Retirement and Other Insurance Concepts
What type of individual policy can an employee choose when exercising a group life conversion right under TIC § 1131.108?
Answer and explanation
Answer: A. TIC § 1131.108 specifies conversion is to an individual policy other than term insurance.Source: Texas Insurance Code Chapter 1131 — § 1131.108, Conversion Policy Form
More retirement and other insurance concepts questions
- If a group life insurance master policy is TERMINATED by the employer, what conversion right do employees covered for at least 5 years possess under TIC § 1131.110?
- If a policy becomes a MEC, how are loans and partial withdrawals taxed under IRC rules?
- If an employee dies during the 31-day group life conversion period BEFORE applying for individual conversion, how is the claim handled under TIC § 1131.109?
- If an employee's group life insurance coverage terminates due to termination of employment, what statutory conversion right is granted under TIC § 1131.108?
- If an employer provides an employee with $150,000 of group term life insurance coverage, how is the coverage above $50,000 taxed to the employee?
- In a business partnership with 3 partners, how many separate life insurance policies are required to fund a cross-purchase buy-sell agreement?
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