37 Which of the following statements is CORRECT about group life conversion privileges? a) Under the COBRA law, a departing employee may elect to remain a member of the group life plan for a limited period of time b) Death during the conversion period is covered even if the departing employee chose not to convert the policy c) A departing employee must individually pay the premium if the employee elects to be covered during the conversion period Wa departing employee elects to convert life insurance policy, the murer musstoffer term Insurance as one of the choices 38 Reinstatement of a life insurance polley requires an insured to take all the following action EXCEPT: a) Provide evidence of insurability b) Make collateral assignment to the insurer c) Pay back interest on any outstanding policy loan d) Pay all past due premiums 39 Which of the following terms refers to the transfer of some or all of the ownership rights of a life insurance policy from one individual to another? a) Nonforfeiture b) Endorsement c) Transfer for value d) Assignment 40 P wants to name her husband as the beneficiary of her life policy. However, she wishes to retain all of the rights of ownership. P should have her husband named as the: a) Irrevocable beneficiary b) Revocable beneficiary c) Secondary beneficiary d) Tertiary beneficiary 41 Which of the following policy provisions states that the application is part of the policy? a) Entire contract b) Ownership clause c) Nonforfeiture option d) Assignment clause 42 A payor benefit provides which of the following benefits? a) A disability income benefit payable to the payor if the payor becomes disabled