Which of the following features of a group term life policy enables an individual?
Correct. The conversion privilege allows an individual to leave the group term plan and continue his or her insurance without providing evidence of insurability.
What is a group insurance policy?
Group health insurance—sometimes called employer-based coverage—is a type of health insurance plan offered by an employer of a member organization. Members of a group health insurance plan usually receive coverage at a lower cost because the risk to the insurer is distributed across multiple members.
What is group insurance quizlet?
plan that provides coverage to more than one person under one policy; usually written for employee-employer groups, and often annually renewable term; evidence of insurability not necessary if participant enrolls during open enrollment period; participants don't receive policy, but certificate of insurance, which ...
Which of the following life insurance policies combined term insurance with an investment element?
Universal life is a type of permanent insurance policy that combines term insurance with a money market-type investment that pays a market rate of return.
What is an important underwriting principle of group life insurance?
An important underwriting principle of group life is that all or a large percentage of persons in the group must be covered by the insurance. Which of the following statements about noncontributory employee group life insurance is FALSE?
How are employee group life insurance policies generally written?
Employee Group life insurance policies are generally written as annually renewable term 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 Which of the following is an important underwriting principle of group life insurance?
When an employer provides noncontributory group term life insurance who pays?
The correct answer is "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. S, while in the process of converting her group life insurance to an individual policy, dies.