With regard to group life insurance, which of the following statements are true? 1. An individual employee does not have the freedom to select a specific amount of insurance coverage, but rather the amount of coverage is typically a fixed dollar amount, or a variable amount in relationship to the employee's annual income. 2. There is typically a change in the premium rate each year. 3. Group insurance is normally a permanent type of insurance policy that provides long- term insurance protection for a significant number of Canadians. 4. An employee who participates in a group life insurance plan is unable to designate a beneficiary. Question 27 options: 1 and 2 1 and 4 2 and 3 3 and 4

With regard to group life insurance, which of the following statements are true? 1. An individual employee does not have the freedom to select a specific amount of insurance coverage, but rather the amount of coverage is typically a fixed dollar amount, or a variable amount in relationship to the employee's annual income. 2. There is typically a change in the premium rate each year. 3. Group insurance is normally a permanent type of insurance policy that provides long- term insurance protection for a significant number of Canadians. 4. An employee who participates in a group life insurance plan is unable to designate a beneficiary. Question 27 options: 1 and 2 1 and 4 2 and 3 3 and 4

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter8: Insuring Your Life

Section: Chapter Questions

Problem 6FPE

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12. Below are the features of the insurance policy under what types of life insurance? * Low initial premium due to the fact that coverage is temporary Premium increase with each new term O A. Term Life Insurance O B. Whole Life Insurance O C. Endowment Life Insurance D. Investment-Linked Insurance
What is a premium? A) the amount paid by the policyholder before the insurance policy starts paying on the claim B) the maximum amount a policy will pay out in any one year C) the amount paid by the policyholder to the insurer on a regular basis for the policy D) the amount paid after the deductible has been satisfied and until the out of pocket maximum has been reached
If a term life insurance policy isconvertible, it can be: Question38 options: a) revised as neededby the insurer. b) transferred tothe life of another person in thefuture. c) changed to health ordisability protection. d)exchanged for cash in the future.e) changed to a comparablewhole life policy in the future.
Identify which one of the following type of life insurance provides a source of regular income to the assured or to his/her dependents after the expiry of a specified period? a. With profit policy b. Term life policy c. Annuity d. Whole life policy
Briefly explain the following characteristics of long-term care insurance. Type of long-term care policies Triggers to become eligible for benefits Exclusions Protection against inflation
Which of the following characteristics is typical of group insurance? A.Each employee receives an individual contract B.All full-lime employees are eligible for coverage. C.Employees may automatically enroll for coverage at any time.
A. Which of the following is TRUE regarding a whole life insurance policy that pays a dividend? When the dividend is paid, it is taxed to the policyholder as an ordinary dividend The dividend is automatically credited against future premiums The dividend is paid directly to the beneficiary on the policy When the dividend is paid, it can be used to purchase additional coverage B. Each employee covered under a group life policy MUST be given: An individual certificate of insurance A certificate of insurance for each family member covered An insurance identification card for each family member covered A copy of the group master contract C. Universal life products are flexible premium policies that are: Interest sensitive Guaranteed issue Non-renewable Term only D. Which of the following statements is CORRECT about life insurance proceeds paid to a named beneficiary? They are exempt from claims by the insurance creditors They are subject to excise taxes…
When planning life insurance coverage, you should differentiate between ongoing expenses and expenses that are considered "one-time". a) True b) False
32. Which one of the following statements correctly identifies a purpose or characteristic of a second-to-die life insurance policy? A) The premium will cost more than the combined premiums for separate policies on all of the insured parties. B) When the insured parties are a husband and wife, a purpose may be to allow the first-to-die spouse to leave everything to the surviving spouse. C) This policy is also known as a split dollar policy. D) This is a type of policy that will pay benefits at the death of the first insured to die.
What does the insurer agree to pay for in addition to covering losses in an insurance policy? Services such as investigating claims and defending the insured The entire policy limit Premium costs for the policy period Only losses below the deductible
Under the TRAIN law, the amount of premium allowed per family during thetaxable year for health and/or hospitalization insurance is P2,500. a.true b.false
Under the TRAIN law, the amount of premium allowed per family during thetaxable year for health and/or hospitalization insurance is P2,500. TRUE OR FALSE?