Benefits Training Day 4
LTD/STD Benefit Plan Setup This certification test contains questions of different formats. The format of the questions include multiple choice; true/false and fill in the blank etc. . . Please remember to chose the best response to each question. You are able to use your notes and participation guide along with the ISolved system while taking the test. Read carefully. In order to obtain your certification, you must score a passing score of 75 percent. Good Luck!
- 1.Please choose the incorrect statement about disability plans:
- A.
Can base covered benefit on incremental choice of the EE.
- B.
They are usually based on salary.
- C.
Disability plans can be age banded or flat rates.
- D.
Must always be 100% ER paid.
- 2.The difference between calculating on Covered Benefit vs. Straight Salary is:
- A.
You do not use a rate multiplier with the Covered Benefit calculation.
- B.
The Straight Salary calculation does not reduce the monthly amount by the Covered Benefit percentage.
- C.
None. There is no difference.
- D.
Simple. Decide yourself which way it should be calculated.
- 3.Although you might be tempted to leave fields blank, you shouldn’t because:
- A.
The client might decide to use eBN or COBRA someday.
- B.
These blank columns will show nothing in a report if pulled.
- C.
Some things won’t calculate if you leave them blank.
- D.
All of the above.
- 4.Cost Bands may use:
- A.
Any combination of Tobacco, Gender and Employee Age options.
- B.
Only the Tobacco or Age options.
- C.
Only the Tobacco or Gender option along with the Age options.
- D.
None of the above.
- 5.In the Company Provided Insurance section on the Insurance Rates Tab, you are provided with multiple options for Salary. How do you know which one to use?
- A.
You need to consider whether or not the client has eBN.
- B.
You need to know when the client sends salary updates to the carrier.
- C.
You use the nifty, handy chart created for you.
- D.
All of the above.
- 6.An LTD or STD Buy up plan:
- A.
Is 100% ER Paid
- B.
Always uses incremental additional coverage.
- C.
Must be a separate plan and have separate Company Benefit Type as the regular LTD or STD plan.
- D.
Must be a separate plan and use the same Company Benefit Type as the regular LTD or STD plan.
- 7.You must use the algebraic formula to increase the max coverage amount if, and only if:
- A.
The plan is calculated on straight salary.
- B.
The stated max is below $5,000.00 for LTD and $500.00 for STD.
- C.
The client is using eBN services.
- D.
The max coverage is not provided to you.
- 8.Which of the following will ALWAYS be used when creating an LTD or STD plan:
- A.
Guaranteed Issue.
- B.
Unit Value
- C.
Additional Amount Increment
- D.
Age Reduction Rules
- 9.The Underwriting section applies to New Hires and the Guaranteed issue section applies to Open Enrollment.
- A.
True
- B.
False
- 10.You can change the Cost Band options, after you have saved, them with no consequences.
- A.
True
- B.
False
- 11.The best reason for leaving the Default EE and ER Monthly rates fields blank when you use cost bands is so you realize cost bands are being used.
- A.
True
- B.
False
- 12.You need to create a special coverage code for LTD and STD plans.
- A.
True
- B.
False
- 13.If the Minimum Coverage amount for the plan is not given, simply use the incremental value or the unit value as the minimum coverage cannot be less than these anyway.
- A.
True
- B.
False
- 14.The usual unit value for LTD is usually set at 100.
- A.
True
- B.
False
- 15.The usual unit value for STD is usually set at 100.
- A.
True
- B.
False
- 16.LTDs are usually based on Monthly Salary/Monthly Covered Benefit.
- A.
True
- B.
False
- 17.STDs are usually based on Monthly Salary/Monthly Covered Benefit.
- A.
True
- B.
False
Questions: 16 | Attempts: 40848 | Last updated: Jun 27, 2016
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