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GBA 3 / RPA 1 Practice Exam Questions
with Answers 100% Verified.
A person's Social Security primary insurance amount (PIA) is... - ✔✔✔The
worker's monthly retirement benefit at full retirement age
When an employee takes an international assignment, the employee might
be given "tax protection" which refers to... - ✔✔✔Reimbursing the employee
only in the event he or she pays higher taxes as a result of the international
assignment
A global trend taking place in defined contribution plans is... - ✔✔✔Greater
reliance on plans with default investments
A Department of Labor audit quality study showed the percentage of
employee benefit plan audits that had "Unacceptable-Major" deficiencies
that adversely affected audit quality. The percentage is... - ✔✔✔40%
A Social Security totalization agreement might be involved when an
employee takes an international assignment. The purpose of the agreement
is... - ✔✔✔The agreement provides relief from dual social security coverage
and taxation under both systems and integrates or synchronizes the benefits
earned under more than one system.
The cost of an administrative claims audit in a self-funded health plan
typically will be... - ✔✔✔Less than 1% of total annual claim spending
The Federal Trade Commission (FTC) case against a medical transcription
services company dealt with the exposure of personal medical information.
According to the FTC, the settlement in this case demonstrated... - ✔✔✔That
companies must be held to high standards with regard to third-party vendor
management and oversight when it involves personal information
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The Supreme Court case that made it difficult to argue that an Employee
Retirement Income Security Act plan should not have a contractual
limitations period of certain requirements are met - ✔✔✔Heimeshoff v.
Hartford Life & Accident Insurance Company
Skilled nursing facility benefits under Medicare Part A are provided only if the
beneficiary has had a hospitalization of at least __ days - ✔✔✔Three days
What coverage is provided by "Medigap" insurance policies? - ✔✔✔Medigap
covers health care service charges, such as copayments, coinsurance and
deductibles, not covered by Medicare Parts A and B.
At a minimum, if there have been no material changes in the plan, the
Employee Retirement Income Security Act requires employers to prepare
and distribute new Summary Plan Descriptions to participants at least every
__ years - ✔✔✔10
Provider network contracts of an administrative services (ASO) agreement
for a self-funded health plan allow a limited time period for recovering claims
that were identified as overpaid. This time period is usually... - ✔✔✔One year
Form 5500 and other financial reports statutorily must be kept for a
minimum of __ years after the filing date - ✔✔✔Six
Leaders in the data analytics industry developed a Healthcare Analytics
Adoption Model that has a number of levels of analytics adoption that an
organization passes through as it gains sophistication in using its data to
drive improvement. In this model, what is the highest level of sophistication?
- ✔✔✔Personalized medicine and prescriptive analytics
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, ®™
Approximately how many individuals are working in occupations covered by
Social Security? - ✔✔✔9 out of 10 workers
Which benefit may not be offered in a cafeteria plan? - ✔✔✔403(b) elective
deferrals
What is the highest rate at which Social Security benefits can be taxed,
depending on the person's income and tax bracket? - ✔✔✔85%
What best describes whether the attorney-client privilege is applicable in the
area of employee benefits plans? - ✔✔✔As a general rule, it applies;
however, courts have increasingly recognized that an exception may exist in
communications involving fiduciary activities.
The maximum premium that can be paid for a qualified longevity annuity
contract is the lesser of an indexed statutory amount or... - ✔✔✔25% of a
participant's aggregate account balance
Plan fiduciaries must understand the core difference between "active" and
"passive" investment strategies. What best describes the difference? -
✔✔✔Passive funds typically seek to match the performance of an index of
securities, while active funds attempt to outperform the market.
How much are the civil penalties imposed by the Employee Retirement
Income Security Act against certified public accounting (CPA) firms that
perform deficient plan audits? - ✔✔✔Zero
Hospice care benefits available under Medicare are for terminally ill persons
who have a life expectancy of how many months or less? - ✔✔✔Six months
®™ ®™
GBA 3 / RPA 1 Practice Exam Questions
with Answers 100% Verified.
