Group Life Insurance
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 of the following statements about noncontributory employee group life insurance is FALSE?
A minimum number of employees is required to participate
Under a trustee group life policy, who would be eligible for a certificate of coverage?
Employee
Which of the following is an important underwriting principle of group life insurance?
Everyone must be covered in the group
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
Group life insurance policies are generally written as
annually renewable term
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
A noncontributory group term life plan is characterized by
the entire cost of the plan is paid for by the employer
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