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Group Insurance: Contract Structure, Eligibility, and Conversion Privilege Benefits

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Business - Insurance

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georgepetenjk Created by 10 mon ago

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Cards in this deck(37)
Group insurance provides both _____ and health insurance policies.
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Group insurance is comprised of _____ renewable term life insurance.
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Group insurance is a two-party contract usually between the _____ and employee.
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In group insurance, _____ are considered certificate holders.
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In group insurance, _____ are considered contract holders.
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In group life insurance, individuals do not need to provide _____ of insurability.
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A noncontributory plan is one where the _____ pays the entire cost.
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In a contributory plan, _____ share the cost with the employer.
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People may not form a group just to secure _____ insurance coverage.
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The probationary period for new employees is typically _____ to 6 months.
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The enrollment period for group life insurance is _____ days.
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Individuals under a group life policy are offered a _____ privilege upon their employment termination.
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The conversion period is valid for _____ days after the group coverage termination date.
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A group life insurance uses a _____ classification system to categorize risks.
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Preferred risk refers to a _____ risk that offers lower premiums.
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Standard risk refers to an _____ risk with no extra ratings or restrictions.
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Substandard risk refers to a _____ risk (Rated Up) that have higher premiums.
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Declined means not insurable because the potential of loss to the insurance company is too _____.
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Group Life Insurance must benefit _____ of all employees.
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At least 85% of all participating employees must not be _____ employees.
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Servicemembers Group Life Insurance (SGLI) is provided for members of the _____ services.
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Federal Employees Group Life Insurance (FEGLI) provides group term life insurance for all other _____ employees or civil service workers.
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Group Credit Life Insurance is set-up by banks and finance companies to pay off a creditor's outstanding _____.
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Blanket Life Insurance covers a group of people who are exposed to the same type of _____.
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In group insurance, one master policy is issued to the group and covered members have the same _____.
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In individual insurance, each person covered possesses his or her own _____.
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If a corporation pays the premium on a group life policy for its employees, the corporation is required to report _____ additional taxable income for each employee.
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Company XYZ offers a group Term Life insurance plan to its employees. Each employee covered under this plan receives a _____.
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Group life insurance policies are generally written as _____ renewable term.
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An employee with $25,000 group term life coverage was recently fired. This employee's group coverage may be converted to a $25,000 individual _____ policy.
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AD&D (Accidental death & dismemberment) is NOT a requirement in a group life _____?
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A minimum number of employees is required to participate in a _____ employee group life insurance plan.
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Noncontributory employee group life insurance must cover all eligible employees and require no evidence of _____.
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Under federal tax laws, the portion of the premiums paid for by the employer may be a tax _____ for a contributory group Term Life plan.
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An important underwriting principle of group life insurance is that everyone must be _____ in the group.
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When an employee is terminated, policy proceeds will be paid if the employee dies during the _____ period.
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A group must be formed for a purpose other than acquiring _____ to be eligible for a group life plan.
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