Group Life Flashcards
Covers a group who may be exposed to the same risks
Blanket Health Policies
Allow a policy owner, before an original insurance policy expires, to elect to have a new policy issues that will continue the insurance coverage.
Conversion privilege
Covers groups of persons with individual policies uniform in provisions, but perhaps different in benefits
Franchise insurance
The percentage of policies an insurer has in force after a specified period of time
Persistency
What type of life insurance does group offer
Annual renewable term life
How long is the probationary period for new employees
1-6 mos
How long is the enrollment period for new employees
31 days
Low risk that offers lower premiums
Preferred risk
Average risk with no extra ratings or restrictions
Standard risk
High risk with higher premiums
Substandard
Group life must benefit
70% of all employees
Percentage that must not be key employees
85%
