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Life insurance
| Question | Answer |
|---|---|
| Type of dental plan which is incorporated into a major medical expense plan is a/an | Integrated dental plan |
| Which type of service under a nonscheduled plan typically has large deductibles and pays around 50% for the service provided? | Major service |
| All of the following are examples of Risk retention EXCEPT _____? | Premiums |
| Which of the following is the closest term to an authorized insurer? | Admitted |
| Which of the following best describes the concept that the insured pays a small amount of premium for a large amount of Risk on the part of the insurance company? | Aleatory |
| Which insurance principle states that if a policy allows for greater compensation than the financial loss incurred, the insured may only receive benefits for the lost amounts? | Indemnity |
| Units with the same or similar exposure to loss are referred to as _____? | Homogeneous |
| What term best describes the act of withholding material information that would be crucial to an underwriting decision? | Concealment |
| If a person has a Medicare policy, and later becomes eligible for Medicaid, benefits and premiums may be suspended for up to how many years while Medicaid coverage is in force? | 2 years |
| According to the PPACA rules, what percentage of the health care costs will be covered under a bronze plan? | 60% |
| While repairing the roof of his house and insured accidentally falls off and breaks his arm and sustains a head injury that results in total blindness of both eyes. His policy contains AD&D Rider. What is the extent of benefits that he will receive? | Principal Sum |
| A new employee who meets HIPAA eligibility requirements must be issued health coverage on what basis? | Guarantee |
| Which of the following statements is correct concerning taxation of long-term care insurance? | Excessive benefits may be taxable |
| A business engages in the same types of activities as a commercial insurer and deals with its own risk | Self-insurance |
| Medicare Parts A and B are administered by _____? | Federal government only |
| Which type of dental care would cover operative treatment of the mouth? | Oral surgery |
| An applicant is considered to be high-risk, but not so much that the insurer wants to deny coverage. Which of the following is NOT true? The insurer can increase the premium, The insurer can add exclusions to the policy, The insurer can rates up the polic | The insurer will issue a conditional coverage |
| Under what condition are group disability income benefits recieved by an employee NOT taxable as income? | When the benefits recieved are equal or less than the employee's percentage of the contribution |
| Under the Affordable Care Act, which classification applies to health plans based on the amount of covered costs? | Main level classification |
| An insurer must file advertisements of Medicare supplement policies with what authority? | Commissioner |
| Which statement accurately describes group disability income insurance? Short-term plans provide benefits for up to 1 year, The extent of benefits is determined by the insured's income, in long-term plans monthly benefits are limited to 75% of the insured | The extent of benefits is determined by the insured's income |
| In which of the following locations would skilled care most likely be provided? | In an institutional setting |
| Which of the following coverage is NOT monitored by the ERISA? Pension plans, Golden parachutes, Profit-sharing stock bonus, Welfare benefit plans | Golden parachutes |
| What is the shortest possible elimination period for group short-term disability benefits provided by an employer? | 0 days |
| What type of care is Respite care? | Relief for a major care giver |
| An insured is covered by high-deductible health plan and makes regular contributions to this HSA. How are those contributions treated in regards to taxation? | The contributions are tax deductible |
| What is NOT required to be stated in the outline coverage provided with a long-term care policy? | Basic information about supplementary policies |
| An applicant for health insurance has not had a medical claim in 5 yrs. He exercises daily and does not smoke or drink. What classification do you assume the applicant would receive from their insurer? | Preferred |
| According to OBRA, what is the minimum number of employees required to constitute a large group? | 100 |
| Policies that cover hospital expenses must provide at least how much coverage (per year) for hospital inpatient and outpatient treatment of kidney disease? | $30,000 |
| An applicant is discussing his options for Medicare supplement coverage with his agent. The applicant is 65 years old and has just enrolled on Medicare Part A and Part B. What is the insurance company obligated to do? | Offer the supplement policy on a guaranteed issue basis |
| Medicare Parts B, which statement is INCORRECT? It is known as medical insurance, It is fully funded by Social Security taxes (FICA), It offers limited perception drug coverage, It provides partial coverage for medical expenses not fully covered by Part A | It is fully funded by Social Security taxes (FDIC) |
| When can a Long-term Care policy deny a claim for losses incurred because of a pre-existing condition? | Within 6 months of the effective date of coverage |
| What is it called when a company engages in the same types of activities as a commercial insurer in dealing with its own risks? | Self-insurance |
Created by:
cruttner
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