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LOMA 281 Module 4 Lesson 2 Exam with correct Answers
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LOMA 281 Module 4 Lesson 2 Exam with correct Answers
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LOMA 281 Module 4 Lesson 2 Exam withcorrect Answers
eligibility - Answer -cannot discriminate based on age
probationary period - Answer -usually 3 months.
eligibility period - Answer -if you don't enroll during this time, you must provide evidence of insurability (if contributory)
actively at work provision - Answer -A group insurance policy provision which states that, in order to be eligible for coverage, an employee must be actively at work—rather than ill or on leave—on the day the insurance coverage is to take effect.
conversion privilege - Answer -group life insurance policy provision that allows a group insured whose coverage terminates for certain reasons to convert his group life insurance coverage to an individual life insurance policy, usually without presenting evidence of his insurability.
limitations on conversion - Answer -limited to insureds covered for a specified period of time, original coverage minus new coverage, 31 day conversion period without providing evidence of insurability
benefit schedule - Answer -A schedule included in a group life insurance policy that defines the amount of life insurance the policy provides for each insured.
yearly renewable term insurance - Answer -A plan of term life insurance that provides coverage for one year and is renewable at the end of the year. Also known as annually renewable term (ART) insurance.
group paid-up plans - Answer -Group plan of cash value life insurance that combines paid-up whole life insurance with term life insurance to provide a predetermined amount
of coverage. If the group insured leaves the group for any reason, the amount of purchased paid-up coverage remains in force for the group member's lifetime.
group level premium whole life plans - Answer -Group plan of cash value insurance that provides level premium whole life insurance. A group insured has a vested right in the policy's cash value provided by his premium contributions.
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