Group Life Chapter Exam
A non-contributory health insurance plan helps the insurer avoid
Adverse Selection
What does the Group Life underwriting risk selection process help protect insurance companies from?
Adverse Selection
A type of group that has a constitution and bylaws and has been organized for purposes other than obtaining insurance is called a(n)
Association or labor group
Tim is covered under a group plan and would like to change his group coverage to an individual policy with the same insurer because of employment termination. Which of these describes the change that will take place?
Conversion
Converting a group plan to permanent life insurance insurance requires
The conversion being applied for within 31 days of termination
The conversion privilege under a group life plan allows an employee to convert to a(n)
Individual plan upon employment termination
All of the following are characteristics of a Group Life Insurance Plan EXCEPT
Individual underwriting
An employee under a group insurance policy has the right to name a beneficiary and the right to
Convert to an individual policy in the event of employment termination
Which of these factors would an insurer consider when determining whether to accept a group life plan?
Average age
The coverage, conditions, and limitations in the master policy of a group contract can be found in which document?
Certificate of coverage and benefits
Under a group life policy, the insurer will issue an individual ______________________ to the policy owner for delivery to each person insured
Certificate