Question 1

Which of the following does not influence the amount of a retiree's Social Security retirement benefits?

Accepted Answer

A)  Amount of covered earnings for each year of included work 
B)  Number of years after a person's 21st birthday until the year before a death, disability, or retirement 
C)  Annual amount of non-wage income over the years calculated in the AIME 
D)  Maximum earnings amount subject to the tax 
A)  Amount of covered earnings for each year of included work 
B)  Number of years after a person's 21st birthday until the year before a death, disability, or retirement 
C)  Annual amount of non-wage income over the years calculated in the AIME 
D)  Maximum earnings amount subject to the tax

Question 2

Suppose that Social Security measures a quarter of coverage earned as $900. Mario works during the June and July only and earns $9,000 of covered wages. How many quarters of coverage does he receive for that year?

Accepted Answer

A)  1 
B)  4 
C)  10 
D)  Up to 10, depending upon whether or not he is self-employed 
A)  1 
B)  4 
C)  10 
D)  Up to 10, depending upon whether or not he is self-employed

Question 3

Managed care options available through Medicare:

Accepted Answer

A)  are mandated for all Medicare participants 
B)  result in lower out-of-pocket costs for participants 
C)  are prohibitively expensive for many participants 
D)  both A and B 
A)  are mandated for all Medicare participants 
B)  result in lower out-of-pocket costs for participants 
C)  are prohibitively expensive for many participants 
D)  both A and B

Question 4

Survivor benefits may be paid to both the widow and dependent children of a deceased worker.

Accepted Answer

A) True 
 B)False

Question 5

Social security benefits are:

Accepted Answer

A)  provided on a current-income basis 
B)  actuarially reserved 
C)  welfare assistance 
D)  not funded by general tax revenues 
A)  provided on a current-income basis 
B)  actuarially reserved 
C)  welfare assistance 
D)  not funded by general tax revenues

Question 6

Mr. Smalley is a retiree on the Medicare prescription drug plan. This year his drug expenditures are $250. What percentage will Medicare pay of the $250?

Accepted Answer

A)  0 
B)  75 
C)  95 
D)  None of the above 
A)  0 
B)  75 
C)  95 
D)  None of the above

Question 7

The decision to enroll in the Medicare prescription drug plan requires:

Accepted Answer

A)  very little information, because it's best for 75% of all Americans 
B)  a lot of information about the income tax bracket of the individual participant 
C)  an analysis of the individual's prescriptions and their costs 
D)  a brain surgeon 
A)  very little information, because it's best for 75% of all Americans 
B)  a lot of information about the income tax bracket of the individual participant 
C)  an analysis of the individual's prescriptions and their costs 
D)  a brain surgeon

Question 8

The eligibility test for Social Security is known as the "needs" test.

Accepted Answer

A) True 
 B)False

Question 9

The Social Security "black-out" period occurs between the time:

Accepted Answer

A)  the insured worker retires and the time retirement benefits begin 
B)  survivor benefits end and the time retirement benefits begin 
C)  the insured worker becomes disabled and the time disability benefits begin 
D)  a disabled worker recovers from disability and the time he/she is able to earn 100% of his/her pre-disability wages 
A)  the insured worker retires and the time retirement benefits begin 
B)  survivor benefits end and the time retirement benefits begin 
C)  the insured worker becomes disabled and the time disability benefits begin 
D)  a disabled worker recovers from disability and the time he/she is able to earn 100% of his/her pre-disability wages

Question 10

Medicare covers all the following except:

Accepted Answer

A)  95% of the cost of all outpatient prescriptions 
B)  operating room costs 
C)  payment for doctor bills 
D)  outpatient therapy 
A)  95% of the cost of all outpatient prescriptions 
B)  operating room costs 
C)  payment for doctor bills 
D)  outpatient therapy

Which of the following does not influence the amount of a retiree's Social Security retirement benefits?

Suppose that Social Security measures a quarter of coverage earned as $900. Mario works during the June and July only and earns $9,000 of covered wages. How many quarters of coverage does he receive for that year?

Managed care options available through Medicare:

Survivor benefits may be paid to both the widow and dependent children of a deceased worker.

Social security benefits are:

Mr. Smalley is a retiree on the Medicare prescription drug plan. This year his drug expenditures are $250. What percentage will Medicare pay of the $250?

The decision to enroll in the Medicare prescription drug plan requires:

The eligibility test for Social Security is known as the "needs" test.

The Social Security "black-out" period occurs between the time:

Medicare covers all the following except:

Introduction to Enterprise Risk Management and Insurance

Risk Identification

Risk Assessment and Pooling

Risk-Handling Techniques: Loss Control, Risk Transfer, and Loss Financing

Risk-Handling Techniques: Diversification and Hedging

Fundamentals of Insurance

Insurable Perils and Insuring Organizations

Insurance Functions

Insurance Markets: Economics and Issues

Insurance Regulation

Insurance Contracts

The Personal Auto Policy

Homeowners Insurance

Professional Financial Planning

Life Insurance Policies

Standard Life Insurance Contract Provisions and Options

Annuities

Health Insurance and Disability Income

Employee Benefits

Unemployment and Workers Compensation Insurance

Commercial Property Insurance

Commercial Liability Insurance

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Exam 20: Social Security

Which of the following does not influence the amount of a retiree's Social Security retirement benefits?

Suppose that Social Security measures a quarter of coverage earned as $900. Mario works during the June and July only and earns $9,000 of covered wages. How many quarters of coverage does he receive for that year?

Managed care options available through Medicare:

Survivor benefits may be paid to both the widow and dependent children of a deceased worker.

Social security benefits are:

Mr. Smalley is a retiree on the Medicare prescription drug plan. This year his drug expenditures are $250. What percentage will Medicare pay of the $250?

The decision to enroll in the Medicare prescription drug plan requires:

The eligibility test for Social Security is known as the "needs" test.

The Social Security "black-out" period occurs between the time:

Medicare covers all the following except:

Introduction to Enterprise Risk Management and Insurance

Risk Identification

Risk Assessment and Pooling

Risk-Handling Techniques: Loss Control, Risk Transfer, and Loss Financing

Risk-Handling Techniques: Diversification and Hedging

Fundamentals of Insurance

Insurable Perils and Insuring Organizations

Insurance Functions

Insurance Markets: Economics and Issues

Insurance Regulation

Insurance Contracts

The Personal Auto Policy

Homeowners Insurance

Professional Financial Planning

Life Insurance Policies

Standard Life Insurance Contract Provisions and Options

Annuities

Health Insurance and Disability Income

Employee Benefits

Unemployment and Workers Compensation Insurance

Commercial Property Insurance

Commercial Liability Insurance

Filters