#6 Group Life

If its employees share in the cost of insurance, what type of group life insurance plan would a corporation have?

contributory

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

conversion

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

if a corporation pays the premium on a group life policy for its employees, The corporation is required to report how much additional taxable income for each employee?

nothing

A noncontributory group term life plan is characterized by:

(the entire cost of the plan is paid for by the employer)- When an employer provides noncontributory group term life insurance, the employer pays the entire cost of the plan.

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 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

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

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

contributory plan

Under a trustee group life policy, who would be eligible for a certificate of coverage?

employee