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All of the following are characteristics of a group life insurance plan EXCEPT
A)The participants receive a Certificate of Insurance as their proof of insurance.
B)A minimum number of participants is required in order to underwrite the plan.
C)The cost of the plan is determined by the average age of the group.
D)There is a requirement to prove insurability on the part of the participants.

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Lanuel

All of the following are characteristics of a group life insurance plan except: D) There is a requirement to prove insurability on the part of the participants.

What is a group life insurance plan?

A group life insurance plan (policy) can be defined as a single contract plan that covers a group of people by providing life insurance coverage. For instance, an employer of labor (business owner) may opt for a group life insurance plan (policy) which would cover the lives of his or her employees.

What are the characteristics of a group life insurance plan?

Generally speaking, some examples of the characteristics of a group life insurance plan (policy) include the following;

  1. Group underwriting.
  2. Probationary period.
  3. Master contract.
  4. Non-individual underwriting.

In this context, we can logically deduce that a contract as a basis for group membership is a typical characteristic of group life insurance plan (policy) because there must be a collective agreement between all of the parties involved.

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