Contributory plan Study guides, Class notes & Summaries

Any of the following transactions will be subject to federal income tax consequences in a modified endowment contract (MEC), EXCEPT: Select one: a. Policy loans b. Policy withdrawals c. Partial withdrawals d. Death proceeds - ANSWER Death proceeds Death benefits are the only payment not affected by the federal law regarding modified endowment contracts. What are the rules for genetic testing and health insurance? Select one: a. Genetic testing can never be used for any reason. b. G...

Q 20.1: Which of the following explains the difference between a contributory pension plan and a noncontributory pension plan? A : In contributory plans, employees bear part of the cost of stated benefits or voluntarily make payments to the plan, whereas the costs of noncontributory plans are borne by the employER. B : In a contributory plan contributions are made, but in a noncontributory plan no contributions are made. C : In contributory plans, employers bear part of the cost of ...

Xcel Final Exam Questions and Answers 100% Pass Typically, Long-Term Disability benefits are coordinated with which benefit plan? Social Security The focus of major medical insurance is providing coverage for medical and hospitalization expenses An insured under a Major Medical expense plan with a zero deductible and 80/20 coinsurance provision files a $1,000 claim. How much of this claim is the insured responsible for? $200 because this policy has a zero deductible, the insure...

NEVADA HEALTH AND LIFE EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS With a contributory Group life Plan, what percentage of employees must particpate? - Precise Answer At least 75% Basic Health Insurance Plans do not have a deductible, so they are know as providing: - Precise Answer "First Dollar" coverage Which of the following is true regarding Vision insurance? - Precise Answer It typically does not cover the cost to replace frames or lenses that are lost or broken. What is the...

PA LIFE, HEALTH AND ACCIDENT FINAL EXAM 2024 WITH 100% ACCURATE SOLUTIONS Which of these factors is NOT taken into consideration when determining the cost of a long-term care policy? - ANSWER ☑☑Personal Income What is the nonforfeiture value of an annuity before annuitization? - ANSWER ☑☑All premiums paid, plus interest, minus any withdrawals and surrender charges In an employer sponsored contributory group disability income plan the employer pays 60% of the premium and each...

A non-contributory plan requires _________ participation of all eligible employees - CORRECT ANSWER- 100% A characteristic of preferred provider organizations (PPOS) would be: - CORRECT ANSWER- Discounted fees for the patient Which of the following areas of state regulation is NOT protected by the saving clause in ERISA? - CORRECT ANSWER- Commerce Additional coverage can be added to a whole Life policy by adding a(n): - CORRECT ANSWER- decreasing term rider What benefit does the payor cl...

Which of these factors is NOT taken into consideration when determining the cost of a long-term care policy? - ANSWER ☑☑Personal Income What is the nonforfeiture value of an annuity before annuitization? - ANSWER ☑☑All premiums paid, plus interest, minus any withdrawals and surrender charges In an employer sponsored contributory group disability income plan the employer pays 60% of the premium and each employee pays 40% of the premium. Any income benefits paid are taxed to the em...

A non-contributory plan requires _________ participation of all eligible employees - Answer-100% A characteristic of preferred provider organizations (PPOS) would be: - Answer-Discounted fees for the patient Which of the following areas of state regulation is NOT protected by the saving clause in ERISA? - Answer-Commerce Additional coverage can be added to a whole Life policy by adding a(n): - Answer-decreasing term rider What benefit does the payor clause on a Juvenile Life policy p...

Typically, Long-Term Disability benefits are coordinated with which benefit plan? - Social Security The focus of major medical insurance is providing coverage for - medical and hospitalization expenses An insured under a Major Medical expense plan with a zero deductible and 80/20 coinsurance provision files a $1,000 claim. How much of this claim is the insured responsible for? - $200 because this policy has a zero deductible, the insures is only responsible for the 20% coinsurance on th...

WFG EXAM QUESTIONS AND ANSWERS 100% PASS Which of the following is true in regard to health insurance issued on a group basis? a. All eligible members must be covered under a "non-contributory" group health plan b. All eligible members must be covered under a "contributory" group health plan c. No less than 50% of the eligible employees must elect to participate in the plan if it is considered a "contributory" plan d. No less than 75% of the eligible employees must elect to participa...