Lesson 14 Quiz
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You are viewing: Which Of The Following Is True Of Disability Insurance
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Purpose of Disability Coverage
Disability provides an income stream for an individual who is unable to continue working due to accident or illness. However, under _______ disabled does not qualify for benefits.
a) 20% b) 30% c) 40% d) 50% CORRECTTRY AGAIN (Lesson 14.1)Your answer has been saved.
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Insurance companies define disabilities in two ways depending upon whether the individual is unable to perform the job he was performing before the disability or illness occurred () or if the disabled person is unable to perform any type of work ().
Word bank: acc, occ
Insurance companies define disabilities in two ways depending upon whether the individual is unable to perform the job he was performing before the disability or illness occurred (occ) or if the disabled person is unable to perform any type of work (acc).Lesson 14.1.1
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Calculating Benefits
The normal amount of income that can be replaced by a long-term disability policy is _______.
a) 60% b) 50% c) 40% d) 30% CORRECTTRY AGAIN (Lesson 14.2)Your answer has been saved.
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Policy Riders
Match the following disability income insurance riders with their respective benefits.
a) The insured may be exempt from making premium payments during the period of total disability. Choose… Cost of Living Adjustment Rider Waiver of Premium Rider Guaranteed Insurability Rider Social Security Rider b) Provides extra income when social insurance benefits are not being received by the insured or if the benefits are being received in an amount less than estimated and expected in the rider. Choose… Cost of Living Adjustment Rider Waiver of Premium Rider Guaranteed Insurability Rider Social Security Rider c) Once a year (usually on the anniversary date of disability) the benefit amount is modified to reflect changes in the CPI. Choose… Cost of Living Adjustment Rider Waiver of Premium Rider Guaranteed Insurability Rider Social Security Rider d) Allows the insured the opportunity to purchase additional coverage during the company’s specified enrollment periods without having to provide proof of insurability. Choose… Cost of Living Adjustment Rider Waiver of Premium Rider Guaranteed Insurability Rider Social Security Rider a) Waiver of Premium Rider, b) Social Security Rider, c) Cost of Living Adjustment Rider, d) Guaranteed Insurability Rider, Lesson 14.5
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The cost of living adjustment rider is geared toward adjusting the benefit according to an individual’s current living conditions, after disability benefits have begun.
a) True b) False CORRECT – CONGRATULATIONS on completing Lesson 14. Now complete the Florida study manual Unit 18 Questions for Review.TRY AGAIN (Lesson 14.5.3)Your answer has been saved.
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