Group Life Insurance Quiz

Question 1

Under a trustee group life policy, who would be eligible for a certificate of coverage?

Answer 1

Employees of the participating employers

Question 2

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

Answer 2

Policy proceeds will be paid if the employee dies during the conversion period

Question 3

A non-contributory plan requires _____________ participation of all eligible employees

Answer 3

100%

Question 4

Company XYZ offers a group term life insurance plan to its employees. What does each employee covered under this plan receive?

Answer 4

Certificate of insurance

Question 5

If a corporation pays the premium on a group life policy for its employees, the corporation is required to report how much additional taxable income for each employee?

Answer 5

Nothing

Question 6

A noncontributory group term life plan is characterized by:

Answer 6

The entire cost of the plan is paid for by the employer

Question 7

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

Answer 7

Certificate

Question 8

An employee of 20 years recently retired at aged 59 1/2. This employees group life contract can be:

Answer 8

Converted to an individual permanent policy at an individual rate

Question 9

Group life insurance policies are generally written as:

Answer 9

Annually renewable term

Question 10

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

Answer 10

Full benefits are payable under the master contract

Question 11

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

Answer 11

Full benefits are payable under the master contract