#1
What is the primary purpose of group life insurance?
To provide coverage for a group of people
ExplanationGroup life insurance aims to cover a collective of individuals.
#2
Which of the following is a common characteristic of group life insurance?
Coverage typically terminates upon leaving the group
ExplanationGroup life insurance often ends when a member exits the group.
#3
Which of the following statements about group life insurance premiums is true?
Premiums are typically lower due to group purchasing power
ExplanationGroup purchasing power often results in lower premiums for members.
#4
In a group life insurance policy, who usually owns the policy?
The employer or organization
ExplanationEmployers or organizations typically possess group life insurance policies.
#5
Which provision in group life insurance allows an employee to convert their group coverage to an individual policy upon termination of employment?
Conversion provision
ExplanationThe conversion provision permits transitioning from group to individual coverage.
#6
Which of the following is NOT typically covered under a group life insurance policy?
Terminal illness benefits
ExplanationTerminal illness benefits are usually not included in group life insurance.
#7
What is the purpose of the master policy in group life insurance?
To outline the terms and conditions of coverage for the group
ExplanationThe master policy delineates coverage specifics for the group.
#8
Which provision in group life insurance allows for coverage of dependents of the insured individual?
Dependent coverage provision
ExplanationThe dependent coverage provision extends coverage to the insured's dependents.
#9
What provision in group life insurance allows for coverage continuation for a limited period after leaving the group?
Portability provision
ExplanationThe portability provision enables limited coverage continuation post-group exit.