Chapter Exam- Group Life
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 a trustee group life policy, who would be eligible for a certificate of coverage?
Employee
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 group life insurance premiums are paid totally by the employer, the minimum percent of eligible employees required to be covered is
100%
Group life insurance policies are generally written as:
Annually renewable term
Company XYZ offers a group Term Life insurance plan to its employees. What does each employee covered under this plan receive?
Certificate of Insurance
What type of group insurance plan involves employees sharing the cost?
Contributory plan
A noncontributory group term life plan is characterized by:
the entire cost of the plan is paid for by the employer
