FFL Life Course Group Life Insurance
This flashcard focuses on conversion rights after termination of employment. It tests your knowledge of how group life insurance can be converted to individual coverage, and what type and amount of policy the former employee is entitled to.
An employee with $25,000 group term life coverage was recently fired. This employee's group coverage may be converted to a:
<> $25,000 individual whole life policy
<> $25,000 individual term life policy
<> $25,000 modified whole life policy
<> $125,000 individual whole life policy
$25,000 individual whole life policy
~ In this situation, a terminated employee may covert to a $25,000 individual whole life policy
Key Terms
An employee with $25,000 group term life coverage was recently fired. This employee's group coverage may be converted to a:
<> $25,000 individual whole life policy
<> $25,000 individual term life policy
<> $25,000 modified whole life policy
<> $125,000 individual whole life policy
$25,000 individual whole life policy
~ In this situation, a terminated employee may cov...
Under a trustee group life policy, who would be eligible for a certificate of coverage?
<> Labor union
<> Employer
<> Corporation
<> Employee
Employee
~An employee would be a certificate holder under a trustee group life policy
An employee of 20 years recently retired at age 59 1/2. This employee’s group life contract can be:
<> converted to an individual permanent policy at a group rate
<> continued at a group rate
<> continued at an individual rate
<> converted to an individual permanent policy at an individual rate
converted to an individual permanent policy at an individual rate
~ In this situation, the insured can convert to a permanent policy at the indi...
Group life insurance policies are generally written as:
<> increasing term
<> annually renewable term
<> group whole life
<> a term rider
annually renewable term
~ Group life insurance policies are generally written as annual...
What type of group insurance plan involves employees sharing the cost?
<> non-contributory plan
<> non-qualified plan
<> qualified plan
<> contributory plan
contributory plan
~ Employees share the cost of group insurance with employer in a cont...
When an employee is terminated, which statement about a group term life conversion is true?
<> Policy proceeds will be paid if the employee dies during the conversion period
<> Employee must convert group term life coverage into an individual term life policy
<> Policy proceeds will NOT be paid if the employee dies during the conversion period
<> Employees must provide evidence of insurability for conversion
Policy proceeds will be paid if the employee dies during the conversion period
~ An individual must apply for individual permanent coverage term...
Related Flashcard Decks
Study Tips
- Press F to enter focus mode for distraction-free studying
- Review cards regularly to improve retention
- Try to recall the answer before flipping the card
- Share this deck with friends to study together
| Term | Definition |
|---|---|
An employee with $25,000 group term life coverage was recently fired. This employee's group coverage may be converted to a: <> $25,000 individual whole life policy <> $25,000 individual term life policy <> $25,000 modified whole life policy <> $125,000 individual whole life policy | $25,000 individual whole life policy ~ In this situation, a terminated employee may covert to a $25,000 individual whole life policy |
Under a trustee group life policy, who would be eligible for a certificate of coverage? <> Labor union <> Employer <> Corporation <> Employee | Employee ~An employee would be a certificate holder under a trustee group life policy |
An employee of 20 years recently retired at age 59 1/2. This employee’s group life contract can be: | converted to an individual permanent policy at an individual rate |
Group life insurance policies are generally written as: <> increasing term <> annually renewable term <> group whole life <> a term rider | annually renewable term ~ Group life insurance policies are generally written as annually renewable term. |
What type of group insurance plan involves employees sharing the cost? <> non-contributory plan <> non-qualified plan <> qualified plan <> contributory plan | contributory plan ~ Employees share the cost of group insurance with employer in a contributory plan |
When an employee is terminated, which statement about a group term life conversion is true? | Policy proceeds will be paid if the employee dies during the conversion period |
Which requirement must be met for an association to be eligible for a group life plan? | Group was formed for a purpose other than acquiring insurance |
Which of the following is an important underwriting principle of group life insurance? | Everyone must be covered in the group |
Which is NOT a requirement in a group life policy? <> Conversion <> Accidental <> Incontestable period <> Grace period | Accidental ~ An AD&D proviso is not required in a group life policy |
What group term life feature permits an individual to depart from the group and continue to be converted without providing evidence of insurability? <> Owner's rights <> Nonforfeiture options <> Entire contract <> Conversion | Conversion |