Florida Life and Health Insurance License Practice Test

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Prepare for the Florida Life and Health Insurance License Test. Study with flashcards and multiple choice questions, each with hints and explanations. Get ready for your certification exam with ease!

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What determines the full amount of Social Security retirement benefits a qualified individual is entitled to receive?

  1. The amount of the individual's lifetime earnings

  2. The number of dependents

  3. The individual's last 5 years of earnings

  4. The Primary Insurance Amount (PIA)

The correct answer is: The Primary Insurance Amount (PIA)

Social Security retirement benefits are based on the individual's Primary Insurance Amount (PIA), which is calculated using a formula that takes into account the individual's lifetime earnings and the age at which they start collecting benefits. The number of dependents or the individual's last 5 years of earnings do not directly determine the full amount of benefits they are entitled to receive. While the individual's lifetime earnings do play a role in the calculation of the PIA, the PIA takes into account the individual's highest 35 years of earnings, not just their last 5 years. Therefore, the correct answer is D.

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