Group Life Insurance Flashcards
If a group policy is contributory, what percentage of employees must participate?
- 50%
- 100%
- 90%
- 75%
- 75%
For group insurance policies, the covered individual receives proof of coverage in the form of
- an insurance contract
- the insurance policy
- certificate of policy
- certificate of insurance
- certificate of insurance
Group insurance generally does NOT require
- stringent medical underwriting
- a master policy owner to hold the policy
- a short application form
- a minimum level of participation amount eligible insureds
- stringent medical underwriting
Kathleen is hired to work at a restaurant. She is not eligible to join the group insurance plan for 30 days. This is an example of
- an eligibility period
- a weeding-out period
- an introductory period
- a probationary period
- a probationary period
All of the following statements regarding the conversion privilege are true EXCEPT
- The conversion must be done within 31 days from the date the coverage is lost
- proof of insurability is required
- The converted policy must be permanent insurance, not term
- the converted policy must provide the same coverage amount as the individual had under the group policy
- proof of insurability is required
Which of the following characteristics about group credit life insurance is nOT correct?
- the lender is the beneficiary
- It is more expensive than individual credit life insurance
- If debt is paid, the policy is canceled
- Coverage can be included as part of the loan transaction
- It is more expensive than individual credit life insurance
In a group insurance plans, if the plan is noncontributory, the employer
- pays none of the premium
- is allowed to select the employee who may participate in the plan
- pays the entire premium
- must limit plan enrollment to 5 or fewer employees
- pays the entire premium
What minimum percentage of eligible employees must be insured under a noncontributory group policy?
- 100%
- 75%
- 50%
- 25%
- 100%
Group life insurance plans in which employee contribute to the overall premium are called
- noncontributory
- group underwritten
- contributory
- participatory
- contributory
If a company has 1,000 employees who are eligible for a contributory group health insurance program, how many would be required to participate?
- 500
- 750
- 1,000
- 1,500
750
A car manufacturer offers insurance to all of its employees. This type of group is called
- an association group
- a multiple employer trust
- a Taft-hartley trust
- an employer group
- an employer group
