Group Life
Under federal tax laws, what is the tax treatment for an employer providing $50,000 of a contributory group Term Life plan to all its eligible employees?
Portion of the Premiums paid for by the employer may be a tax deduction
Group Life insurance policies are generally written as:
annually renewable term
An employee of 20 years recently retired at age 59 1/2. This employee's group life contract can be
converted to an individual permanent policy at an individual rate
Under a trustee group life policy, who would be eligible for a certificate of coverage?
employee
An employee with $25,000 group term life coverage was recently fired. This employee's group coverage may be converted to a:
$25,000 individual whole life policy
Which of the following statements about noncontributory employee group life insurance is FALSE? A-No Evidence of insurability required B- Must have conversion rights C-A minimum number of employees is required to participate
C- a minimum number of employees is required to participate
A person who's is insured within a group contract will be given a :
Certificate
What is an important underwriting principle of group life insurance?
Everyone must be covered in the group
Which requirement must be met for an association to be eligible for a group life plan ?
Group was formed for a purpose other than acquiring insurance
noncontributory group term life plan is characterized by:
the entire cost of the plan is paid for by the employer