Group Life Insurance Quiz: MCQ!
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Have you ever been offered group life insurance? An employee for a company is covered for as long as he or she remains with the company. If the person leaves or is fired, the person loses that insurance. An employer provides group life insurance or a large-scale entity such as an association or labor organization to its workers or members. This great quiz will make you more aware of the pros and cons of group life insurance.
- 1.All of the following are characteristics of a Group Life Insurance Plan EXCEPT
- A.
Group underwriting
- B.
Master contract
- C.
Individual underwriting
- D.
Probationary period
- 2.Converting a group plan to permanent life insurance requires:
- A.
Submitting proof of insurability
- B.
Paying a lower premium
- C.
Converting to term life insurance
- D.
The conversion being applied for within 31 days of termination
- 3.The conversion privilege under a group life plan allows an employee to convert to a(n)
- A.
Family plan with another insurer
- B.
Individual plan with another insurer that has better rates
- C.
Individual plan upon employment termination
- D.
Individual policy in the spouse's name
- 4.An employee under a group insurance policy has the right to name a beneficiary and the right to:
- A.
Remain on the group plan in the event of employment termination
- B.
Cash surrender the existing policy
- C.
Change the policy provisions
- D.
Convert to an individual policy in the event of employment termination
- 5.Which of these factors would an insurer consider when determining whether to accept a group life plan?
- A.
Number of dependents
- B.
Incontestable period
- C.
Average age
- D.
Grace period
- 6.The coverage, conditions, and limitations in the master policy of a group contract can be found in which document?
- A.
Certificate of Authority
- B.
Consumer report
- C.
Coverage document
- D.
Certificate of coverage and benefits
- 7.A non-contributory health insurance plan helps the insurer avoid:
- A.
Adverse selection
- B.
State compliance
- C.
The underwriting process
- D.
Tax deductions
- 8.A type of group that has a constitution and bylaws and has been organized for purposes other than obtaining insurance is called a(n)
- A.
Employer group
- B.
Employee group
- C.
Association or labor group
- D.
Multiple coalition
- 9.Under a group life policy, the insurer will issue an individual [blank] to the policyowner for delivery to each person insured.
- A.
Policy
- B.
Certificate
- C.
Application
- D.
Rider
- 10.What does the Group Life underwriting risk selection process help protect insurance companies from?
- A.
Risk aversion
- B.
Natural selection
- C.
Adverse selection
- D.
Risk management
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