Which of the following groups may not be insured by a group life insurance policy?

What group may not be insured by a group life insurance policy?

Group life insurance is limited to employer groups, multiple employer trusts, labor unions, group credit life insurance, and association plans.

Which employees may not be excluded from a group life plan?

Which of the following employees may NOT be excluded from a group life plan? Full-time employees after the probationary period. (All of these employees may be excluded from a group life plan except for “Full time employees after the probationary period”).

Who may be covered under group insurance?

Who Is Eligible for Coverage? The general rule is that if an employer offers group health coverage to any full-time employees, the employer must offer coverage to all full-time employees. The employer has the option to offer coverage to part-time employees (defined as those working fewer than 30 hours per week).

Which of the following is not a required provision in a group life policies?

Which provision is NOT a requirement in a group life policy? An AD&D provision is not required in a group life policy. The correct answer is “the entire cost of the plan is paid for by the employer”.

What is a group life insurance policy?

Group life insurance is a specific type of life insurance typically offered by a large organization to its members. Large companies often offer this coverage to their employees as part of its benefits package.

What are the types of group insurance?

There are four types of group insurance plans offered by insurance companies in India:

• Group Life Insurance.
• Group Health Insurance.
• Group Personal Accident Insurance.
• Group Travel Insurance.

Which of the following is not considered rebating quizlet?

Which of the following is not considered a rebate? Various payment or budget plans are not considered rebating. Rebating is an illegal activity.

Who is eligible for group life insurance?

(1) The persons eligible for insurance shall be all of the employees of the employers or all of the members of the unions or organizations, or all of any class or classes thereof.

What is group term insurance?

What is Group Term Insurance? Group term life insurance is a type of insurance coverage offered to a group offering them life insurance under a single policy. It provides financial security to the beneficiaries in the event something untoward were to happen to the covered individual during the coverage period.

Which of the following are generally not considered when underwriting group insurance?

Which of the following are generally NOT considered when underwriting group insurance? The insureds’ medical history (Group life insurance is written on a group, not individual basis.

Which of the following is not true about adverse selection in group insurance?

Which of the following is not true about adverse selection in group insurance? Insurers actually prefer younger people, because they pose less risk than older people – who are more likely to have issues. The correct answer is: Younger people pose a great risk because of their lifestyles.

What is a required provision in group life policies?

The group life insurance policy shall contain a provision setting forth the conditions, if any, under which the insurer reserves the right to require a person eligible for insurance to furnish evidence of individual insurability satisfactory to the insurer as a condition to part or all of the coverage of the person.

What are the typical types of group life insurance coverage?

There are three basic types of group life insurance: group term life, group universal life and variable group universal life. The most common form of group life insurance is group term life.

Which of the following is true about group life insurance?

All of the following are true regarding group term life insurance, EXCEPT: Evidence of insurability is not required to renew coverage. The correct answer is: The policy is issued for one year and may be renewed annually with evidence of insurability.

Which of the following types of insurance policies is commonly used in credit life insurance?

Which of the following types of insurance policies is most commonly used in credit life insurance? Credit insurance is a special type of coverage written to insure the life of the debtor and pay off the balance of a loan in the event of the death of the debtor. It is usually written as decreasing term insurance.

What are the 3 main types of insurance?

Insurance in India can be broadly divided into three categories:

• Life insurance. As the name suggests, life insurance is insurance on your life. …
• Health insurance. Health insurance is bought to cover medical costs for expensive treatments. …
• Car insurance. …
• Education Insurance. …
• Home insurance.

What are the 3 main types of life insurance?

There are three main types of permanent life insurance: whole, universal, and variable.

What is not a consideration in a policy?

Lack of consideration means that one of the parties to a contract is not obligated in any way, while the other party holds all obligation to act. Generally, courts will not interfere with parties to a contract.

What are the 4 types of consideration?

The various types of consideration are (1) a promise, (2) an act other than a promise, (3) forbearance, (4) a change in a legal relation of the parties, (5) money, or (6) other property.

What is not consideration?

When a Contract Lacks Consideration

Offer is made for something that already has been done (“past consideration”) and therefore cannot be bargained for. One or more of the parties agreed to something he or she already was obligated to do. A promise was actually a gift, not something bargained.

What are the six types of consideration?

Me too!

• 1.An offer made by the offerer.
• 2.An acceptance of the offer by the offeree.
• Consideration in the form of money or a promise to do or not do something.
• Mutuality between parties to carry out the promises of the contract.
• Capacity of both parties in mind and age.
• Legality of terms and conditions.

Who may furnish consideration?

The second essential of valid consideration, as contained in the definition of consideration in Section 2(d), is that consideration need not move from the promisee alone but may proceed from a third person. Thus, as long as there is a consideration for a promise, it is immaterial who has furnished it.

What is no consideration no contract?

A promise without consideration cannot create a legal obligation. The general rule is that an agreement made without consideration is void. This rule is contained in Section 25 of the Indian Contract Act, which declares that ‘an agreement made without consideration is void’.

What are some examples of consideration?

Anything of value promised by one party to the other when making a contract can be treated as “consideration”: for example, if A signs a contract to buy a car from B for $5,000, A’s consideration is the $5,000, and B’s consideration is the car.

Which of the following contracts of insurance is not a contract of indemnity?

Solution(By Examveda Team) Personal Accident is not a contract of indemnity. Type of insurance cover (such as property insurance, but not personal accident insurance) that only restores the insured to his or her original financial position. The insured cannot gain from a contract of indemnity.

Which one of the following is not the essential of valid contract?

Answer: Illegal consideration is not an essential elements of a valid contract. Offer – It is the first aspect of a legal contract. There must be a bid, a commitment, or an agreement in contract and there will be no contract if there is no offer.