Group Life

All group LI contracts must include what 7 things?

-31 day grace period -entire contract provision -incontestability -insurability proivison -misstatement of age provision -beneficiary provision -certificate provision

The group policy may provide that the individual policy issued for class termination must not exceed what?

-amount of person's LI protection that ceases because of termination minus amount of any LI for which the person becomes eligible under any group policy issued within 31 days of termination -or $10,000

Group life insurance policies do not apply to LI policies issued to individuals who have an insurable interest in each others lives such as:

-related by blood, marriage or adoption -common ownership of business -insurable interest in each others lives

If an individual insured under a group life policy becomes entitled to an individual policy without evidence of insurability what must the insured be given? In how many days?

15 days notice of the existance of the right to an individual policy prior to expiration of period

Policies issued to an employer or trustees fun to insure employees must have how many members? Individual employee life insurance policy must be used to how many people?

2 5

The application and first premium must be paid to the insurer within how many days after termination?

31

Who is the claim payable under whether or not the individual application or payment of premium had been made?

The group policy whether or not the individual application or payment of premium had been made

If an insured dies while eligible for conversion but before individual policy became effective how much Li would be issued?

amount that they would have been entitled to under the individual policy

If coverage ceases because an individuals employment terminates what must the issuer do?

entitled to have issued by the insurer and individual life policy

What is an insurability provision?

establish conditions where insured may need to provide proof of insurability

What if the person is not given the notice?

get additional period for 15 days after the notice

What is the certificate provision?

insurer will issue certificate to the insured identifing extent to which insurance protection provided, beneficiaries are payable, other rights and conditions required by law

What is the definition of a Group LI in MT?

insures lives of more than one individual

If the named insured in an employee or labor union group policy terminates employment or dies what is the issuer required to do to the spouse?

issue an individual life policy without evidence of insurability

If a group policy terminates or the insurance of any class of insureds is terminated what must the insurer do?

make everyone that is insured for at least 3 years of date of termination entitled to individual policy by the insurer

If group life insurance coverage is not a term policy what must it contain?

nonforfeiture provision

What is employee life insurance?

plan of LI that includes policies issued to employees of an employer and are issued on the lives of at least five employees at date of issue

What does employee LI exclude?

salary savings LI or pension trust insurance and annuities

If coverage ceases for individual because of termination and insured accepts a new policy he must do what within 31 days after termination?

submit application and pay first premium