Retirement and Other Insurance Concepts
Under a group life insurance contract, what document evidence of coverage does each individual insured employee receive?
Answer and explanation
Answer: D. The employer holds the master policy, while individual insured employees receive certificates of insurance.Source: Texas Insurance Code Chapter 1131 — § 1131.054, Certificate Requirement
More retirement and other insurance concepts questions
- Under an Executive Bonus Plan (IRC Section 162), how are premium payments structured and taxed for the executive?
- Under IRC Section 79, up to what amount of employer-provided group term life insurance coverage is received completely tax-free by an employee?
- Under modern tax law (IRC § 7702), why are endowments that endow prior to age 95 no longer classified or taxed as standard life insurance?
- Under Social Security survivor benefits rules, what is the 'blackout period' for a surviving spouse?
- Under Texas Insurance Code § 1251.001 & § 1131.051, what minimum number of employees must participate in an employer-sponsored noncontributory group life insurance plan?
- Under the human life value approach, what is being measured?
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