Life Group Insurance

Question 1

For larger groups, there is no medical history underwriting. However, in smaller groups, medical history underwriting may be necessary because one poor risk may have significant impact on the entire groups classification

Answer 1

Medical history

Question 2

What is another name for claims history that helps establish premium rates for groups

Answer 2

Experience rating

Question 3

For the purposes of insurance a group must be

Answer 3

Natural

Question 4

Group underwriting is based on average age, average health risks, and average gender (or ratio of men and women) within a particular group

Answer 4

Rule of averages

Question 5

Who are eligible for group life insurance

Answer 5

Employer- Employee groups
Labor Unions
Trade Associates
Credit- Debtor groups