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10 Cards in this Set
- Front
- Back
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Two types of groups
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1. Employee Group
2. Individual Employer Group |
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What does group life insurance plans issue?
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master certificate to the business owner and a certificate of insurance to the covered employee
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certificate of insurance
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issued to the employee and shows the coverage benefits and beneficiaryand serves as proof of coverage for the employee
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Multiple Employer Trusts (METS)
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groups composed of several employers that forma a trust fundto combine their employees for life insurance coverage
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TEFRA
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Tax Equity and Fiscal Responsibilties Act - to prevent group plans from discriminating in favor of key employees
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Five primary types of group life insurance
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1. Group Term
2. Group Permanent 3. Group Creditor 4. Group Paid-up Life 5. Group Survivor Income Benefit Life |
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Probationary Period
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time preiod required before a new employee can sign up for insurance coverage.. typically 90 days
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Eligibilty Period
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time period after the probationary period in which the employee must enrolll in the group coverage elected.. last for 30 days
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FEGLI
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provides group term life insurance consisting of basic life insurance coverage and 3 options
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SGLI
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program of low cost group life insurance for service members on active duty available in 50,000 increments up to ax of 400,000
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