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An insurance policy labeled _________ cannot be cancelled for any reason other than nonpayment of premium.
A Noncancellable
B Free access
C Guaranteed renewable
D Guaranteed issue
One of the changes to take effect following passage of the PPACA was to allow children to remain covered under a parent’s policy to age:A21B29C18D26
D26
What is a High Deductible Health Plan?
A It is a health plan offered by large companies who are trying to minimize the growing cost of providing employee health insurance
B It is a tax-favored savings account established by an employer for each covered employee
C It is a tax-favored Health Reimbursement Account established by an employer for its highly-compensated executives
D It is a health plan which requires the insured to absorb a relatively high deductible in exchange for a greatly reduced out-of pocket-premium
Health Savings Accounts and Health Reimbursement Arrangements are both types of what form of health insurance?
A Employer-sponsored group health plans
B Flexible spending arrangements
C Individual and Group Medical IRAs
D Consumer-driven health plans
A person may not fund an HSA unless they also do which of these?
A Purchase basic health insurance through an Exchange
B Designate up to $2500 of pre-tax income to be withheld for payment of medical expenses
C Purchase a High Deductible Health Plan
D Fully fund their 401(k), 403(b), or Roth IRA
When an individual pays the full cost of disability income insurance, a disabled employee’s benefit will be ____________________.
A Taxable in full, regardless of the employee's wage
B Taxable in part, up to 60% of the employee’s pretax wage
C Nontaxable up to 60% of the employee’s pretax wage
D Nontaxable in full, regardless of the employee’s wage
Premiums paid by employees for group health insurance are only deductible to the extent that ______________________.
A They exceed 7.5% of adjusted gross income
B They are not offset by contributions to a FSA
C They exceed the national average cost of health insurance
D They exceed what the employer pays for the coverage
When the employer pays some or all of the cost of medical insurance for its employees, the annual amount of each employee’s claims is _______________________.
A Not taxable to the employee
B Taxable to the employer
C Deductible to the employer
D Taxable to the insurance company
When a disability buy-sell is funded by the partnership, what is the tax liability?
A The premiums are not tax deductible and the value of the benefit is taxable as income
B The premiums are tax deductible and the value of the benefit is taxable as income
C The premiums are tax deductible and the value of the benefit is not taxable
D The premiums are not deductible and the value of the benefit is not taxable as income
What is the maximum annual contribution to an FSA, which is allowed by law?A20%B10% of AGIC$2,550 DThere is no limit
C$2,550
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