Life Insurance Policies
What administrative role does a group plan sponsor typically undertake?
Answer and explanation
Answer: A. The sponsor handles enrolment, records and premium collection, which is part of why group cover is inexpensive to distribute. Claim decisions, rating and the issue of certificates remain the insurer's responsibility.Source: PSI — New York DFS Insurance Candidate Information Bulletin — Outline, sponsor administration
More life insurance policies questions
- For what periods is level premium term commonly issued?
- How do a cap and a participation rate each limit the interest credited on an indexed policy?
- How do contributory and noncontributory group plans differ in participation requirements?
- How does a benefit schedule support group underwriting?
- How does annually renewable term differ from a ten year level term policy?
- How does fixed indexed life differ from variable life in where the risk falls?
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