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WorksheetsAD Banker Retention Questions Ch 6
Total questions: 8
Worksheet time: 5mins
In a group life insurance plan, the employee has control over which of the following?
Choice of insurance company
Type of policy
Choice of beneficiary
Mode of premium payments
The Master Policy for a group life plan goes to the employer. What does the employee receive?
Certificate of Insurance
Change of beneficiary form
Copy of the Master Policy
Claim form package
When a group insurance plan is identified as contributory, it means all of the following EXCEPT:
Employees pay a portion of the cost of their benefit
Employers must enroll 100% of eligible employees
Employees must be eligible to participate
Employers are responsible for collecting the premiums employees pay
In a credit life plan, who is the beneficiary?
The wife of the insured
The husband of the insured
The children of the insured
The creditor
Industrial life insurance is typically sold in face amounts of? *
$1,000 or less
$5,000 multiples
$10,000 to $20,000
Up to $50,000
One of the purposes of a Buy-Sell Agreement is which of these?
To provide the business with funds in the event of the death of a key person who is not an owner
It describes which relatives of a business owner have the right to purchase that person's interest in the business
It acknowledges the commitments of the partners to each other and to their heirs to assure the continuation of the business in the event one of them dies unexpectedly
It describes the conditions that will force a sale of the business, as well as the requirements to be met if the business wants to buy the assets of a competitor
A primary purpose of key person life insurance is to do which of these?
Provide the family of the deceased employee with up to ten years of the employee's lost future income
Provide the business with money to recruit and train a replacement employee
Provide the business with money to pay vested retirement benefits to the heirs of the employee as a lump sum
Protect the business against the death of any employee earning at least $50,000 per year
In order for a worker to be qualified for all benefits available from Social Security how many credits must be earned?
30 credits
6 credits in the last 13 quarters
1 credit for each year of work between age 20 and 40
40 credits
