Life Insurance - Chapter 9: Group Life Insurance, Retirement Plans, and Social Security Disability Program

अब Quizwiz के साथ अपने होमवर्क और परीक्षाओं को एस करें!

To attain currently insured status under Social Security, a worker must have earned at least how many credits during the last 13 quarters?

6 credits

How much participation is needed for contributory plans?

75%, employee helps pay premiums

In a group life insurance policy, the employer may select all of the following except

The beneficiary

According to California law, who is not covered as dependents under group life insurance

The insured's elderly parents living with the insured

What is not considered when underwriting group insurance?

The insured's medical history

What's not an example of third-party ownership of a life insurance policy?

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

After being hired to deliver newspapers, a man is provided with $10,000 of life insurance by the newspaper. He would be covered under which kind of life insurance?

Blanket life

Selection of coverage in employee benefits plans refers to

Employee choosing benefits

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

What happens when an employee dies with the 31 day period of the conversion period?

The insurer must pay the death benefit under the former group coverage

All of the statements are true concerning Debtor Groups

-The debtors eligible for insurance under the policy shall all be the debtors of the creditors -The premium for the policy shall be paid either from the creditor's funds, or from charges collected from the insured debtors, or from both -An insurer may exclude any debtors as to whom evidence of individual insurability is not satisfactory to the insurer

An employee is insured under her employer's group life plan. If she terminates her group coverage, what can she do?

-The insured would not need to prove insurability for a conversion policy -The insured may convert coverage to an individual policy within 31 days -The premium for individual coverage will be based upon the insured's attained age -Insurer determines the type of coverage for insured, usually permanent insurance

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

Fully insured

What is the official name for the Social Security Program?

Old Age Survivors Disability Insurance (OASDI)

These are characteristics of a group life insurance plan

-Minimum number of participants is required in order to underwrite the plan -The cost of the plan is determined by the average age of the group -No need for group to prove insurability -the participants receive a certificate of insurance as their proof of insurance

These are factors in determining qualifications for Social Security disability benefits

-Worker's age -Number of work credits earned -Worker's PIA

All of the benefits available under Social Security are

-Old age and retirement benefits -Disability benefits -Death benefits -NOT welfare benefits

How much participation is needed for non-contributory plans?

100%, employee doesn't need to pay premiums

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?

Blackout period

All of the following could own group life insurance except a. alumni group b. debtor group c. a group needing low-cost life insurance d. group sponsored by an employer

C

For a retirement plan to be qualified, it must be designed for whose benefit?

Employees

Who is eligible requirement for all Social Security Disability Income benefits?

Have attained fully insured status


संबंधित स्टडी सेट्स

Information Systems Final Exam Study Guide (Textbook Material)

View Set

PN 2006 pre lec/quizzes/midterm review

View Set

Ancient China Neolithic-to-Xia-Shang-Zhou-Qin

View Set

Public Speaking 1315 Final Review Chapters 8-13

View Set

lesson 1.2 elements, compounds, and Mixtures

View Set

0D Chinese Internal Medicine 2 Theory Epigastric Pain

View Set

Social Midterm--Stereotypes, Prejudice, and Discrimination

View Set

Chapter 4: Managing Market Information

View Set

ASTRO WK 5 mastering astronomy chp 18

View Set