GROUP LIFE INSURANCE, RETIREMENT PLANS, SOCIAL SECURITY DISABILITY PROGRAM
what is the number of credits required for fully insured status for social security disability benefits?
40 the term "fully insured" refers to someone who has earned 4o quarters of coverage (10 years of work times 4 maximum annual credits).
in order to qualify for conversion from a group life policy that has been terminated to an individual policy of the same coverage, a person must have been insured under the group plan for how many years?
5 years if the master contract is terminated, every individual who is on the plan for at least five years will be allowed to convert to individual insurance of the same coverage
who is a third party owner?
A policyowner who is not the insured but has a legally enforceable right under it
Employer contributions made to a qualified plan
Are subject to vesting requirements. Qualified plans must have a vesting requirement.
If an insured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is
fully insured
An insured becomes disabled at age 22 and can no longer work. She meets the definition of total disability under Social Security. What other requirement must the insured have met to receive Social Security disability benefits?
have accumulated 6 work credits in the past 3 years the requirement varies by age persons disabled before the age of 24 can qualify for social security with only 6 work credits earned in 3 years prior
which of the following insurance arrangements will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner?
third party ownership contracts that are owned by someone other than the insured are known as third party ownerships. most are involving minors
which of the following is NOT a factor in determining qualifications for social security disability benefits?
workers occupation occupation is not a factor so as long as the worker has earned the required amount of work credits
An employee quits his job and converts his group policy to an individual policy; the premium for the individual policy will be based on his
D. Attained age If an employee terminates membership in the insured group, the employee has the right to convert to an individual whole life policy without proving insurability. The insurer will determine what type(s) of policy an employee may convert to, but it must be issued at a standard rate, based on the individual's attained age.
all of the following are general requirements of a qualified plan EXCEPT
The plan must provide an offset for social security benefits plans must meet the general requirements established by the IRS
all of the following could own group life insurance except
a group needing low cost life insurance
all of the following are requirements for eligibility for social security disability income benefits except
being age 65 worked 10 years of work eligability waiting period is 5 months