A person's Social Security primary insurance amount (PIA) is... - ✔✔✔The
worker's monthly retirement benefit at full retirement age
When an employee takes an international assignment, the employee might
be given "tax protection" which refers to... - ✔✔✔Reimbursing the employee
only in the event he or she pays higher taxes as a result of the international
assignment
A global trend taking place in defined contribution plans is... - ✔✔✔Greater
reliance on plans with default investments
A Department of Labor audit quality study showed the percentage of
employee benefit plan audits that had "Unacceptable-Major" deficiencies
that adversely affected audit quality. The percentage is... - ✔✔✔40%
A Social Security totalization agreement might be involved when an
employee takes an international assignment. The purpose of the agreement
is... - ✔✔✔The agreement provides relief from dual social security coverage
and taxation under both systems and integrates or synchronizes the benefits
earned under more than one system.
The cost of an administrative claims audit in a self-funded health plan
typically will be... - ✔✔✔Less than 1% of total annual claim spending
The Federal Trade Commission (FTC) case against a medical transcription
services company dealt with the exposure of personal medical information.
According to the FTC, the settlement in this case demonstrated... - ✔✔✔That
companies must be held to high standards with regard to third-party vendor
management and oversight when it involves personal information
®™ ®™
, ®™
The Supreme Court case that made it difficult to argue that an Employee
Retirement Income Security Act plan should not have a contractual
limitations period of certain requirements are met - ✔✔✔Heimeshoff v.
Hartford Life & Accident Insurance Company
Skilled nursing facility benefits under Medicare Part A are provided only if the
beneficiary has had a hospitalization of at least __ days - ✔✔✔Three days
What coverage is provided by "Medigap" insurance policies? - ✔✔✔Medigap
covers health care service charges, such as copayments, coinsurance and
deductibles, not covered by Medicare Parts A and B.
At a minimum, if there have been no material changes in the plan, the
Employee Retirement Income Security Act requires employers to prepare
and distribute new Summary Plan Descriptions to participants at least every
__ years - ✔✔✔10
Provider network contracts of an administrative services (ASO) agreement
for a self-funded health plan allow a limited time period for recovering claims
that were identified as overpaid. This time period is usually... - ✔✔✔One year
Form 5500 and other financial reports statutorily must be kept for a
minimum of __ years after the filing date - ✔✔✔Six
Leaders in the data analytics industry developed a Healthcare Analytics
Adoption Model that has a number of levels of analytics adoption that an
organization passes through as it gains sophistication in using its data to
drive improvement. In this model, what is the highest level of sophistication?
- ✔✔✔Personalized medicine and prescriptive analytics
®™ ®™
, ®™
Approximately how many individuals are working in occupations covered by
Social Security? - ✔✔✔9 out of 10 workers
Which benefit may not be offered in a cafeteria plan? - ✔✔✔403(b) elective
deferrals
What is the highest rate at which Social Security benefits can be taxed,
depending on the person's income and tax bracket? - ✔✔✔85%
What best describes whether the attorney-client privilege is applicable in the
area of employee benefits plans? - ✔✔✔As a general rule, it applies;
however, courts have increasingly recognized that an exception may exist in
communications involving fiduciary activities.
The maximum premium that can be paid for a qualified longevity annuity
contract is the lesser of an indexed statutory amount or... - ✔✔✔25% of a
participant's aggregate account balance
Plan fiduciaries must understand the core difference between "active" and
"passive" investment strategies. What best describes the difference? -
✔✔✔Passive funds typically seek to match the performance of an index of
securities, while active funds attempt to outperform the market.
How much are the civil penalties imposed by the Employee Retirement
Income Security Act against certified public accounting (CPA) firms that
perform deficient plan audits? - ✔✔✔Zero
Hospice care benefits available under Medicare are for terminally ill persons
who have a life expectancy of how many months or less? - ✔✔✔Six months
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