies, which meet the following criteria
   1. The policy is either paid-up or, if not paid –up as of the date of the gift.
   2. The insured must be at least 21 years of age.
   3. Has a minimum face value commensurate with the item being funded at Adelphi University.
   4. Has a payment schedule not to exceed ten years.
2. 天赋人寿保单的所有人和受益人必须阅读“阿德尔菲大学”指定到特定的学校、学院、部门或基金，必须通过基金协议程序建立，而不是在卡塔尔世界杯时间表保单申请中。应将原政策提交大学发展副校长办公室。
   1. Adelphi University will terminate a paid up policy and receive the cash value of the policy.
   2. Adelphi University will accept non paid up policies in the form of whole life, and certain variable and/or universal life only if established as the owner and beneficiary and if the donor continues to make the necessary premium payments. These payments will be made to Adelphi University, Adelphi University will then make the premium payment to the insurance company. If, at any time, the donor fails to make the necessary premium payment, Adelphi University will allow the policy to lapse. Each gift of this kind will be initially reviewed by the Finance and Investment Committee for a case-by-case decision on disposition of the gift. A copy of the policy should be maintained in the donor file.
   3. The insured will be the donor, the donor’s spouse or the dependent minor of the donor.
   4. If intended for endowment purposes, the net value of the policy must meet the minimum funding standards for endowments of its stated purpose(s) established by Adelphi University and in effect at the time of the gift of the policy.
   5. The Office of the Vice President of University Advancement will establish an expectancy file. A copy of the policy or beneficiary record will be maintained in the donor file.
3. If a donor is transferring ownership of an existing policy, they must provide Adelphi University with the most recent annual summary and an in-force illustration for review before the gift is made.
4. Upon receiving a gift of an existing, paid up, life insurance policy, the University, as owner, can surrender it and obtain the present cash value or keep the policy until the death of the donor.
5. If a donor is taking out a new policy with Adelphi University as owner, the policy application and illustration must be reviewed by Adelphi University before the gift is made.
   1. The University should receive annual statements and premium notices from the insurance company. Premiums must be made payable by the donor annually. Cash value of any policy shall not be allowed to decrease. Premiums will not be paid by cash value, loan or dividend of the policy.
   2. Accumulated cash values will not be utilized to pay premiums.
   3. 大学发展副校长办公室负责每年确认所有有效保单的存在和现金价值，并负责死亡抚恤金的收取和分配。
6. Adelphi University will not participate in insurance programs based on selling donors insurance policies to investors.
7. If there are any questions regarding life insurance policies qualifying an individual for recognition by the Ruth S. Harley Society, please direct them to Adelphi University, Office of the Vice President of University Advancement, 1 South Avenue, PO Box 701, Garden City, New York, 11530, telephone 516.877.3250

Definitions

This policy does not have definitions associated with it at this time. Upon periodic policy review this area will be evaluated to determine if additional information is needed to supplement the policy.

Forms

This policy does not have forms associated with it at this time. Upon periodic policy review this area will be evaluated to determine if additional information is needed to supplement the policy.

Related Information

This policy does not have related information at this time. Upon periodic policy review this area will be evaluated to determine if additional information is needed to supplement the policy.

Document History

• Last Reviewed Date: October 22, 2017
• Last Revised Date: October 22, 2017
• Policy Origination Date: Unknown

Who Approved This Policy

Brady Crook, Vice President for University Advancement