Life Insurance Policies
What form of insurance is group life cover usually written as?
Answer and explanation
Answer: C. Group life is almost always yearly renewable term, which keeps the cost low and builds no value, with the amount often a multiple of salary. Permanent forms are rarely used because the cover is tied to continuing membership.Source: PSI — New York DFS Insurance Candidate Information Bulletin — Outline, group plan characteristics
More life insurance policies questions
- Which description best distinguishes indexed universal life from variable universal life?
- Which elements does a continuous premium whole life policy guarantee?
- Which event gives rise to the conversion right under section 3220?
- Which is the most common type of group life plan sponsor?
- Who holds the contract in a group life insurance arrangement, and what does the member receive?
- Who receives the proceeds of a credit life policy when the borrower dies?
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