The correct answer is ‘the whole cost of the plan is paid for by the employer’. When a business offers noncontributory group term life insurance to their employees, that employer is responsible for paying the total cost of the plan on their employees’ behalf. S passes away while she is in the midst of transitioning from her group life insurance policy to an individual policy.
What is non contributory health insurance?
Insurance that is not based on contributions.Numerous businesses provide their workers with access to group medical insurance policies as a component of their benefits packages.These benefits are provided by companies in an effort to keep valuable employees and recruit new ones.The employees of a company participating in a contributory insurance plan each pay a percentage of the group insurance premium.
Who pays the full amount for a non-contributory insurance plan?
Non-contributory plans are those in which the complete cost is borne by the employer; nonetheless, employees may receive less comprehensive coverage and may be subject to certain income taxes. The majority of the time, employees who participate in a contributory insurance plan are eligible for automatic policy issuance, which is the plan’s primary benefit.
What is the maximum amount of individual life insurance coverage that a person can convert to if the existing Group Policy has been terminated?
What is the MAXIMUM number of days that workers are given to convert their group life insurance policy into individual life insurance if they are not advised of their right to conversion under a group life insurance policy? The conversion period has a maximum time restriction of sixty days counting backwards from the day when group coverage was terminated.
Which of the following describes a contributory group?
Which of the following best represents a group insurance plan that requires contributors? Contributory group insurance plans are those in which both the employer and the employees contribute to the cost of the insurance premiums.
What type of life policy has a death benefit that adjusts periodically and is written?
The phrase ″decreasing term″ A declining term policy is an insurance contract that is written for a predetermined amount of time and features a death benefit that is subject to regular adjustments.
Which of the following is true of Group Policy Objects GPOs?
Regarding the connection of Group Policy Objects (GPOs), which of the following statements is TRUE? It is possible to attach GPOs to certain users in order to personalize settings for specific user groups or even for individual users.
What can Group Policy be used for?
Group Policy is essentially a security tool that can be utilized to apply various security configurations to people as well as devices. Administrators are given the ability to set security policies for both people and machines through the use of Group Policy.
What is the minimum participation rate of eligible employees for non contributory plans?
Participation in noncontributory plans is often required to be one hundred percent, whereas participation in contributory plans is typically required to be roughly seventy-five percent.
What is the main factor that a non contributory plan helps an insurer avoid?
One of the most significant advantages of a noncontributory insurance plan is that it makes it easier for the insurer to prevent adverse selection.group policy.The business, association, or society that is responsible for sponsoring the plan may or may not make a contribution toward the cost of the premiums.by smaller groups whose members, taken individually, do not reach the minimum number of participants needed by state law.
Which of the following is incorrect concerning a noncontributory group plan?
In reference to a noncontributory group plan, which of the following statements is NOT TRUE? The staff members each receive their own set of policies. Which of the following is the most compelling argument in favor of investing in life insurance as opposed to annuities?
Which of the following statements best describes a characteristic of group life insurance?
Which of the following statements most accurately represents a quality that is associated with group life insurance? The premiums for group life insurance are often calculated as a percentage (or multiple) of the employee’s annual salary.
What describes a contributory group insurance plan?
Group life insurance plans that are considered to be contributory are those in which the employee ″contributes″ a portion of the premium while the company pays the remaining amount.Group life insurance policies that are considered to be noncontributory are those in which the employer is responsible for paying the whole premium and the employee contributes nothing toward the cost of the policy.
Which of the following is not a component of an insurance policy premium quizlet?
Which of the following does NOT play a role in the pricing of premiums for insurance policies? When calculating the cost of an insurance, dividends are not taken into consideration.
Which of the following types of life policy would normally show the death benefits fluctuating due to the performance of premiums invested?
A variable life insurance policy is one that enables for the majority of the premiums to be placed in an investment account.This type of coverage combines the advantages of both a variable policy and a whole life policy.The variation in cash value and death benefits that might occur as a direct result of the success of investments is one of the primary dangers associated with both types of plans.
Which of the following is not true regarding a straight life policy?
Which of the following statements regarding a Straight Life policy is NOT true?As a direct result of its ever-increasing monetary worth, its premium gradually falls over the course of its duration.Which of the available options for universal life insurance has a fixed death benefit but a cash value that grows over time?In the context of a universal life insurance, the term ″target premium″ refers to which of the following?
Which of the following features of a group term life policy enables an individual to leave the group?
Correct. An person has the opportunity to exit the group term plan and maintain their own insurance under the conversion privilege without having to provide evidence that they are insurable.