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Loma 281 - Module 4 questions with 100% correct answers
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Loma 281 - Module 4 questions with 100% correct answers
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Loma 281 - Module 4Group insurance - correct answer ✔✔Life or health insurance coverage for a group of people under one
insurance contract
Master group insurance contract - correct answer ✔✔An insurance contract that insures a number of
people
Group insured - correct answer ✔✔Individual covered by a group policy but is not a party to the group
contract. The insured, rather than the policyholder, names the beneficiary
Group policyholder - correct answer ✔✔The person or organization that decides what types of group
insurance coverage to purchase for a specific group, negotiates the terms of the group insurance
contract, and purchases the group insurance coverage
Certificate of insurance - correct answer ✔✔A document that describes the coverage that the group
insurance contract provides and a group insured's rights under the contract
Noncontributory plan - correct answer ✔✔A group insurance plan where only the group policyholder
pays the entire premium for the coverage. 100% of members must participate in this plan
Contributory plan - correct answer ✔✔A group insurance plan where insured group members must pay
part or all of the premium for their coverage. Typically, at least 75% of members must participate in this
plan
Self-administered plan - correct answer ✔✔A group insurance plan for which the group policyholder is
responsible for handling the administrative and recordkeeping aspects of the plan
Insurer-administered plan - correct answer ✔✔A group insurance plan for which the insurer is
responsible for handling the administrative and recordkeeping aspects of the plan
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