Chapter five group life insurance xcel

Réussis tes devoirs et examens dès maintenant avec Quizwiz!

And employee with $25,000 group term life coverage was recently fired. This employees group coverage may be converted to a

$25,000 individual whole life policy

What minimum percentage of all eligible employees must participate in a group life insurance plan if the premiums are completely paid for by the employer

100%

A person who wants to convert a group life insurance policy to an individual policy because of termination of employment must pay the first premium to the insurance within how many days of termination

31

And employer has a group life insurance plan in place for his employees. How would an employee with health problems be treated in this situation

Eligible for standard coverage on this plan

In group life insurance which of the following is a limited period of time during which all members may sign up for a group plan

Enrollment period

What situation requires all eligible employees to be covered under a group life insurance plan

Entire premium paid by the employer

What is the term used for an insurance policy that covers individuals of a specific organization

group insurance

Which statement about group life insurance is incorrect

Each employee requires evidence of insurability

What is the reason that insurance companies require a minimum number of employees participating in a group insurance plan

Adverse selection is minimized

What is the reason the insurance companies require a minimum number of employees participating in a group insurance plan

Adverse selection is minimized

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

An individual permanent policy

Service members group life insurance is provided by the federal government and provides group life insurance for full-time members of the

Armed forces

If it's employees share in the cost of insurance what type of group life insurance plan with a corporation have

Contributory

The policy provision that permits an employee to change from a group plan to an individual plan is called the

Conversion provision

And employee of 20 years recently retired at age 59 1/2. This employees group life contract can be

Converted to an individual permanent policy at an individual rate

Which statement regarding the certificate of insurance is accurate

Indicates proof of an employee's insurance coverage

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

Any employee insured under a group life insurance plan is normally

Protective term life insurance

The premiums paid by an employer insurance are usually considered to be

Text deductible to the employer

Who is the policyholder for a group health benefit plan

The employer

Which provision is not a requirement in a group life policy

accidental

Group life insurance policies are generally written as

annually renewable term

What group term life feature permits an individual to depart from the group and continue to be covered without providing evidence of insurability?

conversion


Ensembles d'études connexes

Chapter 27: Trauma Overview - Trauma Patient + the Trauma System

View Set

COSC 102: Exam 1 Review - Sorting

View Set

Unit 6 (Ryan) African Americans in the British New World

View Set

Chapter 24 recall questions (BIRD)

View Set

COMPLETE RESEARCH METHODS STUDY PACK: ALL QUESTIONS FROM THE TEXT

View Set

Organizational Behavior Final Exam

View Set

matilda the musical lines: miss honey

View Set

Lesson 7 - Winning the War in Europe (100%)

View Set