Texas Mutual Insurance Company announced that it is increasing its scholarship assistance program. The program will pay up to $4,000 for tuition and fees and up to $500 for course-related books and supplies, per semester or equivalent, to qualifying individuals.
Acting on the recommendations of President Russ Oliver, the Texas Mutual board of directors also unanimously approved a plan to expand its scope to include financial assistance for Texas Mutual policyholders’ employees, who have qualified for lifetime income benefits (LIBs) pursuant to the Texas Workers’ Compensation Act, and their qualifying family members.
Originally, the program offered up to $2,000 per semester to surviving, unmarried spouses or surviving children of an individual who died from a compensable injury while working for a Texas Mutual policyholder while the policy was in effect.
The board also approved a requirement for scholarship recipients to maintain a 2.50 grade point average during the period(s) the scholarship is in effect.
“As a company, we strive to help reduce the number of work-related injuries and illnesses in Texas, and we also work to minimize their consequences,” Oliver said. “In extreme cases, such as a compensable workplace fatality or an injury or illness severe enough to qualify for LIBs, we hope our scholarship program will help reduce the financial burden of education on the worker’s family.”
The Texas Mutual scholarship program is completely discretionary, and Texas Mutual Insurance Company may consider several factors before offering a scholarship, including the recipient’s economic need, standardized test scores, and high school or college academic performance, as applicable.
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