#1
Which of the following is a characteristic of group life insurance?
It provides coverage for a group of people under a single contract
ExplanationCoverage for a group under one contract
#2
What is the purpose of a beneficiary designation in group life insurance?
To designate who will receive the death benefit
ExplanationDesignation of death benefit recipient
#3
Which statement best describes the term 'master policy' in group life insurance?
The policy issued to the employer or organization providing coverage to its members
ExplanationPolicy issued to employer or organization providing coverage
#4
What is 'group term life insurance'?
A type of group insurance that provides coverage for a specified term
ExplanationTerm-based coverage for groups
#5
Which entity typically owns the group life insurance policy?
The employer or organization
ExplanationEmployer or organization ownership
#6
What does 'experience rating' refer to in group life insurance?
Adjusting premiums based on the group's claims experience
ExplanationPremium adjustment based on claims experience
#7
What is a key advantage of group life insurance for employers?
It helps attract and retain employees
ExplanationEnhanced employee attraction and retention
#8
What is 'group underwriting' in the context of group life insurance?
Assessing the risk of insuring a group as a whole
ExplanationRisk assessment for insuring a group
#9
In group life insurance, what is a 'contributory plan'?
A plan where both the employer and employees contribute to the premium
ExplanationPlan with contributions from employer and employees
#10
What is 'non-contributory coverage' in group life insurance?
A plan where only the employer pays the premium
ExplanationEmployer-only premium payment plan
#11
In group life insurance, what is 'conversion privilege'?
The right for employees to convert group coverage to individual policies upon leaving the group
ExplanationOption to convert group coverage to individual policies
#12
Which factor does not typically influence group life insurance premiums?
Individual medical history
ExplanationIndividual medical history
#13
What is 'portability' in the context of group life insurance?
The transferability of coverage for employees leaving the group
ExplanationTransferability of coverage for departing employees
#14
What is 'census' in the context of group life insurance?
A detailed record of the insured individuals and their coverage details
ExplanationDetailed record of insured individuals and coverage
#15
What is 'AD&D' coverage in group life insurance?
An abbreviation for 'Accidental Death & Dismemberment' coverage
ExplanationAccidental Death & Dismemberment coverage