LOMA 281 - Module 4 Test Questions and Correct Answers
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Course
LOMA 281
Institution
LOMA 281
Group insurance Life or health insurance coverage for a group of people under one insurance contract
Master group insurance contract An insurance contract that insures a number of people
Group insured Individual covered by a group policy but is not a party to the group contract. The insured, rath...
LOMA 281 - Module 4 Test Questions
and Correct Answers
Group insurance ✅Life or health insurance coverage for a group of people under one
insurance contract
Master group insurance contract ✅An insurance contract that insures a number of
people
Group insured ✅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 ✅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 ✅A document that describes the coverage that the group
insurance contract provides and a group insured's rights under the contract
Noncontributory plan ✅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 ✅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 ✅A group insurance plan for which the group policyholder is
responsible for handling the administrative and recordkeeping aspects of the plan
Insurer-administered plan ✅A group insurance plan for which the insurer is responsible
for handling the administrative and recordkeeping aspects of the plan
Probationary period ✅The length of time—typically, from one to six months—that a
new group member of a noncontributory plan must wait before becoming eligible to
enroll in the group insurance plan
Eligibility period ✅A specified period of time, usually 31 days, during which a new
group member may enroll for group insurance coverage in a contributory group
insurance plan without evidence of insurability
Actively-at-work provision ✅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
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