LOMA 281 Module 4 Study Exam Questions with Correct Answers 100% Verified

LOMA 281 Module 4 Study Exam Questions with Correct Answers 100% Verified Group Insurance A method of providing life or health insurance coverage for a group of people under one insurance contract. commonly provide: - life insurance, medical expense insurance, disability insurance, and dental insurance coverage Master group insurance contract An insurance contract that insures a number of people. Group insured An individual covered by a group insurance policy. Group policyholder The person or organization that decides what types of group insurance coverage to purchase for a specific group, negotiates the terms of the group insurance contract, and purchases the group insurance coverage. Which of these people or companies is a party to the group insurance contract? (Choose all that apply.) a. Jerome Tate b. Able Life Insurance c. The Stetson Company B & C- The Stetson Company and Able Life are the parties to the contract. Stetson purchased the contract for the benefit of its employees, and the contract names Stetson as the owner of the group policy. Jerome is insured by the contract, but he is not a party to it. requirements for a valid contract - The parties to the contract must mutually agree to the contract's terms - The parties must have contractual capacity - The parties must exchange legally adequate consideration -The parties must enter into the contract for a lawful purpose