GL
What does “GL” stand for?
Group Life
What does “VAR” stand for?
Voluntary All Risk
What does "VGTL” stand for?
Voluntary Group Term Life
What is AAW?
Actively at Work
What are the exclusions for the GL policy during an insured's commission of a felony?
A loss sustained during the insured’s commission or attempted commission of an assault or felony.
In addition to death, what other benefits could be paid under GL?
AD&D
Accelerated Death benefit
Benefits over $250,000 are generally subject to what multiplier of salary?
10 times Salary
VGTL is generally purchased in increments of how many dollars?
$10,000
What is the continuation of coverage during a period of disability without premium payment?
Waiver of Premium
What are the exclusions for coverage of aircraft under the VAR policy?
Crop dusting, seeding, spraying, firefighting, exploration, pipeline or power line inspection, hunting, aerial photography, or banner towing without prior written consent.
Flying which requires a special permit or waiver from any authority having jurisdiction over civil aviation, even if granted, unless prior written consent is given.
Acrobatic or stunt flying.
Any type of training or instruction.
Written notice of termination by the insurance company must be provided how many days in advance?
31 days
What happens if a premium is not paid during the grace?
The policy lapses
What is the maximum dependent child benefit under VGTL?
$10,000
What happens when an insured Dependent child attains the maximum age for coverage under the VGTL policy?
When an insured Dependent child reaches the maximum age for coverage under the VGTL policy, their insurance coverage will end. However, they can convert their insurance to an individual policy without needing to prove good health. The conversion application and first premium must be submitted within 31 days after the coverage ends.
What loss is not covered under the VGTL policy if the insured is intoxicated?
Benefit will not be payable for a loss to which the insured's alcoholic intoxication is a contributing factor.
What is the name of the provision that allows the insurance company to deny coverage due to misrepresentation on the insurance application?
Incontestability
How are premiums calculated for dependent children under the VAR policy?
per dependent unit
What is the minimum participation requirement in a VGTL contract?
Greater of 25 approved employees or 10% of the eligible employees
How long can an insured person continue coverage beyond the eligibility date due to temporary lay-off under the GL policy?
An insured person can continue coverage for up to one month beyond the eligibility date due to temporary lay-off.
If the lay-off extends beyond this period, the coverage will terminate unless other provisions apply.
What exclusions apply to the Accidental Death and Dismemberment benefit under the VAR policy?
Suicide or intentionally self-inflicted injuries
War or any act of war, declared or undeclared
Sickness, disease, or myocardial infarction, including medical or surgical treatment thereof
Accidents that occur while in the armed forces of any country
The insured’s commission or attempted commission of an assault or felony
The insured’s acute or chronic alcoholic intoxication
The insured’s voluntary consumption of an illegal or controlled substance or a non-prescribed narcotic or drug
What provision covers the employer who may make an error or ommission in the plan administration?
Clerical Error
If an insured dies without a beneficiary on file, who is the first party to be considered eligible for the benefit?
spouse
SCENARIO: A VGTL policy has no SWP and the employee signs up for coverage after their 31-day eligibility period.
When is their coverage effective?
The coverage is effective when they are approved by medical underwriting.
What is the definition of Total Disability under a GL contract?
The inability to do any work for wage or profit.
What exclusions apply to the Coverage of War Risk under the VAR policy?
Coverage is excluded for losses sustained within the geographical limits, territorial waters, or airspace above:
The United States
The country in which the insured is a citizen or resident