Benefits Training Day 5
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!
- 1.Please refer to the "Exercise for Mastery Homework" Word Doc in the Day 1 folder in Box for directions on completing the homework assignment. All screen shots should be attached to that Word doc and turned in at the very end of the 2 week training period.https://infinisource.box.com/s/ekngnn4qkp2ubrd2dv9h
- 2.Life insurance given to you by the company is called:
- A.
Group Term Life
- B.
Company Paid Life
- C.
Basic Life
- D.
All of the above.
- 3.Group Term Life is what iSolved uses to refer to:
- A.
Taxable benefit on any amount of Basic Life insurance above 50k.
- B.
Any company paid life insurance.
- C.
The EEs in a group or class.
- D.
None of the above.
- 4.Basic Life and AD&D:
- A.
Is always combined into one plan in iSolved.
- B.
Is always kept as two separate plans.
- C.
Set up of either combined or separate plans is determined by the customer.
- D.
All of the above.
- 5.Except for Grandfathered plans or very unique situations,
- A.
All employees will get both Basic Life and AD&D plans.
- B.
AD&D is tied to Basic Life in both enrollment and coverage level.
- C.
Basic Life and AD&D are each stand-alone plans.
- D.
There is only one coverage amount and one coverage maximum for all EEs.
- 6.Which of the following is false about Basic Life?
- A.
There is no Guarantee Issue applied.
- B.
It almost always 100% ER paid.
- C.
It can only be a flat amount.
- D.
It is very common to have Age Reduction Rules.
- 7.Which of these Max Coverages is not an option for the AD&D plan:
- A.
100% of EE Vol Life Plan
- B.
Per pay period amount of $500.00
- C.
$500,000.00
- D.
Annual Salary times 5
- 8.You would change the rounding rule for GTL:
- A.
On the Earnings Code
- B.
On the Deduction Code
- C.
On the Benefit Type
- D.
You cannot change the rounding rule. It is set.
- 9.Which of the following is not a series of coverages you can set up with one single Vol CH Plan:
- A.
2k, 4k, 6k and 8k
- B.
5k and 10k
- C.
1k, 2k and 3k
- D.
1k, 2k, 4k, 5k and 10k
- 10.Vol Life plans:
- A.
Almost always have a GI.
- B.
Do not have age reduction rules since the Basic Life plan does.
- C.
Only use default coverage amounts
- D.
Cannot be waived
- 11.Which of the following is not true about Classes in Life plans:
- A.
They separate groups of people with different Coverage Maximums
- B.
They separate groups of people with different Default Coverages
- C.
They are the time spent with your broker to learn about the plan.
- D.
They are most easily tracked and used when set up in the Org Structure of the company.
- 12.Life plans with a coverage code that contains dependents cannot be set up in which of the following ways.
- A.
EE Tobacco Use, EE Gender and EE Age
- B.
Dependent Tobacco Use, EE Gender and Dependent Age
- C.
EE Tobacco Use and Dependent Age
- D.
EE Tobacco Use, Dependent Tobacco Use and Age
- 13.On the Insurance Rates tab, you will only ever use the Company Provided Ins section or the Supplemental Life Ins section, but never both at the same time.
- A.
True
- B.
False
- 14.If a bi-weekly customer only wants to run GTL on the 1st and 2nd payrolls of the month, you would change the Schedule Frequency on the earnings code.
- A.
True
- B.
False
- 15.Supp AD&D can be waived if desired.
- A.
True
- B.
False
- 16.Basic AD&D can be waived if desired.
- A.
True
- B.
False
- 17.Supp and/or Basic AD&D can be purchased alone.
- A.
True
- B.
False
- 18.GTL is not connected to Basic Life in iSolved so they must be entered separately.
- A.
True
- B.
False
- 19.If you want the EE to be a Primary beneficiary on the SP Plan, you must list him/her as a contact on his/her own account with the relationship set as other.
- A.
True
- B.
False
- 20.What should you do to determine whether an Ancillary Benefit should be built as a benefit plan, rather than as a straight deduction:
- A.
Check to see what carrier the benefit plan is with
- B.
Look at the plan document/rate table
- C.
Ask the customer how employees enroll in the plan during open enrollment
- D.
None of the above. We don’t build these at all
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