Often asked: Which Of The Following Is An Important Underwriting Principle Of Group Life Insurance?

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.

What type of insurance plan involves employees sharing the cost?

By purchasing group life insurance policy coverage through an insurance provider on a wholesale basis for its members, companies are able to secure costs for each individual employee that are much lower than if they were to purchase an individual policy.

What group term life feature permits an individual to depart from group and continue to be covered without providing evidence of insurability?

A conversion privilege allows an employee under a group plan to convert their plan to an individual life insurance policy.

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What is a group policy life insurance?

Group life insurance is a type of life insurance in which a single contract covers an entire group of people. Typically, the policy owner is an employer or an entity such as a labor organization, and the policy covers the employees or members of the group. Term insurance is the most common form of group life insurance.

What type of group insurance plan involves employees?

Group life insurance involves a single contract that covers an entire group of people. Typically, the policy owner is the employer and the policy covers the employees or members of the group. Group term life insurance is typically provided as yearly renewable term insurance with flexible options.

Which of the following describes a contributory group insurance plan?

Which of the following describes a contributory group insurance plan? A contributory group insurance plan is one in which employees share the cost of the premiums with the employer. The participant is issued a certificate of insurance with a group insurance policy.

What are the typical types of group life insurance coverage?

The are four types of Group Life Insurance benefits available:

  • Employee Basic Life.
  • Employee Optional Life.
  • Dependent Basic Life.
  • Dependent Optional Life.

What group term life feature permits an individual to depart from?

What group term life feature permits an individual to depart from the group and continue to be covered without providing evidence of insurability? The conversion privilege allows an individual to leave the group term plan and continue his or her insurance without providing evidence of insurability.

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What is group term life feature?

Group term life insurance is a type of term insurance in which one contract is issued to cover multiple people. The most common group is a company, where the contract is issued to the employer who then offers coverage as a benefit to employees.

Which of the following is characteristic of term life insurance?

The policyholder pays premiums for the whole size of the time period with a view to preserve insurance coverage protection. Some of the essential traits of these insurance policies are low premiums, no money worth, and it’s for a set size of time, not like entire life insurance policies.

What is group life insurance describe the main features of group life insurance?

The group insurance policy protects against the risk of credit as well as life. The coverage of the insurance is directly proportional to the loan amount and the rate of interest. In case of the unfortunate death of a member, the death benefit will be paid to the nominee.

How do group insurance policies work?

The cost of a group health plan is shared by everyone in the group, and by the employer and employees. In other words, these plans cost less because there are more people in them. Employees pay a portion of their own health insurance premiums. The employer pays a portion of the employee health insurance premiums.

What is group life insurance and how does it work?

Group life insurance is typically offered as a piece of a larger employer or membership benefit package. By purchasing coverage through a provider on a ‘wholesale’ basis for its members, the coverage costs each individual worker/member much less than if they had to purchase an individual policy.

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What are the types of group insurance?

There are four types of group insurance plans offered by insurance companies in India:

  • Group Life Insurance.
  • Group Health Insurance.
  • Group Personal Accident Insurance.
  • Group Travel Insurance.

What is group insurance scheme?

A group insurance scheme is essentially a health/medical insurance plan that cover all the members of a particular group, in this case, employees of an organisation. In a group insurance policy, members get insurance cover at a reduced cost as the provider’s risk is spread across a big number of policyholders.

Which of the following is not a type of group eligible for group life insurance?

Which of the following is NOT an eligible group to obtain group life insurance? Group life insurance is limited to employer groups, multiple employer trusts, labor unions, group credit life insurance, and association plans.

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