Chapter 7: Group Life

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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, In This situation a terminated employee may convert to a individual whole life policy

When a employee is terminated, which statement about a group term life conversion is true?

Policy proceeds will be paid if the employee dies during the conversion period

When an employee is terminated, which statement about a group term life conversion is true?

Policy proceeds will be paid if the employee dies during the conversion period

Under federal tax laws what is the tax treatment for an employer providing $50,000 contributory group term life plan to all its eligible employees?

Portion of the premiums paid for by the employer may be tax deduction, in a contributory plan The employer may file a tax deduction for its share of the premium costs

Group life insurance policies are generally written as

annually renewable term

A person who is insured within a group contract will be given a

certificate

What type of group insurance plan involves employees sharing the cost?

contributory plan

Which of the following statements about non-contributory employee group life insurance is False?

A minimum number of employees are required to participate

Which provision is not requirement in a group life policy?

Accidental (AD&D)

What group term I feature permits an individual to be part from the group and continue to be Covered without providing evidence of insurability

Conversion,The conversion privilege allows an individual to leave the group term plan and continue his or her insurance without providing evidence of insurability

And employee of 20 years recently retired at 59 1/2. This employee 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 certification of coverage?

Employee

Which of the following is an important underwriting principle of group life insurance?

Everyone must be covered in the group

S while in the process of Converting her group life insurance to an individual plan dies. What happens to the claim her beneficiary submits?

Full benefits are payable under the master contract


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