CPCU 553 Final Test Questions with Correct Answers

CPCU 553 Final Test Questions with Correct Answers According to the National Safety Council, what percentage of disabling accidents and illnesses are work-related? Select one: A. Fewer than one-half of Social Security Disability Insurance claims are approved. B. About 4 percent of Americans are disabled. C. The average benefit paid by Social Security Disability Insurance is almost $3,000 per month. D. Only about five percent of Americans entering the work force today will become disabled before they retire. - Answer- A. Fewer than one-half of Social Security Disability Insurance claims are approved. A disability income policy has a rider that increases the monthly benefit amount by 4 percent for each of the first five years the policy is in force, if benefits have not yet begun. This is an example of which one of the following types of riders? Select one: A. Cost of living adjustment B. Automatic increase C. Guaranteed insurability D. Future increase option - Answer- B. Automatic increase Which one of the following statements about most group long-term disability income insurance plans is true? A. They have a coordination-of-benefits provision that defines how disability income benefits from programs such as Social Security will affect benefits under the group plan. B. They use an "any occupation" definition of disability for an initial period, and then change to an "own occupation" definition of disability. C. They replace 100 percent of lost income. D. They have a waiting period of at least two years. - Answer- A. They have a coordination-of-benefits provision that defines how disability income benefits from programs such as Social Security will affect benefits under the group plan.