Insurance license practice XCEL solutions Exam #6 Group life insurance

Question 1 under the federal tax law what is the tax treatment for an employer providing $50,000 of contributory group term life plan to all its edible employees?

Portions of the premiums paid by the employer may be tax deductible

Question 9 And non-contributory group term life plan is characterized by?

The entire cost of the plan is paid for by the employer

Question 7 An 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

Question 6 which of the following statements about non-contributory employee group life insurance is false?

A minimum number of employees is required to participate

Question 8 Which requirements must be met for an association to be eligible for a group Life plan?

Group was formed for purpose other than insurance

Question 5 If it's employees sharing the cost of insurance what type of group life insurance with a corporation have?

Contributory

Question 3 Which of the following of Group insurance plan involves employees sharing the cost?

Contributory plan

Question 10 what group term life feature permits an individual to depart from the group and continue to be covered without providing evidence of insurability?

Conversion

Question 2 The following is an important underwriting principal of group life insurance?

Everyone must be covered in the group

Question 4 S while in the process of converting her group life insurance to an individual policy, dies. What happens to the claim her beneficiary submits?

Full benefits are payable under the master contract.