Benefits Training Day 5
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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
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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 See moresystem while taking the test. Read carefully. In order to obtain your certification, you must score a passing score of 75 percent. Good Luck!
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- 2.
Life insurance given to you by the company is called:
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Group Term Life
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Company Paid Life
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Basic Life
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All of the above.
Correct Answer
A. All of the above.Explanation
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.Rate this question:
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- 3.
Group Term Life is what iSolved uses to refer to:
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Taxable benefit on any amount of Basic Life insurance above 50k.
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Any company paid life insurance.
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The EEs in a group or class.
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None of the above.
Correct Answer
A. Taxable benefit on any amount of Basic Life insurance above 50k.Explanation
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.Rate this question:
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- 4.
Basic Life and AD&D:
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Is always combined into one plan in iSolved.
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Is always kept as two separate plans.
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Set up of either combined or separate plans is determined by the customer.
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All of the above.
Correct Answer
A. Set up of either combined or separate plans is determined by the customer.Explanation
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.Rate this question:
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- 5.
Except for Grandfathered plans or very unique situations,
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All employees will get both Basic Life and AD&D plans.
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AD&D is tied to Basic Life in both enrollment and coverage level.
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Basic Life and AD&D are each stand-alone plans.
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There is only one coverage amount and one coverage maximum for all EEs.
Correct Answer
A. AD&D is tied to Basic Life in both enrollment and coverage level.Explanation
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.Rate this question:
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- 6.
Which of the following is false about Basic Life?
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There is no Guarantee Issue applied.
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It almost always 100% ER paid.
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It can only be a flat amount.
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It is very common to have Age Reduction Rules.
Correct Answer
A. It can only be a flat amount.Explanation
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.Rate this question:
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- 7.
Which of these Max Coverages is not an option for the AD&D plan:
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100% of EE Vol Life Plan
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Per pay period amount of $500.00
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$500,000.00
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Annual Salary times 5
Correct Answer
A. Per pay period amount of $500.00Explanation
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.Rate this question:
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- 8.
You would change the rounding rule for GTL:
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On the Earnings Code
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On the Deduction Code
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On the Benefit Type
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You cannot change the rounding rule. It is set.
Correct Answer
A. On the Benefit TypeExplanation
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.Rate this question:
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- 9.
Which of the following is not a series of coverages you can set up with one single Vol CH Plan:
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2k, 4k, 6k and 8k
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5k and 10k
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1k, 2k and 3k
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1k, 2k, 4k, 5k and 10k
Correct Answer
A. 1k, 2k, 4k, 5k and 10k -
- 10.
Vol Life plans:
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Almost always have a GI.
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Do not have age reduction rules since the Basic Life plan does.
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Only use default coverage amounts
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Cannot be waived
Correct Answer
A. Almost always have a GI.Explanation
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.Rate this question:
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- 11.
Which of the following is not true about Classes in Life plans:
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They separate groups of people with different Coverage Maximums
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They separate groups of people with different Default Coverages
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They are the time spent with your broker to learn about the plan.
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They are most easily tracked and used when set up in the Org Structure of the company.
Correct Answer
A. They are the time spent with your broker to learn about the plan.Explanation
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.Rate this question:
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- 12.
Life plans with a coverage code that contains dependents cannot be set up in which of the following ways.
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EE Tobacco Use, EE Gender and EE Age
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Dependent Tobacco Use, EE Gender and Dependent Age
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EE Tobacco Use and Dependent Age
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EE Tobacco Use, Dependent Tobacco Use and Age
Correct Answer
A. 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.
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True
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False
Correct Answer
A. TrueExplanation
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.Rate this question:
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- 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.
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True
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False
Correct Answer
A. FalseExplanation
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.Rate this question:
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- 15.
Supp AD&D can be waived if desired.
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True
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False
Correct Answer
A. TrueExplanation
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.Rate this question:
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- 16.
Basic AD&D can be waived if desired.
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True
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False
Correct Answer
A. FalseExplanation
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.Rate this question:
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- 17.
Supp and/or Basic AD&D can be purchased alone.
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True
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False
Correct Answer
A. FalseExplanation
Supp and/or Basic AD&D cannot be purchased alone.Rate this question:
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- 18.
GTL is not connected to Basic Life in iSolved so they must be entered separately.
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True
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False
Correct Answer
A. TrueExplanation
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.Rate this question:
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- 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.
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True
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False
Correct Answer
A. TrueExplanation
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.Rate this question:
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- 20.
What should you do to determine whether an Ancillary Benefit should be built as a benefit plan, rather than as a straight deduction:
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Check to see what carrier the benefit plan is with
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Look at the plan document/rate table
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Ask the customer how employees enroll in the plan during open enrollment
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None of the above. We don’t build these at all
Correct Answer
A. Ask the customer how employees enroll in the plan during open enrollmentExplanation
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.Rate this question:
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Quiz Review Timeline (Updated): Mar 21, 2023 +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Mar 21, 2023Quiz Edited by
ProProfs Editorial Team -
Dec 11, 2014Quiz Created by
Joan Olejniczak
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