Life Insurance 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!
True
False
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Taxable benefit on any amount of Basic Life insurance above 50k.
Any company paid life insurance.
The EEs in a group or class.
None of the above.
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Is always combined into one plan in iSolved.
Is always kept as two separate plans.
Set up of either combined or separate plans is determined by the customer.
All of the above.
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True
False
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Group Term Life
Company Paid Life
Basic Life
All of the above.
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On the Earnings Code
On the Deduction Code
On the Benefit Type
You cannot change the rounding rule. It is set.
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True
False
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100% of EE Vol Life Plan
Per pay period amount of $500.00
$500,000.00
Annual Salary times 5
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Almost always have a GI.
Do not have age reduction rules since the Basic Life plan does.
Only use default coverage amounts
Cannot be waived
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They separate groups of people with different Coverage Maximums
They separate groups of people with different Default Coverages
They are the time spent with your broker to learn about the plan.
They are most easily tracked and used when set up in the Org Structure of the company.
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EE Tobacco Use, EE Gender and EE Age
Dependent Tobacco Use, EE Gender and Dependent Age
EE Tobacco Use and Dependent Age
EE Tobacco Use, Dependent Tobacco Use and Age
True
False
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Check to see what carrier the benefit plan is with
Look at the plan document/rate table
Ask the customer how employees enroll in the plan during open enrollment
None of the above. We don’t build these at all
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All employees will get both Basic Life and AD&D plans.
AD&D is tied to Basic Life in both enrollment and coverage level.
Basic Life and AD&D are each stand-alone plans.
There is only one coverage amount and one coverage maximum for all EEs.
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True
False
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True
False
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There is no Guarantee Issue applied.
It almost always 100% ER paid.
It can only be a flat amount.
It is very common to have Age Reduction Rules.
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True
False
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