Group Life (Chapter 4)
A non-contributory health insurance plan helps the insurer avoid:
Adverse Selection
What does the Group Life underwriting risk selection process help protect insurance companies from?
Adverse Selection
A type of group that has a constitution and bylaws and has been organized for purposes other than obtaining insurance is called a(n):
Association or Labor Group
Which factor would an insurer consider when determining whether to accept a group life plan?
Average Age
Under a group life policy, the insurer will issue an individual _____ to the policyowner for delivery to each person insured.
Certificate
The coverage, conditions, and limitations in the master policy of a group contract can be found in which document?
Certificate of Coverage and Benefits
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. What change will take place?
Conversion
What is NOT a characteristic of a Group Life Insurance Plan?
Individual Underwriting
The conversion privilege under a group life plan allows an employee to convert to a(n):
Individual plan upon employment termination
An employee under a group insurance policy has the right to name a beneficiary and the right to...
convert to an individual policy in the event of employment termination
Converting a group plan to permanent life insurance requires...
the conversion being applied for, within 31 days of termination