Life Insurance Policies
What evidence of health must a member give to exercise the group conversion privilege?
Answer and explanation
Answer: D. Section 3220 provides for the individual policy to be issued without evidence of insurability, which is what makes the privilege valuable to a member whose health has declined. The premium is set at the class and attained age instead.Source: N.Y. Ins. Law § 3220 — § 3220
More life insurance policies questions
- Why does survivorship life cost less than an individual policy of the same face amount on either insured?
- Why is group life insurance generally cheaper per unit than individual insurance?
- Why is the annual premium for continuous premium whole life lower than for limited payment whole life at the same age and face amount?
- Why is the annual premium of a twenty payment whole life policy higher than that of continuous premium whole life?
- Why is the premium for a $1,000,000 survivorship life policy lower than for a $1,000,000 joint first-to-die policy on the same two lives?
- Within what period must a member apply to convert group life insurance to an individual policy in New York?
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