Excel Solutions Chapter 6 Exam- Group Life Insurance

A non-contributory health insurance plan helps the insurer avoid

Adverse Selection- (all eligible employees are usually covered)

Converting a group plan to permanent life insurance requires? submitting proof of insurability paying a lower premium converting to term life insurance the conversion being applied within 31 days of termination

The conversion being applied for within 31 days of termination

The Following are characteristics of a Group Life Insurance Plan

Group Underwriting Master Contract Probationary Period

All of the following are characteristics of a Group Life Insurance Plan EXCEPT

Individual Underwriting

The conversion privilege under a group life plan allows an employee to convert to a(n)

Individual plan upon employment termination

The coverage, conditions, and limitations in the master policy of a group contract can be found in which document? Certificate of Authority Consumer report Coverage document Certificate of coverage and benefits

Certificate of coverage and benefits

What does the Group Life underwriting risk selection process help protect insurance companies from? Risk aversion Natural Selection Adverse selection Risk Management

Adverse Selection(this is the tendency of less favorable insurance risks to seek or continue insurance to a greater extent than others)

A type of group that has a constitution and bylaws and has been organized for purposes other than obtaining insurance is called a(n) employer group employee group association or labor group multiple coalition

Association or labor group

Which of these factors would an insurer consider when determining whether to accept a group life plan? Number of Dependents Incontestable period Average Age Grace Period

Average Age

Under a group life policy, the insurer will issue an individual _____ to the policyowner for delivery to each person insured. policy certificate application rider

Certificate

Tim is covered under a group plan and would like to change his group coverage to an individual policy with the same insurer because of employment termination. Which of these describes the change that will take place? Coordination of benefits Conversion Extension of Benefits Rollover

Conversion(This is when an insured changes their group insurance to an individual policy w/ the same insurer at employment termination)