Qualified and other retirement plans, group life insurance and social security
A fully insured individual under the Social Security system has how many quarters of contribution credit?
Fully insured means a FICA contribution of at least 40 quarters
What is the name for the medical issues that exist prior to policy issuance that may not be covered by a new policy?
Preexisting conditions
What is the rating method that increases premiums by increasing the age classification of the insured?
The step-up-in-age rating method
Explain the principal sum
The death benefit provided on an AD&D policy
The _____________ the deductible amount, the less expensive the medical policy
higher
In group life insurance, premiums paid for death benefits over $_________ are taxed as ordinary income to employees.
50000
The rider which allows for additional coverage without being required to take a medical exam
Name some items that effect policy premium
Age, gender, health, occupation, hobbies, habits, family health, and travel outside of country
The rider that gives benefits until the disabled is eligible for SS benefits is called the _____________________ Rider.
SS Supplement Benefit
The Family and Medical Leave Act applies if an employer employs ___ or more employees within ___ miles of the worksite.
50, 75
What is a bad risk or selection called?
Adverse selection
What type of A&H policy is designed to provide income to an insured?
Disability income
The date listed on a receipt will always be a date that is _______ than the policy issue date.
earlier
The exclusion from coverage of a particular illness or injury may be done using an ____________ rider.
impairment
Describe community rating
Using the claim experience of all local subscribers to determine premiums
In what form must IRA contributions be made?
In cash
What provision states that the amount of disability coverage allowed is directly related to a person’s income?
The Relation of Earnings to Insurance provision
What is the purpose of the MIB?
To compare collected health information in order to avoid adverse selection
What is the standard disability definition?
A person’s inability to perform her normal duties or occupation
COBRA law allows a former employer to charge a past employee ____% of premiums paid for medical benefit coverage.
102
A rollover of qualified plan money from one account to another must be completed within _____ days of withdrawal.
60
Which health care program provides medical benefits for members and dependents of the military?
Tricare
When should an agent review the possibility of a various background checks such as credit, MIB, or HIV?
At time of original application
Worker’s Compensation is _______________, employer-sponsored coverage
mandatory
Per HIPAA, if there has been no lapse of coverage for ___+ days, previous coverage may be applied against the new plan
63