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1.
If you are insured under a group term life insurance policy, you generally dont have to undergo a physical or answer questions about your health to qualify for coverage.
True. Under individual term insurance, you usually do.
2.
If your group term life insurance policy allows you a conversion benefit, that means you can _______.
Turn the policy into an individual one when you terminate employment. Turn the policy into an individual one when you terminate employment. Conversion refers to switching between a group and an individual plan.
3.
An employer may set conditions on which employees receive a group term life insurance benefit, including that ________.
Both A and B. Employers often set these requirements.
4.
Whole life insurance premium rates are more expensive than term insurance rates because _______.
You are funding investments that will pay for the policys cash value if you terminate the policy. This will naturally cost you more.
5.
If you cancel a term life insurance policy, the policy pays you an amount equal to the policys cash value.
False. Whole life insurance provides this benefit, but term life does not.