Quiz Yourself Home ••• Quiz Yourself 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 Full Name * Phone Number * Email * Subject Address Message Captcha SUBMIT If you are human, leave this field blank. Δ
