Benefits Training Day 5

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Supp AD&D refers to Supplemental Accidental Death and Dismemberment insurance. The statement suggests that this insurance can be waived if the individual does not wish to have it. Therefore, the correct answer is True, indicating that one has the option to waive the Supplemental AD&D insurance if desired.

Group Term Life is the term used by iSolved to describe the taxable benefit that applies to any amount of Basic Life insurance above $50,000. This means that if an employee has Basic Life insurance coverage that exceeds $50,000, the additional amount will be considered as a taxable benefit. This answer clarifies that Group Term Life refers specifically to the taxable aspect of Basic Life insurance coverage above a certain threshold.

The explanation for the given correct answer is that the set up of either combined or separate plans for Basic Life and AD&D is determined by the customer. This means that the customer has the flexibility to choose whether they want to have Basic Life and AD&D combined into one plan or kept as two separate plans. The decision is based on the preferences and needs of the customer.

The statement is true because GTL (Group Term Life) and Basic Life are two separate entities in iSolved. They are not connected or linked together, so they need to be entered separately. This implies that the information and data related to GTL and Basic Life should be entered independently and not combined or merged.

The rounding rule for GTL (Group Term Life) can be changed on the Benefit Type. This means that the rounding rule can be customized or adjusted based on the specific requirements or policies related to GTL. Changing the rounding rule on the Earnings Code or Deduction Code is not possible, as the rounding rule for GTL is specifically linked to the Benefit Type.

The correct answer is "All of the above" because the term "Life insurance given to you by the company" can be referred to as Group Term Life, Company Paid Life, or Basic Life. All three terms essentially mean the same thing, which is life insurance provided by the company to its employees.

The statement is false because if a bi-weekly customer only wants to run GTL on the 1st and 2nd payrolls of the month, you would not change the Schedule Frequency on the earnings code. Instead, you would set up the GTL earnings code with a specific calculation rule that applies only to the 1st and 2nd payrolls of the month.

The AD&D plan does not offer a coverage option of a per pay period amount of $500.00. The other options listed, such as 100% of EE Vol Life Plan, $500,000.00, and Annual Salary times 5, are all valid coverage options for the AD&D plan.

The given answer is correct because it states that Vol Life plans almost always have a GI, which stands for Guaranteed Insurability. This means that the policyholder is guaranteed the option to purchase additional coverage at specific intervals without having to provide evidence of insurability. This is an important feature of Vol Life plans as it allows individuals to increase their coverage as their needs change, without the need for medical underwriting or proving their insurability again.

Classes in Life plans do not refer to the time spent with your broker to learn about the plan. Instead, they are used to separate groups of people with different Coverage Maximums and Default Coverages. These classes are most easily tracked and used when set up in the Org Structure of the company.

To determine whether an Ancillary Benefit should be built as a benefit plan, it is important to ask the customer how employees enroll in the plan during open enrollment. This information will help in understanding the process and requirements for implementing the benefit plan. By knowing how employees enroll, it can be determined whether the Ancillary Benefit should be structured as a benefit plan or as a straight deduction. This step ensures that the benefit plan is designed and implemented in the most appropriate and effective manner.

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The statement suggests that when calculating insurance rates, you will only use either the Company Provided Ins section or the Supplemental Life Ins section, but not both simultaneously. This means that the insurance rates are based on either the insurance coverage provided by the company or the additional coverage obtained by the individual, but never a combination of both.

The statement "Basic AD&D can be waived if desired" is false. Basic AD&D (Accidental Death and Dismemberment) coverage cannot be waived if desired. AD&D coverage is typically provided as an additional benefit to a basic life insurance policy and is designed to provide financial protection in the event of accidental death or dismemberment. It is not optional and is usually included as a standard part of the insurance policy.

Supp and/or Basic AD&D cannot be purchased alone.

The given answer states that AD&D (Accidental Death and Dismemberment) is tied to Basic Life insurance in both enrollment and coverage level. This means that employees who enroll in Basic Life insurance will also automatically be enrolled in AD&D insurance, and the coverage amount for both plans will be the same. This ensures that employees have both life insurance coverage and additional coverage in the event of accidental death or dismemberment.

To make the EE (Employee) a primary beneficiary on the SP (Service Provider) Plan, it is necessary to include him/her as a contact on his/her own account. The relationship between the EE and the account should be set as "other." This ensures that the EE is recognized as a primary beneficiary and receives the associated benefits of the SP Plan. Therefore, the statement is true.

The statement "It can only be a flat amount" is false because Basic Life insurance can be offered as a flat amount or as a multiple of an employee's salary. This means that the coverage amount can vary based on the employee's income.