6 - Group Life Insurance
Under a trustee group life policy, who would be eligible for a certificate of coverage? - correct answer
✔✔Employee
Group life insurance policies are generally written as - correct answer ✔✔annually renewable term
Which requirement must be met for an association to be eligible for a group life plan? - correct answer
✔✔Group was formed for a purpose other than acquiring insurance
Which of the following is an important underwriting principle of group life insurance? - correct answer
✔✔Everyone must be covered in the group.
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? -
correct answer ✔✔The correct answer is "A minimum number of employees is required to participate".
Noncontributory employee group life insurance plans must cover ALL eligible employees at all times.
What type of group insurance plan involves employees sharing the cost? - correct answer
✔✔contributory plan
When an employee is terminated, which statement about a group term life conversion is true? - correct
answer ✔✔The correct answer is "Policy proceeds will be paid if the employee dies during the
conversion period". An individual must apply for individual coverage within 31 days after the date of
group coverage termination. An individual is covered under the group policy during the conversion
period.
If its employees share in the cost of insurance, what type of group life insurance plan would a
corporation have? - correct answer ✔✔Contributory
Under a trustee group life policy, who would be eligible for a certificate of coverage? - correct answer
✔✔Employee
Group life insurance policies are generally written as - correct answer ✔✔annually renewable term
Which requirement must be met for an association to be eligible for a group life plan? - correct answer
✔✔Group was formed for a purpose other than acquiring insurance
Which of the following is an important underwriting principle of group life insurance? - correct answer
✔✔Everyone must be covered in the group.
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? -
correct answer ✔✔The correct answer is "A minimum number of employees is required to participate".
Noncontributory employee group life insurance plans must cover ALL eligible employees at all times.
What type of group insurance plan involves employees sharing the cost? - correct answer
✔✔contributory plan
When an employee is terminated, which statement about a group term life conversion is true? - correct
answer ✔✔The correct answer is "Policy proceeds will be paid if the employee dies during the
conversion period". An individual must apply for individual coverage within 31 days after the date of
group coverage termination. An individual is covered under the group policy during the conversion
period.
If its employees share in the cost of insurance, what type of group life insurance plan would a
corporation have? - correct answer ✔✔Contributory
