All of the following are true of a Multiple Employer Trust $($MET$)$ EXCEPT

The trusts are formed by insurers, agents, brokers, or third$-$party administrators called sponsors.

The sponsor develops the plan, sets the underwriting rules, and administers it$.$

The employee has a right of conversion upon leaving the group coverage.

METs allow small employers an opportunity to band together and purchase insurance at a lower group rate.

All of the following are true of a Multiple Employer Trust $($MET$)$ EXCEPT

The trusts are formed by insurers, agents, brokers, or third$-$party administrators called sponsors.

The sponsor develops the plan, sets the underwriting rules, and administers it$.$

The employee has a right of conversion upon leaving the group coverage.

METs allow small employers an opportunity to band together and purchase insurance at a lower group rate.