Final answer:
Individual underwriting is not a characteristic of a Group Life Insurance Plan; such plans typically feature group underwriting, a master contract, and possibly a probationary period.
Step-by-step explanation:
The question pertains to the characteristics of a Group Life Insurance Plan. Within such a plan, a common feature is group underwriting, where the insurance risk is assessed for the entire group rather than individuals.
Additionally, there is typically a master contract that outlines the terms for the entire group. A probationary period might also be in place, which is a specified time during which new group members may not be covered or receive full benefits.
One feature that is not characteristic of group plans is c) Individual underwriting, which refers to the assessment of insurance risks based on individual factors rather than that of the group as a whole.
In terms of calculating actuarially fair premiums, this would differ if underwriting on an individual basis as compared to a group without knowledge of family cancer histories, likely resulting in higher premiums for the latter due to a higher degree of uncertainty and risk spread across the entire group.