PRimerica (group life insurance, retirement plans and social security disability program)

Group life insurance is a single policy written to provide coverage to members of a group. Which of the following statements concerning group life is CORRECT?

100% participation of members is required in noncontributory plans.

If a person is disabled at age 27 and meets Social Security's definition of total disability, how many work credits must he/she have earned to receive benefits?

12 credits

What is the number of credits required for fully insured status for Social Security disability benefits?

40

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

Attained age.

In terms of Social Security, what is the interval spanning between the day when the youngest child of a family turns 16 and before the surviving spouse turns age 60 called?

Blackout Period

Selection of coverage in employee benefits plans refers to

Employee choosing benefits.

If an insured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is

Fully insured.

All of the following statements are TRUE concerning Debtor Groups EXCEPT

The amount of insurance on the life of any debtor may exceed the greater of the scheduled or actual amount of unpaid indebtedness to the creditor.

Which of the following are generally NOT considered when underwriting group insurance?

The insureds' medical history

A group of 15 skydivers met at a seminar and began talking about life insurance during a break. Because it was expensive to get individual life insurance, they decided to band together to form a small group so that they could qualify for group life insurance. After they applied for group life insurance, they were rejected. Why?

The purpose of the group was to purchase life insurance.

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 policy owner?

Third-party ownership

All of the following benefits are available under Social Security EXCEPT

Welfare benefits.