Excel Solutions Chapter 8 Exam- Social Security

The period in which there are no Social Security benefits for the surviving spouse is called the? Blackout period Elimination period Ineligible period Dependency period

Blackout Period (The blackout period begins when the youngest child turns 16 and continues until the spouse reaches age 60, at the earliest. If there are no eligible children with the surviving spouse when the breadwinner dies, the blackout period starts immediately.)

How long must an individual be unable to engage in any gainful activity due to physical or mental disability in order to qualify for Social Security Total Disability? 3 months 6 months 12 months 18 months

12 months (To qualify, the disability must be expected to last, or have lasted, at least 12 months, or it must be expected to result in death)

An insured's status under Social Security can be described as? Partially insured actively insured Fully insured Completely insured

Fully Insured (There are two types of insured statuses that qualify individuals for Social Security benefits: fully insured and currently insured. Most Social Security benefits are paid to fully insured individuals)

How does one qualify as a fully-insured individual under Social Security disability coverage? Individual has been credited with the appropriate number of quarters of coverage Individual is currently covered under Medicaid Individual is expected to be disabled for 5 months Individual is currently employed

Individual has been credited with the appropriate number of quarters of coverage (40 total quarters of employment to be eligible for social security)

All of the following statements describe the purpose of Social Security EXCEPT? It provides a source of income for a meaningful standard of living during retirement It provides basic protection against financial problems accompanying death, disability, or retirement It augments a sound personal insurance plan It provides retirement and survivor benefits to a worker and the worker's family

It provides a source of income for a meaningful standard of living during retirement (Social Security enhances, but does not replace, a sound personal insurance plan)