Which of the following statements about group insurance is true? Show 1. A) Individual contracts are issued to each person covered under a group insurance plan. 2. B) The cost of group insurance is usually higher on a per-person basis than the cost of individual insurance. 3. C) The actual experience of a large group is a factor in determining the premium that is charged. 4. D) Individual evidence of insurability is usually required. Answer: C 2 Which of the following statements about group insurance underwriting principles is (are) true? 1. If a plan is contributory, 100 percent of the eligible employees must be covered. 2. Ideally, there should be a flow of older people into the group and younger people out of the group. 3. A) I only 4. B) II only 5. C) both I and II 6. D) neither I nor II Answer: D 3 Which of the following statements about group insurance underwriting principles is true? 1. A) Employees should be required to remit premiums directly to the insurance company. 2. B) The average age of the group should ideally increase over time. 3. C) A group should be formed for the specific purpose of obtaining insurance. 4. D) A flow of people through the group is desirable. Answer: D 4 Reasons for having a minimum participation requirement before a group is eligible for insurance include which of the following? 1. To lower the expense rate per unit of insurance 2. To minimize the possibility of insuring a group which consists largely of unhealthy individuals 3. A) I only 4. B) II only 5. C) both I and II 6. D) neither I nor II Answer: C 5 Which of the following statements about the eligibility requirements for group insurance is true? 1. A) Most plans cover both full-time and part-time employees. 2. B) An employee must be actively at work on the day the employee's group insurance becomes effective. 3. C) An employee who signs-up for insurance during an eligibility period must furnish evidence of insurability. 4. D) One purpose of a probationary period is to determine whether the employee is healthy enough to be covered under the group health insurance plan.  Answer: B 6 The period of time during which an employee can sign up for group insurance coverage without furnishing evidence of insurability is called a(n) 1. A) probationary period. 2. B) noninsurability window. 3. C) waiting period. 4. D) eligibility period. Answer: D 7 Which of the following statements about group term life insurance is true? 1. A) It usually is written in the form of 5-year level term insurance. 2. B) An employee who leaves the group is usually not permitted to convert to individual coverage. 3. C) Experience rating is used in group term life insurance plans. 4. D) It represents only a small percentage of the group life insurance in force. Answer: C 8 High deductible group health insurance plans have all of the following characteristics EXCEPT 1. A) health savings accounts or health reimbursement arrangements. 2. B) high dollar deductibles. 3. C) low coverage limits. 4. D) coinsurance. Answer: C 9 Which of the following statements about group accidental death and dismemberment (AD&D) insurance is (are) true? 1. The principal sum is paid if the employee dies in an accident. 2. A percentage of the principal sum is paid for certain types of dismemberments. 3. A) I only 4. B) II only 5. C) both I and II 6. D) neither I nor II Answer: C 10 New employees at Jarvis Company cannot participate in the group term life insurance plan until they have worked at the company for three months. This initial period before a new employee can participate is called a(n) 1. A) probationary period. 2. B) elimination period. 3. C) open enrollment period. 4. D) eligibility period. Answer: A 11 End of Preview - Want to read all 11 pages? Access Now Unformatted Attachment Preview Which of the following statements about group insurance is true? 1. A) Individual contracts are issued to each
person covered under a group insurance plan. 2. B) The cost of group insurance is usually higher on a per-person basis than the cost of individual insurance. 3. C) The actual experience of a large group is a factor in determining the premium that is charged. 4. D) Individual evidence of insurability is usually required. Answer: C 2 Which of the following statements about group insurance underwriting principles is (are) true? 1. If a plan is contributory, 100 percent of the eligible employees
must be covered. 2. Ideally, there should be a flow of older people into the group and younger people out of the group. 3. A) I only 4. B) II only 5. C) both I and II 6. D) neither I nor II Answer: D 3 Which of the following statements about group insurance underwriting principles is true? 1. A) Employees should be required to remit premiums directly to the insurance company. 2. B) The average age of the group should ideally increase over time. 3. C) A group should be formed for the specific
purpose of obtaining insurance. 4. D) A flow of people through the group is desirable. Answer: D 4 Reasons for having a minimum participation requirement before a group is eligible for insurance include which of the following? 1. To lower the expense rate per unit of insurance 2. To minimize the possibility of insuring a group which consists largely of unhealthy individ ... User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service. Studypool 4.7 Trustpilot
4.5 Sitejabber 4.4 Which of the following is a requirement to be eligible for a group health policy?The business must have at least one qualified full-time or full-time equivalent employee other than the business owner or a spouse. The company must be considered a legal business entity according to its state's regulations.
Which of the following is an eligible group for group life insurance?Eligible groups include employer-sponsored groups, trade or professional associations, and labor unions. Multiple employer trusts (METs), multiple employer welfare arrangements (MEWAs), and lender groups are also eligible. However, a group cannot be formed only for the purpose of buying insurance.
What are the characteristics of group insurance?Group members typically pay very little, if anything at all. Any premiums are drawn directly from their weekly or monthly gross earnings. Qualifying for group policies is easy, with coverage guaranteed to all group members. Unlike individual policies, group insurance doesn't require a medical exam.
What is the minimum number of people an employer can have to insure with a group policy?To be eligible for small business health insurance, a company must have between one and 50 employees.
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Which of the following statements about the eligibility requirements for group insurance is true?
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