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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.
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.
2.
When you receive insurance through a group term life insurance plan, you may have to pay for _______.
Choose wisely. There is only one correct answer.
All of the premium
Some of the premium
None of the premium
Any of the above
Any of the above. There may be great variation among arrangements.
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 setting a premium for an entire group of employees, insurance underwriters consider _______.
Choose wisely. There is only one correct answer.
The size of the group
The health of the individual members of the group
Both A and B
Neither A nor B
The size of the group. Their health status isnt as important because risk is spread among numerous people.
5.
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.
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