Page 28 - Life Assurance
P. 28
Group term life insurance:
Group term life insurance is the most
important from of group life insurance.
The term insurance remains in force as long
as the employee is part of the group.
2-Group accidental death and dismemberment
(AD&D) insurance:
Many group life insurance plans also
provide group accident death and
dismemberment (AD&D) insurance that pays
additional benefits if the employee dies in an
accident or incurs certain types of bodily
injury.
3- Group universal life insurance:
In addition to group term life insurance,
some employers make available group universal
life insurance for their employee. These plans
are similar to individual universal life insurance
policies, but have some important differences.
The major characteristics of group universal life
plans are summarized as follows:
a. Plan design: Two approaches are used in
the plan design. Under the first approach, there
128 Life51/life/life 08
Group term life insurance is the most
important from of group life insurance.
The term insurance remains in force as long
as the employee is part of the group.
2-Group accidental death and dismemberment
(AD&D) insurance:
Many group life insurance plans also
provide group accident death and
dismemberment (AD&D) insurance that pays
additional benefits if the employee dies in an
accident or incurs certain types of bodily
injury.
3- Group universal life insurance:
In addition to group term life insurance,
some employers make available group universal
life insurance for their employee. These plans
are similar to individual universal life insurance
policies, but have some important differences.
The major characteristics of group universal life
plans are summarized as follows:
a. Plan design: Two approaches are used in
the plan design. Under the first approach, there
128 Life51/life/life 08
