[SVL] Insurance 08

For group insurance policies, the covered individual receives proof of coverage in the form of
A. an insurance policy
B. a certificate of policy
C. an insurance contract
D. a certificate of insurance

If a group insurance policy is contributory, what percentage of employees must participate?
A. 100%
B. 75%
C. 90%
D. 50%

Kathleen is hired to work at a restaurant. She is not eligible to join the group insurance plan for 30 days. This is an example of
A. a weeding-out period
B. an eligibility period
C. a probationary period
D. an introductory period

Group insurance generally does NOT require
A. stringent medical underwriting
B. a minimum level of participation among eligible insureds
C. a master policyowner to hold the policy
D. a short application form

All of the following statements regarding the conversion privilege are true EXCEPT
A. the converted policy must be permanent insurance, not term.
B. the converted policy must provide the same coverage amount as the individual hadunder the group policy.
C. the conversion must be done within 31 days from the date coverage is lost.
D. proof of insurability is required.

Which of the following characteristics about group credit life insurance is NOT correct?
A. The lender is the beneficiary
B. If debt is paid, the policy is canceled
C. Coverage can be included as part of the loan transaction
D. It is more expensive than individual credit life insurance

Gianna starts work at a new job on March 1. She is not eligible for insurance coverage until July 1. The period between start date and her eligibility date is
A. the waiting period
B. the selection period
C. the probationary period
D. the eligibility period

Adam is eligible for coverage on July 1. He enrolls on July 15. He does not need to show evidence of insurability because he enrolled within
A. the selection period
B. the probationary period
C. the enrollment period
D. the waiting period

The baker's union and the butcher's union worked together to form a trust to provide insurance to their employees. This type of group is sponsored by
A. a labor group
B. a Taft-Hartley Trust
C. an employee group
D. a multiple employer trust

Jimmy's Print Shop and Emily's Boutique join together to form a trust to provide insurance to their employees. This type of group is called
A. a multiple employer trust
B. an employee group
C. a Taft-Hartley Trust

General Electricians offers insurance to its employees. About 80% of its eligible employees are currently covered under the plan. This plan is
A. noncontributory
B. inclusive
C. contributory
D. noninclusive

All of the following are correct regarding group insurance EXCEPT
A. an individual policy will be provided to all members of the group
B. a group cannot be formed only for the purposes of purchasing insurance
C. the employer cannot discriminate when determining eligibility of its members
D. the employer is the policyowner

If the employer pays the entire group insurance premium for 100% of its employees, the plan is
A. contributory
B. inclusive
C. noncontributory
D. noninclusive

A typical enrollment period is how many days after the probationary period?
A. 31
B. 30
C. 60
D. 45

In group insurance, the sponsoring group
is issued

A. a master policy
B. a certificate of authority
C. a certificate of insurance
D. a policyholder policy

All of the following group insurance eligibility requirements are true EXCEPT
A. employers can choose which individuals will be covered and which will not becovered
B. the 2 most common classifications for employees are full time versus part time and years of service
C. employers can determine which classes of employees will be eligible for the plan
D. probationary periods usually range from 1 to 6 months