Chapter 9: Group Life Insurance, Retirement Plans, and Social Security Disability Program
An insured becomes disabled at age 22 and can no longer word. She meets the definition of total disability under Social Security. What other requirements must the insured have met to receive Social Security disability benefits?
Have accumulated 6 work credits in the past 3 years.
Which of the following is an eligibility requirement for all Social Security Disability Income benefits?
Have attained fully insured status.
What type of life insurance is most commonly used for group plans?
Annually renewable term.
Which of the following is TRUE of a qualified plan?
It has a tax benefit for both employer and employee.
In a group life insurance policy, the employer may select all of the following EXCEPT
The beneficiary.
According to California law, all of the following may be covered as dependents under group life insurance EXCEPT
The insured's elderly parents living with the insured.
An employee quits his job on May 15 and doesn't convert his Group Life policy to an individual policy for 2 weeks. He dies in a freak accident on June 1. Which of the following statements best describes what will happen?
The insurer will pay the full death benefit from the group policy to the beneficiary.
All of the following are general requirements of a qualified plan EXCEPT
The plan must provide an offset for social security benefits.
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 employees insured under a group life plan would be allowed to convert to individual insurance of the same coverage once the plan is terminated?
Those who have been insured under the plan for at least 5 years.
Social Security was created to provide all of the following benefits EXCEPT
Unemployment Income.