6 - Group Life Insurance Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed

Under a trustee group life policy, who would be eligible for a certificate of coverage? -:- Employee Group life insurance policies are generally written as -:- annually renewable term Which requirement must be met for an association to be eligible for a group life plan? -:- Group was formed for a purpose other than acquiring insurance Which of the following is an important underwriting principle of group life insurance? -:- Everyone must be covered in the group. An important underwriting principle of group life is that all or a large percentage of persons in the group must be covered by the insurance. Which of the following statements about noncontributory employee group life insurance is FALSE? 2 0 2 4 / 2 0 2 5 | © copyright | This work may not be copied for profit gain | Excel! 2 | P a g e | G r a d e A + | 2 0 2 4 / 2 0 2 5 -:- The correct answer is "A minimum number of employees is required to participate". Noncontributory employee group life insurance plans must cover ALL eligible employees at all times. What type of group insurance plan involves employees sharing the cost? -:- contributory plan When an employee is terminated, which statement about a group term life conversion is true? -:- The correct answer is "Policy proceeds will be paid if the employee dies during the conversion period". An individual must apply for individual coverage within 31 days after the date of group coverage termination. An individual is covered under the group policy during the conversion period. If its employees share in the cost of insurance, what type of group life insurance plan would a corporation have? -:- Contributory Under federal tax laws, what is the tax treatment for an employer providing $50,000 of a contributory group Term Life plan to all its eligible employees? 2 0 2 4 / 2 0 2 5 | © copyright | This work may not be copied for profit gain | Excel! 3 | P a g e | G r a d e A + | 2 0 2 4 / 2 0 2 5 -:- Portion of the premiums paid for by the employer may be a tax deduction What group term life feature permits an individual to depart from the group and continue to be covered without providing evidence of i