Group Life Insurance, Retirement Plans, and Social Security Disability Program - Quiz

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 limiting age for dependent children of the insured employee in a group life plan (other than disabled children)?

26

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

40 credits

How many quarters of coverage are required for fully-insured status under the Social Security Disability Program?

40 quarters of coverage

The minimum number of credits required for partially insured status for Social Security disability benefits is

6 credits

If a retirement plan or annuity is "qualified", this means

it is approved by the IRS

What type of plans are approved by the IRS and designed for the exclusive benefit of the employees?

qualified plans

In group life insurance, who receives the master contract?

the employer

All of the following are examples of third-party ownership of a life insurance policy EXCEPT

An insured borrows money from the bank and makes a collateral assignment of a part of the death benefit to secure the loan

Social security benefits are available for a surviving spouse until the youngest child reaches age 16. Benefits are again available for the spouse after reaching age 60. What is the time period called during which the surviving spouse does not receive benefits?

Black-out period

What is the official name for the Social Security program?

Old Age Survivors Disability Insurance

An employee is insured under her employer's group life plan. If she terminates her group coverage, which of the following statements is INCORRECT?

The insured may choose to convert to term of permanent individual coverage

An employee quits his job on 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

For a retirement plan to be qualified, it must be designed for the benefit of

employees