In: Finance
All of the following statements about the characteristics of group insurance are true EXCEPT
The actual experience of a group may be a factor in determining the premium that is charged. |
Individual evidence of insurability is usually required. |
Many persons are covered under a single contract. |
The cost of group insurance is generally lower than the cost of individual insurance. |
In a group insurance - individual evidence of insurability is usually not required as it its covered for a group of people such as members of professional asscoiation, or members of society and gmployees of a organisation.
All other options given in the question are characterstcis of group insurance.
Answer is Individual evidence of insurability is usually required.