Final answer:
The correct term for the policy provision allowing an employee to switch from group life insurance to an individual policy is the Conversion provision. Furthermore, the individual mandate of the 2010 U.S. healthcare reform required everyone to have insurance or face a penalty. Employment-based insurance and direct-purchase insurance are two main categories of private insurance, with the former generally being more cost-effective.
Step-by-step explanation:
The policy provision that permits an employee to change from group life insurance to an individual policy is known as the Conversion provision. This option allows employees to maintain life insurance coverage after leaving their job, or when group coverage is otherwise terminated, without having to provide evidence of insurability.
The conversion provision ensures continuity of coverage, which is especially important for those who may have health issues that would make it difficult to obtain new life insurance coverage.
As for the question related to the 2010 U.S. healthcare reform, the individual mandate provision (question 15) required everyone to have insurance or pay a penalty.
This was implemented to ensure that individuals would take responsibility for their healthcare expenses and to decrease the number of uninsured citizens, thus trying to spread the risk among a larger pool and control healthcare costs.
While discussing the different types of private insurance, it's important to note that employment-based insurance differs significantly from direct-purchase insurance.
Employment-based insurance is typically provided at least in part by an employer or union, often offering better rates due to the larger pool of insured individuals.
On the other hand, direct-purchase insurance is obtained by individuals on their own from a private company, usually at a higher cost as compared to group policies.