Question
a.
The insurance coverage ends unless the employer decides to renew it.
b.
Employees must undergo a health examination to continue their coverage.
c.
The insurance automatically renews without requiring further evidence of insurability.
d.
The insurer evaluates each member's insurability before renewing the policy.
Posted under IC 92 Actuarial Aspects of Product Development
Interact with the Community - Share Your Thoughts
Uncertain About the Answer? Seek Clarification Here.
Understand the Explanation? Include it Here.
Q. What happens at the end of the coverage year in a group insurance scheme using OYRGTA?
Similar Questions
Explore Relevant Multiple Choice Questions (MCQs)
Q. What is the primary purpose of adding riders to a base life insurance policy in a group scheme?
View solution
Q. According to IRDA regulations, what is the maximum percentage of the basic premium that the critical illness (CI) rider premium can constitute?
View solution
Q. Which type of additional coverage in a group life insurance scheme might offer benefits as a lump sum or over several years for total and permanent disability?
View solution
Q. How is dependent insurance in a group life insurance scheme typically characterized in terms of coverage levels compared to the employee?
View solution
Q. What is the primary reason employer-employee group insurance schemes can offer a Free Cover Limit (FCL) without requiring individual evidence of insurability for coverage up to a certain level?
View solution
Q. What is one of the significant benefits of implementing a Free Cover Limit (FCL) in an employer-employee group insurance scheme?
View solution
Q. How does the presence of a Free Cover Limit (FCL) in a group insurance scheme impact the spread of mortality risk among the insured population?
View solution
Q. What challenge is associated with setting the Free Cover Limit (FCL) too high in an employer-employee group insurance scheme?
View solution
Q. How does the size of an employer-employee group affect the Free Cover Limit (FCL) set by insurers?
View solution
Q. What underwriting requirements may an insurer impose for coverage amounts exceeding the Free Cover Limit (FCL)?
View solution
Q. What distinguishes compulsory plans from voluntary plans in employer-employee group insurance schemes?
View solution
Q. What is a potential advantage of voluntary plans in employer-employee group insurance schemes?
View solution
Q. What is a key characteristic of salary savings schemes for employer and employee groups in India?
View solution
Q. What is one of the basic requirements for designing a group insurance scheme to prevent anti-selection?
View solution
Q. What is the purpose of having an automatic basis to determine the level of coverage per employee in a group insurance scheme?
View solution
Q. Who is typically eligible for insurance cover in a group insurance scheme?
View solution
Q. What additional eligibility condition may apply for employees to qualify for insurance coverage?
View solution
Q. What is the purpose of a waiting period in a group insurance scheme?
View solution
Q. When does coverage typically cease in a group insurance scheme?
View solution
Q. How is disability handled in group insurance schemes in some developed countries?
View solution
Recommended Subjects
Are you eager to expand your knowledge beyond IC 92 Actuarial Aspects of Product Development? We've handpicked a range of related categories that you might find intriguing.
Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!
