Retain Chap3 Flashcards
To qualify for conversion from group life policy terminated to individual policy of same coverage must have been insured under group plan for how many years
5
If employer group police plan terminated for group coverage what is incorrect statement
Insured may convert coverage to individual policy within 31 days
Premium for individual coverage will be based on insureds attained age
May choose to convert to term or permanent individual
Insured would not need to prove insurability for conversion
May choose to convert to term of permanent individual coverage
Characteristics of group life except
Amount of coverage determined according to non discriminatory rules
Covered under policy rec certificate of ins
Holders may convert coverage to an individual policy without evidence of insurability
Premiums are determined by age sex and occupation of each individual certificate holder
Premiums are determined by age sex and occupation of entire group
Group must be created for purpose other than
To obtain group insurance
Employer recs master policy and
Employees rec certificate of ins
What percentage of company’s employees must take part in noncontributory group life plan
0
25
75
100
100
Following are true about group life ins except
Amount of coverage is determined according to non discriminatory rules
Premiums determined by age sex and occupation of each certificate holder
Covered under policy rec certificate of ins
Holders may convert coverage to individual policy without evidence of insurability
Determined by age sex and occupation of each individual CERtIFICATE HOLDER
(Entire group)
When employee terms coverage under group ins policy continues for
31 days
Incorrect regarding noncontributory group plan
Require 100% employee participation
Emp pays 100% premiums
Employees rec individual policies
Help to reduce adverse selection against insurer
Emp rec individual policies
Required number of Ppts in contributory group plan
25
75
50
100
75
When converting from group to individual life
Evidence of insurability is not required
When employer pays all premiums
Noncontributory plan
Insured under her employer’s group life plan
If terminates her group coverage what is not true
Insured may convert coverage to individual policy within 31 days
Individual coverage will be based on insureds attained age
Insured may choose to convert to term or permanent individual coverage
Insured would not need to prove insurability for conversion
NOT true: insured may choose to convert to term or permanent individual coverage
