All elected officials of the village shall be covered as beneficiaries or insured parties on all health and accident insurance policies purchased by the village. Any elected official may, however, at any time hereafter, execute a written waiver of his or her right to be covered by and receive benefits from such policies. From and after the execution of such a written waiver and delivery of the same to the village clerk, such official shall no longer be covered or be entitled to the benefits of any such insurance policies for the remainder of his or her present term of office. (1983 Code § 2-1-4)