MS Life and Health Insurance Exam
Chapter 6(3
Single contract - ANSWERSGroup life insures a group of people under a _____________.
10 - ANSWERSTo be fully insured for Social Security, generally a person must have worked and
paid into the Social Security system for a minimum of ______ years.
$50,000, less any premiums due - ANSWERSL is no longer eligible for the employer's $50,000
group life insurance plan. L dies 28 days later without sending in the required conversion
paperwork. What will their beneficiaries receive?
Key Person - ANSWERSIn those instances in which the death of a valued employee could cause
financial hardship for a company, the company might acquire additional funds through what
type of coverage?
Buy-Sell Agreement - ANSWERSAn agreement that establishes a price with the intent to
purchase the assets of a business should one of the parties to the agreement predeceases the
other is called a ___________.
The Conversion Period - ANSWERSThe 31 days in which the employee may change his/her group
policy to an individual policy upon termination and without evidence of insurability, is known
as:
16/60 - ANSWERSThe Social Security blackout period for surviving spouses begins when the
youngest child reaches age ______, and ends when the surviving spouse reaches age ______.
Chapter 6(3
Single contract - ANSWERSGroup life insures a group of people under a _____________.
10 - ANSWERSTo be fully insured for Social Security, generally a person must have worked and
paid into the Social Security system for a minimum of ______ years.
$50,000, less any premiums due - ANSWERSL is no longer eligible for the employer's $50,000
group life insurance plan. L dies 28 days later without sending in the required conversion
paperwork. What will their beneficiaries receive?
Key Person - ANSWERSIn those instances in which the death of a valued employee could cause
financial hardship for a company, the company might acquire additional funds through what
type of coverage?
Buy-Sell Agreement - ANSWERSAn agreement that establishes a price with the intent to
purchase the assets of a business should one of the parties to the agreement predeceases the
other is called a ___________.
The Conversion Period - ANSWERSThe 31 days in which the employee may change his/her group
policy to an individual policy upon termination and without evidence of insurability, is known
as:
16/60 - ANSWERSThe Social Security blackout period for surviving spouses begins when the
youngest child reaches age ______, and ends when the surviving spouse reaches age ______.
