Group Life Insurance 2023/2024

Group Life Insurance 2023/2024 A method of marketing group benefits to employers who have a small number of employees is the MET Blanket Life Insurance ART Small Employer Trust - MET (A method of marketing group benefits to employers who have a small number of employees is the multiple employer trust (MET). METs may provide a single type of insurance (such as health insurance) or a wide range of coverage (life, medical expense, and disability income insurance). Under a group life policy, the insurer will issue an individual _____ to the policyowner for delivery to each person insured. policy certificate application rider - certificate What are blanket life policies? Policies that are mass-marketed Policies that cover everyone in a household Policies that are issued by the Guaranty Association covering multiple insurers Policies that cover a group of people exposed to a common hazard - Policies that cover a group of people exposed to a common hazard (Blanket life insurance covers a group of people exposed to a common hazard. Individuals do not need to apply for blanket coverage and insurers do not need to provide each person with a certificate of coverage. Insureds are not specifically named in the policy because coverage is temporary.) Which of the following makes a group life policy different from an individual life policy? Higher premium Higher underwriting costs Individual underwriting Lower premiums - Lower premiums (The primary reason for a group life plan having lower premiums is the lower administrative, operational, and selling expenses associated with servicing one contract, as opposed to several individual contracts.) When an employer pays the entire premium of a group plan, the plan is called Rebating Waiver of premium Contributory Noncontributory - Noncontributory (In a noncontributory plan, an employer pays the entire premium and the employee is not expected to contribute.) The insured is which one of these in group life insurance? Applicant Policyowner