6-GROUP LIFE

Company XYZ offers a group Term Insurance plan to its employees. What does each employee covered under this plan receive?

• Master policy

• Receipt of Coverage

• Individual policy

• Certificate of Insurance

An employee with $25,000 term life coverage was recently fired. This employee’s group coverage may be converted to a:

• $125,000 individual whole life policy

• $25,000 modified whole life policy

• $25,000 individual term life policy

• $25,000 individual whole life policy

All individuals covered under a group contract will receive a(n)

• Certificate

• Receipt of coverage

• Master policy

• Individual policy

What type of group insurance plan involves employees sharing the cost?

• Contributory plan

• Non- contributory plan

• Qualified plan

• Non-qualified plan

When an employee is terminated, which statement about group term life conversion is true?

• Employee must convert group term life coverage into an individual term life policy

• Employee must provide evidence of insurability for conversion

• Policy proceeds will be paid if the employees die during the conversion period

• Policy proceeds will NOT be paid if the employee dies during the conversion period

Which of the following is an important underwriting principle of group life insurance?

• Physical examinations are required

• Everyone must be covered in the group

• Employer must pay for the entire premium

• The group must be formed for the purpose of getting affordable insurance

Which requirement must be met for an association to be eligible for a group life plan?

• Group was formed for the purpose other than acquiring insurance

• Group must establish a President

• Group must have at least 10 Members

• Group was formed for the purpose of acquiring insurance

S, while in the process of covering her group life insurance to an individual policy, dies. What happens to the claim her beneficiary submits?

• No benefits are payable under the Master contract

• Full benefits are Payable under the Master contract

• Full Benefits are payable under the converted policy

• Benefits less required premium are payable under the converted policy

If its employees share in the cost of insurance, what type of group life insurance plan would a corporation have

• Noneligible

• Noncontributory

• Eligible

• Contributory

An employee of 20 years recently retired at age 591/2, This employee’s group life contract can be:

• Converted to an individual permanent policy at an individual rate

• Converted to an individual permanent policy at a group rate

• Continued at an individual rate

• Continued at a group rate