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Benefits Beginner: Group Term Life Insurance

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1.
When you receive insurance through a group term life insurance plan, you may have to pay for _______.
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Any of the above. There may be great variation among arrangements.
2.
If your group term life insurance policy allows you a conversion benefit, that means you can _______.
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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.
In a group term life insurance plan, the employees select the policy benefits.
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False. The employer does.
4.
If you cancel a term life insurance policy, the policy pays you an amount equal to the policys cash value.
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False. Whole life insurance provides this benefit, but term life does not.
5.
In setting a premium for an entire group of employees, insurance underwriters consider _______.
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The size of the group. Their health status isnt as important because risk is spread among numerous people.