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Business Math17th EditionMary Hansen 3,598 solutions What is the conversion privilege with group life insurance?The conversion privilege is an option offered under your plan that lets you convert your group life insurance into individual life insurance without having to provide evidence of insurability.
How long do you have to convert a group policy to an individual policy?A dependent's right to purchase an individual whole life insurance policy must be exercised within 31 days of termination of group life insurance. The group life insurance policy may provide that dependents will have the right to exercise the portability feature.
What is chosen by the person whose name is on the insurance policy?A primary beneficiary is a designated individual, chosen by the policy owner, who would receive the proceeds of the insurance policy (the death benefit) if the policy owner dies while covered under the policy. A contingent beneficiary is your back-up.
What does the group life underwriting?When underwriting group life prospects, the primary focus for the underwriter is evaluating the prior experience and current demographics of the group. This information is normally provided by the group or broker as a standard part of a proposal request.
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An employee under a group insurance policy has the right to name a beneficiary and the right to
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