Group Life Insurance Definition and Group Life Insurance Standard Provisions Model Act

What this document is

Group Life Insurance Definition and Group Life Insurance Standard Provisions Model Act is a naic model law published by National Association of Insurance Commissioners (NAIC). It is one of the documents that insurance license exam questions are written from, including life & health practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• NAIC Model NAIC 565: Section 5, Subsection K (Disability Continuation)

  “Where active employment is a condition of insurance, the policy shall contain a provision that an insured may continue coverage during the insured’s total disability by timely payment to the policyholder of that portion, if any, of the premium that would have been required from the insured had...”

• NAIC Model NAIC 565: Section 1, Subsection F(2) (Credit Union Coverage)

  “The premium for the policy shall be paid by the policyholder from the credit union’s funds and, except as provided in Paragraph (3), shall insure all eligible members.”

• NAIC Model NAIC 565: Section 5A (Grace Period)

  “for the payment of any premium due except the first, during which grace period the death benefit coverage shall continue in force, unless the policyholder gives the insurer written notice of discontinuance in advance of the date of discontinuance and in accordance with the terms of the policy.”

• NAIC Group Life Insurance Definition and Group Life Insurance Standard Provisions Model Act § 5J (death during the conversion period)

  “The policy shall contain a provision that, if a person insured under the group policy, or the insured dependent of a covered person, dies during the period within which the individual would have been entitled to have an individual policy issued in accordance with Subsection H or I above and before...”

• NAIC Group Life Insurance Definition and Group Life Insurance Standard Provisions Model Act § 5H (conversion on termination of employment or membership)

  “The policy shall contain a provision that, if the insurance, or any portion of it, on a person covered under the policy or on the dependent of a person covered, ceases because of termination of employment or of membership in the class or classes eligible for coverage under the policy, the person...”

• NAIC Group Life Insurance Definition and Group Life Insurance Standard Provisions Model Act § 5H(3) (premium on the converted individual policy)

  “The premium on the individual policy shall be at the insurer’s then customary rate applicable to the form and amount of the individual policy, to the class of risk to which the person then belongs, and to the individual age attained on the effective date of the individual policy.”

• NAIC Group Life Insurance Definition and Group Life Insurance Standard Provisions Model Act § 5B (incontestability)

  “The policy shall contain a provision that the validity of the policy shall not be contested except for nonpayment of premiums after it has been in force for two (2) years from its date of issue; and that no statement made by any person insured under the policy relating to his or her insurability...”

• NAIC Group Life Insurance Definition and Group Life Insurance Standard Provisions Model Act § 1.F, F(1) and F(2) (credit union group)

  “A policy issued to a credit union or to a trustee or trustees or agent designated by two (2) or more credit unions, which credit union, trustee, trustees or agent shall be deemed policyholder, to insure members of the credit union or credit unions for the benefit of persons other than the credit...”

• NAIC Group Life Insurance Definition and Group Life Insurance Standard Provisions Model Act § 2.A (limits of group life insurance, groups not otherwise described)

  “Group life insurance offered to a resident of this state under a group life insurance policy issued to a group other than one described in Section 1 shall be subject to the following requirements: A. A group life insurance policy shall not be delivered in this state unless the commissioner finds...”

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