Group life insurance I pt 2

Is the cost of coverage for SGLI based on age?

no

For an association to be eligible for group insurance it must at least have ___ members

100

For an association to be eligible for group insurance it must have been active for at least ___ years

2

Coverage for SGLI is offered in $____ amounts up to a maximum of $400,000.

50k

Premiums for SGLI are ____ cents for each $1,000 of coverage.

65 (cents)

____ pays 2/3 of the cost of premiums A. Federal employees B. Government

A (Federal employees)

alumni associations and professional associations. eligible for group insurance

Associations

____ pays 1/3 of the cost of premiums A. Federal employees B. Government

B (Government)

Three additional coverages are offered as a supplement to the _____, which are optional.

Basic

The most common group to obtain group insurance coverage. Is the policyowner and is issued the master policy contract.

Employer

offers group term life insurance for: Federal employees, Federal retirees, and Their family members.

FEGLI (Federal Employees' Group Life Insurance)

_____ employees are automatically covered by basic life insurance, unless coverage is declined. Premiums are automatically deducted from the insured's paychecks.

Federal

Do most labor unions do not provide group insurance?

No (Due to the Taft-Hartley act)

Are part time works often under the class of eligible insureds?

No (typically no)

offers inexpensive group term life insurance for members of the armed forces.

SGLI (Servicemembers' Group Life Insurance)

For an association to be elligible for group insurance the association must have ___ meetings

annual

The following are examples of the _____ providing group insurance Federal Employees' Group Insurance, Servicemembers' Group Life Insurance (SGLI), Social Security and Unemployment Insurance.

government

The _______ is the policyowner and holds the master contract.

labor union

In order for a labor union to be eligible to provide group insurance to its employees group coverage must be intended for the benefit of _____

members (not the union itself)

Servicemembers under SGLI have the option of converting their term protection to ________.

permanent protection

Can the employer put retired employees under the class of eligible insureds?

yes

Do most states require that employers pay at least some portion of the cost of insurance premiums?

yes