100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Life Insurance - Disability Insurance Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed $9.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. Life Insurance
  4.  
  5. Life Insurance

Exam (elaborations)

Life Insurance - Disability Insurance Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed
 4 views  0 purchase
  • Course
  • Life Insurance
  • Institution
  • Life Insurance

The more hazardous an occupation is -:- The higher the insurance premiums will be. Presumptive disability -:- A provision that is found in most disability income policies that specifies conditions that will automatically qualify the insured for full disability benefits, such as the loss of...

[Show more]

Preview 3 out of 17  pages

Document information

  • September 6, 2024
  • 17
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • life insurance disability insurance questions
  • the more hazardous an occupation is the high

Written for

  • Life Insurance
  • Life Insurance

Seller

avatar-seller
TestTrackers

Reviews received

Content preview

2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!



Life Insurance - Disability Insurance
Questions & 100% Correct Answers- Latest
Test | Graded A+ | Passed
The more hazardous an occupation is


✓ -:- The higher the insurance premiums will be.




Presumptive disability


✓ -:- A provision that is found in most disability income policies that specifies

conditions that will automatically qualify the insured for full disability benefits, such

as the loss of two limbs.




Insurance that would pay for hiring a replacement for an important employee who becomes

disabled is called


✓ -:- Key employee disability insurance.




The business is the contract holder and would receive benefits if a specified key employee

became disabled.




In disability income insurance, the own occupation definition of disability applies




1|Page | Grade A+| 2024/2025

,2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!

✓ -:- For the first 2 years of a disability.




How is the amount of Social Security disability benefits calculated?


✓ -:- It is based upon the worker's Primary Insurance Amount (PIA), which is

calculated from their Average Indexed Monthly Earnings over their highest 35 years.




The lowest 5 years of income may be deleted from calculation.




An insured wants to buy a disability income policy that pays a maximum monthly benefit of

$1,200. To make sure that the disability benefit keeps up with inflation, the insured would

need to add


✓ -:- A cost of living rider.




Harry is recovering from a long period of disability. Which rider could protect his business

from loss of income due to his absence, even after he is no longer disabled?


✓ -:- Residual rider




Residual riders provide benefits for loss of income that occurs after an insured recovers

from a period of disability.


2|Page | Grade A+| 2024/2025

, 2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!




Although the insured is no longer disabled, the business suffered because of his or her

absence.




This rider would help protect against that loss of income.




Benefit periods for individual short-term disability policies will usually continue from


✓ -:- 6 months to 2 years.




Short-term disability is defined as a disability lasting not more than 2 years.




Under what condition are group disability income benefits received by an employee NOT

taxable as income?


✓ -:- When the benefits received are equal or less than the employee's percentage of

the contribution.




The rider that may be added to a Disability Income policy that allows for an increase in the

benefit amount under certain conditions is called


✓ -:- Cost of Living (COLA).



3|Page | Grade A+| 2024/2025

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller TestTrackers. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $9.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

52355 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$9.99
  • (0)
Add to cart
Added