Group and Industrial Insurance

Question 1

group insurance must have the ff qualifications

Answer 1

• natural group (not for the sole purpose of obtaining a group insurance)
• has been in existence for a satisfactory length of time
• satisfies minimum number of people
  -satisfies required minimum premium

Question 2

premium paid entirely by the employer covering 100% of all eligible employees

Answer 2

non-contributory plans

Question 3

employees take part in the premium payment, covering at least 75% of all eligible employees

Answer 3

contributory plan

Question 4

offers small amounts of coverage for individuals who cannot afford large policies and cannot set aside enough money to pay even a monthly premium. Face amounts are generally up to PhP 50,000 only and are there only to cover for burial expenses.

Answer 4

Industrial insurance

Question 5

There is a _______ clause that allows the company to pay the death benefit to a near relative of the deceased if a beneficiary is not named or the named beneficiary cannot be located. This simplifies procedures and saves the insurance company the time and the expense of locating the beneficiary.

Answer 5

facility of payment clause