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

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

40 credits

What is the required number of participants in a contributory group plan?

75%

When employees are covered by group insurance, they receive what?

A certificate of insurance

Who is a third party owner?

A policy owner who is not insured

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

Selection of coverage in employee benefits plans refers to what?

Employee choosing benefits

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

Employees

Which of the following is TRUE of a qualified plan?

It has a tax benefit for both employer and employee

What is the official name for the Social Security program?

Old Age Survivors Disability Insurance

What is NOT true concerning Debtor groups?

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

What is NOT generally considered when underwriting group insurance?

The insureds medical history

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 policyowner?

Third party ownership

What is NOT a factor in determining qualifications for Social Security benefits?

Workers Occupation

Group life insurance is a single policy written to provide coverage to members of a group. What statement describes group life accurately?

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 works credits must he/she have earned to receive benefits?

12 credits

Within how many days of termination of employment must an employer give notice of the employees right to convert the group policy to an individual policy?

15 days

In order to qualify for conversion from a group life policy to an individual policy of the same coverage, a person must have been insured under the group plan for how many years?

5 years

What is the minimum number of credits required for partially insured status for Social Security benefits?

6

Who cannot own group life insurance?

A group needing low cost life insurance

An employee quits his job and converts his group policy to an individual policy; the premium for the individual policy will be based on what?

His Attained age

Which of the following is incorrect concerning a noncontributory group plan?

The employees receive individual policies

Which benefit is NOT available under Social Security?

Welfare Benefits

Sarah becomes disabled at 22 and can no longer work. She meets the definition of total disability under Social Security. What other requirements must Sarah have met to receive Social Security disabilty benefits?

She must have accumulated 6 work credits in the past 3 years

What percentage of a company's employees must take part in a noncontributory group life plan?

100%

In a group life insurance policy, the employer cannot select what?

The beneficiary

What is not a general requirement of a qualified plan?

The plan must provide an offset for social security benefits

What is NOT an example of third party ownership?

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

Finish this sentence- Employer contributions made to a qualified plan...

Are subject to vesting requirements

An association could buy group insurance for its members if it meets what 4 requirements?

Holds annual meetings; Is contributory; Has a constitution and by-laws; Must have 100 members

An employee is insured under her employers group life plan. If she terminates her group coverage, which of the following statements would be INCORRECT?

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


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