Chapter 5 - Group Life Insurance

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Which type of policy can group term life insurance normally be converted to?

An individual permanent life insurance policy

The policy provision that permits an employee to change from group life coverage to an individual life policy is called the...

Conversion provision

An employee insured under a group life insurance plan is normally...

Covered with term life insurance

Which statement about group life insurance is INCORRECT?

Each participant requires evidence of insurability

An employer has a group like coverage for his employees. How would an employee in poor health be treated in this situation?

Eligible for the same type of coverage as the other employees

What are premiums for group credit life insurance based on?

Flat rate unrelated to the borrower's age

What is an insurance contract that identifies individuals by relationship to a specific organization?

Group insurance

Which statement regarding the certificate of insurance is accurate?

It indicates evidence of an employee's insurance coverage

Group life insurance is typically issued as

Level term insurance

Why do insurers require a minimum number of employees participate in a group insurance plan?

Minimize adverse selection

If an employer pays for accidental death and dismemberment insurance for its employees, the amount paid by the employer is generally...

Tax deductible to the business

The conversion option for term insurance may be exercised by an employee...

Within 31 days of terminated employment


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