WebCe Group Life Insurance Questions and Answers Rated A+ with Latest Updates

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WebCe Group Life Insurance Questions and Answers Rated A+ with Latest Updates All of the following are true regarding group term life insurance, EXCEPT: ✔Ans✔ Evidence of insurability is not r... equired to renew coverage. The correct answer is: The policy is issued for one year and may be renewed annually with evidence of insurability. All of the following are true regarding group life insurance contracts, EXCEPT: ✔Ans✔ Evidence of insurability must be provided if an eligible individual enrolls after the enrollment period. The correct answer is: Evidence of insurability is never required for enrollment. All of the following are standard provisions under a group life insurance policy, EXCEPT: ✔Ans✔ The grace period under group life insurance policies is 31 days. The correct answer is: Grace period of 61 days Which of the following is life insurance that covers federal employees? ✔Ans✔ FEGLI is the Federal Employees Group Life Insurance and provides coverage to federal employees, retirees, and their family members. The correct answer is: FEGLI If employees are not notified of their right to conversion under a group life insurance policy, what is the MAXIMUM number of days allotted to convert to individual life insurance? ✔Ans✔ The conversion period is limited to a maximum of 60 days from the date of group coverage termination. The conversion period is limited to a maximum of 60 days from the date of group coverage termination. The correct answer is: 60 In employer-sponsored group insurance, the employer is the _______________, and the employee is the _______________. ✔Ans✔ In employer-sponsored group insurance, the employer is the policyowner and the employee is the insured. The correct answer is: Policyowner; insured Unlike group life insurance, insureds under franchise plans each receive: ✔Ans✔ Distinct from group insurance policies, individuals insured under franchise policies each receive their own individual policy. The correct answer is: Their own policy Serena dies 15 days after her group life insurance coverage is terminated. She did not apply for individual coverage. Which of the following is true? ✔Ans✔ The insured is covered under the group policy during the conversion period. The full death benefit will be paid to Serena's beneficiary. The correct answer is: Serena's beneficiary will receive the full death benefit. How long must an individual have been insured under the group life insurance plan in order to be eligible for the conversion privilege? ✔Ans✔ Group members must have been insured under the group life insurance plan for at least five years to be eligible to convert their group coverage to individual coverage. The correct answer is: 5 years [Show More]

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