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Quiz Yourself
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Quiz Yourself
If an individual elects to continue his/her group health insurance coverage, which of the following benefits do not have to be part of the continuation package?
The regular medical, surgical, or hospital benefits
Maternity benefits
Coverage for mental illness and/or chemical dependency
Dental, vision, or prescription drug benefits
A return of premium rider?
Pays an additional death benefit equal to the cash value
Pays an additional benefit equal to the premiums paid
Pays the face amount of the policy less the premiums paid in
Enables the insured to receive the premiums paid as a living benefit
Rollovers of an Individual Retirement Account (IRA) are usually limited to?
Once every 60 days
Once every 90 days
Once every 6 months
Once every year
For most persons over age 65, participation in Medicare Part A is ____________; participation in Medicare Part B is ____________.
Optional; Mandatory
Mandatory; Mandatory
Automatic; Optional
Optional; Optional
Who is responsible for filing the Medicare Part B claim?
The Quality Improvement Organization (QIO)
The Doctor
The Patient
The Medicare Administrative Contractor (MAC)
All of the following contribute to the Social Security program except?
The employer
The employee
The Federal Government
The self-employed
Existing insurance that is dropped in order to purchase new insurance is known as?
An illegal act
Conservation
Defamation
Replacement
When purchasing a Pre-Need Insurance Policy through the funeral home what is non-guaranteed on the contract?
Basic Services of the Funeral Director and Staff
Taxes
Casket / Urn (Merchandise Selected at funeral home)
Visitation / Identification of the body
An Insurance Death Benefit paid at time of passing to ones beneficiary(ies) is?
Taxed at the time of payment
Taxed only if you are paid in lump sum payment
Not taxable
Counted as income and taxed on your next Annual Tax Filing
A covered worker’s Social Security Primary Insurance Amount (PIA) is?
An amount equal to the worker’s retirement benefit at age 62
Equal to the person’s full retirement benefit at age 65 or for disability
A fraction used to calculate disability benefits for eligible insureds
Equal to a percentage of the insured’s potential disability or death benefit
A review of Teacher and State Employee’s service retirement calculation is called?
A Guaranteed Benefit Analysis
An Annual Benefit Calculation of Credible Service
A Pension Review
A 401(k) Analysis Calculation
Examples of Tax-Deferred Investments include?
Roth Individual Retirement Account (IRA)
Teacher or State Employee’s Pension
Indexed Universal Life Insurance
Traditional Individual Retirement Account (IRA) and 401(k)
B and D only
All of the Above
The number of adults aged 65 years or older that will require long-term care at some point is estimated to be?
25%
40%
55%
70%
Your heirs will pay tax on any retirement benefit inherited from which of your Investment Accounts?
Roth Individual Retirement Account (IRA)
Roth 401(K) Account
Life Insurance Policy
Traditional IRA and/or Traditional 401(k)
What percentage of all Medicare beneficiaries are enrolled in Medicare Advantage plan?
48% (30.7 million people)
20% (5.4 million people)
75% (70.6 million people)
50% (34 million people)
What two factors are most important when considering when and how you retire?
Cash and Investments
Property and Sale of Assets
Inflation and Taxation
Pensions and Social Security
Trusts are preferable to using a Will alone because they avoid _______________.
An Executor of an Estate
An Estate Plan
Privacy
Probate
The insurer cannot refuse to issue or charge a higher premium in which of the following circumstances?
A person who has had two previous heart attacks
A person who is diabetic
A person who possesses the sickle cell anemia trait
A person who has sickle cell anemia
Which of the following would not usually be subject to income tax as a payout to the beneficiary?
Life Insurance Death Benefit
Annuity Payment
Pension Payment
Traditional Individual Retirement Account (IRA) Payment
What is the legal recommended way to avoid public record of your estate, notification of creditors, and expensive time-consuming transfer of your estate to your beneficiary (ies) at the time of your passing?
Probate Filing with Death Certificate
Written Obituary
Final Will & Testament
Living Trust
Inherited property is _______________, however any gain on the property sold by a beneficiary (ies) is ________________.
Not subject to income tax; Tax-deferred
subject to income tax; Taxed on any gains
Subject to estate taxes; Not subject to taxes ever
Not subject to income tax; Taxed on any gains above inherited value
