J owns a business and has a group life policy covering her employees. j decides to cancel the policy by letting it lapse on the renewal date. what action must be taken?

Question

Business

Taylor Hurst

25 March, 09:29

J owns a business and has a group life policy covering her employees. j decides to cancel the policy by letting it lapse on the renewal date. what action must be taken?

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Answers (2)

Know the Answer?

Gianna Little · Answer 1

All of the employees must be notified of the cancellation either by the insurance company or through J. An insurer must notify each certificate holder (employee) when the master policy has expired or is being cancelled. The insurer may take such action through the policyholder (employer).

Kaylen Friedman · Answer 2

The answer is explained below.

Explanation:

If J has a group of life policy covering her employees but decides to cancel it by letting it lapse on the renewal date, an insurer must notify each certificate holder (employee) when the master policy has expired or is being cancelled. The insurer may take such action through the policyholder (employer.)