WHAT IS DISABILITY INSURANCE?

quizes Question 1 of 10 10.0/ 10.0 Points Examples of specific employee benefits include: A.Paid vacation and medical insurance coverage. B.Tuition reimbursement C.Both of the above Feedback: ! Question 2 of 10 10.0/ 10.0 Points Core compensation refers to? A.Bonuses B.Incentive pay C.Base pay Feedback: ! Good work! Question 3 of 10 10.0/ 10.0 Points The Social Security laws were enacted when? A.1964 B.1935 C.1950 Feedback: ! Good work! Question 4 of 10 10.0/ 10.0 Points The term “Distributive Justice” is percieved fairness of… A….processes B….the interpersonal treatment people receive from others. C….how rewards are distributed. Feedback: ! Great job! Question 5 of 10 10.0/ 10.0 Points Why might employers offer benefits in their compensation packages? A.To recruit certain types of workers. B.To incur excess costs to the organization. C.To increase employer satisfaction. Feedback: ! Good work! Question 6 of 10 10.0/ 10.0 Points The Family and Medical Leave Act requires that eligible employers provide certain employees with up to how many weeks of leave? A.8 weeks or two months B.12 Weeks C.18 weeks Feedback: ! Question 7 of 10 10.0/ 10.0 Points Congress enacted the National Labor Relations Act in what year? A.1935 B.1956 C.1964 Feedback: ! Good work! Question 8 of 10 10.0/ 10.0 Points The Worker Adjustment and Retraining Notification (WARN) Act generally requires that management give at least how many days advance notice of a plant closing or mass layoff? A.Thirty days (30) B.Ninety days (90) C.Sixty days (60) Feedback: ! Question 9 of 10 0.0/ 10.0 Points The Employee Retirement Income Security Act of 1974 (ERISA) was established to regulate the establishment and implementation of… In A.Retirement defined benefit plans. B.Discretionary benefits practices. C.Direct backfill rtirement programs. Feedback: See page 75 from the text. Question 10 of 10 10.0/ 10.0 Points What protects against the loss of vested pension benefits when plans fail? A.Termination insurance B.Pension plan insurance C.Social security insurance Question 1 of 10 10.0/ 10.0 Points The first pension plan in the United States was established in what year? A. 1865 B. 1759 C. 1964 D. 1776 Feedback: Correct! Question 2 of 10 10.0/ 10.0 Points According to the text what percent of workers employed in the private sector participated in at least one company-sponsored retirement plan in 2006? A.55% B.19% C.50% D.75% Feedback: Correct! Good work. Question 3 of 10 10.0/ 10.0 Points In accordance with the text, the second reason for changes away from participation in defined benefit plans to defined contribution plans is? A.The decline of qualified workers. B.Technology and computer based operations. C.Defined contribution plans are quite costly to employers compared to defined benefit plans. D.Defined benefit plans are quite costly to employers compared to defined contribution plans Feedback: Best answer! Question 4 of 10 10.0/ 10.0 Points Pay, health-care benefits and other benefits such as 401(k) plans can all make up what type of package? A.A total compensation package. B.A retention package C.A recruiting package. D.A bonus package. Feedback: Correct! Question 5 of 10 10.0/ 10.0 Points The term Vesting refers to? A.A Union classification system. B.An employee’s nonforfeitable rights to pension benefits. C.The rate at which participants accumulate (or earn) benefits. D.All of the above. Feedback: Correct! Good answer. Question 6 of 10 10.0/ 10.0 Points What type of retirement plan provides benefits usually expressed in terms of a monthly sum equal to a percentage of a participant’s preretirement pay multiplied by the number of years he or she has worked for the employer? A.A dedicated retirement plan. B.A defined contribution plan. C.An employee’s 401k retirement plan. D.A defined benefit plan. Feedback: Correct! Question 7 of 10 10.0/ 10.0 Points What type of plan allows employers and employees to make annual contributions to separate accounts established for each articipating employee, based on a formula contained in the plan document? A.A defined contribution plan. B.A defined benefit plan. C.Individual retirement account (IRA) plan. D.Roth IRA plans. Feedback: Correct! Question 8 of 10 10.0/ 10.0 Points When the government regulates the health care system and uses taxpayer dollars to fund health care this system is known as? A.Multi payer system of health care. Correct B.Single payer system of health care. C.Government sponsored health care system. D.Universal health care system. Feedback: Correct! Question 9 of 10 10.0/ 10.0 Points Congress enacted the Employee Retirement Income Security Act in what year? A.1964 B.1865 C.1935 Correct D.1974 Feedback: Correct! Question 10 of 10 10.0/ 10.0 Points What type of tables are created by actuaries to express annual probabilities of the ccurrence of health problems? A.Macro tables. B.Mortality tables. C.Morbidity tables. D.Maintenance tables. Question 1 of 10 10.0/ 10.0 Points What is disability insurance? A.Insurance that replaces income for employees who become unable to work on a regular basis because of an illness or injury. B.Insurance that pays for helth care resultant from an injury. C.Insurance that pays the beneficiary a death benefit. D.Insurance that covers an employee against job loss. Question 2 of 10 10.0/ 10.0 Points Short-term disability insurance, provides benefits for limited periods of time, usually less than how many months? A.Nine months. B.12 months. C.Six months. D.Eighteen months. Feedback: ! Question 3 of 10 10.0/ 10.0 Points Long-term disability insurance, provides benefits for extended periods of time anywhere between six months and life. A. True B. False Feedback: ! Question 4 of 10 10.0/ 10.0 Points The Occupational Safety and Health Act (OSHA) was passed in the early 1870s. A. True B. False Feedback: ! Question 5 of 10 10.0/ 10.0 Points What is the name of the 1990 amendment to the ADEA that generally bans the termination of an employee’s long-term disability benefits for active employees based on age? A.The Privacy Act of 1974. B.The FICA Act of 1964. C.The EEOC Act of 1990. D.The Older Workers Benefit Protection Act (OWBPA). Feedback: ! Question 6 of 10 10.0/ 10.0 Points Employer-sponsored life insurance protects family members by paying a specified amount to an employee’s beneficiaries upon the employee’s death. A. True B. False Feedback: ! Question 7 of 10 10.0/ 10.0 Points The Social Security Act was passed in what year? A.1935 B.1965 C.1870 D.1964 Feedback: ! Question 8 of 10 0.0/ 10.0 Points Unemployment Insurance provides annual income to individuals who become unemployed through no fault of their own. In A. True B. False Feedback: In. See page 212 from the text Question 9 of 10 10.0/ 10.0 Points Most states impose a waiting period of how long before paying unemployment benefits? A.Usually one month following submission of a claim. B.Usually two weeks following submission of a claim. C.Usually one week following submission of a claim. D.Usually 90 days following submission of a claim. Feedback: ! Question 10 of 10 10.0/ 10.0 Points How are unemployment benefits financed? A.Unemployment insurance benefits are financed by employee income taxes. B.Unemployment insurance benefits are financed by so called “sin” taxes by individuals. C.Unemployment insurance benefits are financed by federal and, sometimes, state taxes levied on employers. D.Unemployment insurance benefits are financed by a national unemployment tax.