Chapter 8 (Keywords): Group Life Insurance

These flashcards cover key concepts and definitions related to Group Life Insurance, including various types of policies and plans.

Conversion Privilege

The ability of a policy owner to elect to have a new policy issued before the original policy expires, continuing the insurance coverage.

Credit Policies

Insurance designed to help the insured pay off a loan in the event of disability or death.

Franchise Insurance

A life or health insurance plan covering groups of persons with individual uniform policies, often for small groups.

Master Policy

The policy issued to the employer under a group plan containing all insuring clauses for employee benefits.

Blanket Health Policies

Policies issued to cover a dynamic group that may be exposed to the same risks, with no certificates of coverage issued.

Certificate of Insurance

A document verifying the existence of insurance coverage granted to individuals under specific conditions.

Contributory Plan

A group insurance plan where both the employer and employees contribute to the cost of the plan.

Non-Contributory Plan

An employee benefit plan where the employer bears the full cost of employees' benefits.

Persistency

The percentage of policies an insurer has in force after a specified period.