CEBS GBA 2 Life Insurance Exam Questions and Answers

CEBS GBA 2 Life Insurance Exam Questions and Answers list the death benefit tips provided via employee benefits - Answer-1 group term life 2 group dependent life 3 group AD&D insurance 4 group travel accident insurance 5 joint and survivor annuity benefits under retirement plans 6 preretirement annuity benefits 7 supplemental/optional life ins for employees and dependents what law mandates that survivor benefits to spouses? - Answer-ERISA and REA What is REA, retirement equity act of 1984 - Answer-provides for a preretirement survivor annuity under pension plans for surviving spouses of vested employees who die in active service ans who were not yet eligible for early retirement how does the group mechanism effect premiums - Answer-premiums are subject to experience ratings. ratings can be prospective or retro the premiums for larger groups are influenced by their own loss history. may even qualify for a credit if losses have been low how does the group mechanism effect risk - Answer-group selection is used and the entire group can be insured without medical exam or other evidence of indiv insurability. how does the group mechanism effect the economies of administration - Answer-administrative effeciencies are achieved through payroll deductions or other centralized functions. how does the group mechanism effect the master contract - Answer-insured indiv receive a group certificate of coverage as proof. the employees receive a SPD. the plan may last long beyond the lifetime of any one person. any group life contrat can generally be cancelled by the employer or plan sponsor or by the ins carrier about how many group life policies are in force? - Answer-46% of all life policies in force. value at $8.7 trillion