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Benefits Beginner:
Group Term Life Insurance
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Choose wisely. There is only one correct answer to each question.
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1.
Features of group term life insurance policies may include _______.
Choose wisely. There is only one correct answer.
Accidental death and dismemberment benefits
Waiver of premium
Disability coverage
Both A and B
Both A and B. Disability insurance wont be included.
2.
Individual term life insurance may be less expensive than group term insurance if _______.
Choose wisely. There is only one correct answer.
You suffer from a chronic health condition
You are very healthy
You are young
Both B and C
Both B and C. The young and the healthy normally pay lower premiums.
3.
Under IRS rules, the first ________ of group term life insurance provided as an employee benefit is tax-free to the employee.
Choose wisely. There is only one correct answer.
$25,000
$50,000
$75,000
$100,000
$50,000. Anything above that amount is taxable.
4.
In a group term life insurance plan, the employees select the policy benefits.
Choose wisely. There is only one correct answer.
True
False
False. The employer does.
5.
Whole life insurance premium rates are more expensive than term insurance rates because _______.
Choose wisely. There is only one correct answer.
You are funding investments that will pay for the policys cash value if you terminate the policy
The insurance company always makes a higher payout for a whole life policy than a term policy
You have to wait longer after the death of the insured person to receive a payout for term life rather than whole life
None of the above
You are funding investments that will pay for the policys cash value if you terminate the policy. This will naturally cost you more.
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