Question 1

The Affordable Care Act (ACA)requires insurance companies to adhere to the:

Accepted Answer

A) pure community rating approach for individuals and small businesses. 
B) adjusted community rating approach for individuals and small businesses. 
C) same standards used by the Social Security Administration. 
D) pure community rating approach for college communities. 
E) cost-of-living adjustment (COL
A) for individuals and small businesses. 
A) pure community rating approach for individuals and small businesses. 
B) adjusted community rating approach for individuals and small businesses. 
C) same standards used by the Social Security Administration. 
D) pure community rating approach for college communities. 
E) cost-of-living adjustment (COL
A) for individuals and small businesses.

Question 2

Living a healthy lifestyle is an example of loss prevention and control.

Accepted Answer

A) True 
 B)False

Question 3

A policy provision ensuring continued insurance coverage for the insured's lifetime as long as the premiums continue to be paid is known as:

Accepted Answer

A) a policy exclusion. 
B) co-insurance. 
C) a co-payment. 
D) benefits duration. 
E) renewability. 
A) a policy exclusion. 
B) co-insurance. 
C) a co-payment. 
D) benefits duration. 
E) renewability.

Question 4

Which of the following statements regarding long-term-care insurance is true?

Accepted Answer

A) Long-term-care policies do not reimburse the insured for the cost of services incurred on a day-to-day basis. 
B) The maximum duration of benefits is only 1 year. 
C) There is no waiting period to receive the benefits. 
D) Most long-term-care insurance policies are non-renewable in nature. 
E) Many policies offer inflation protection riders for an additional premium. 
A) Long-term-care policies do not reimburse the insured for the cost of services incurred on a day-to-day basis. 
B) The maximum duration of benefits is only 1 year. 
C) There is no waiting period to receive the benefits. 
D) Most long-term-care insurance policies are non-renewable in nature. 
E) Many policies offer inflation protection riders for an additional premium.

Question 5

Large employers are less likely to offer health insurance to their employees than small employers.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following statements regarding the Affordable Health Care Act (ACA)is true?

Accepted Answer

A) The ACA eliminates lifetime limits on total health care insurance payments by insurers. 
B) The ACA limits the total number of surgeries for the insurers. 
C) The ACA requires employers to reimburse the cost of hospital stays of the insured. 
D) The ACA decides the insurance payments for dependents. 
E) The ACA provides major medical insurance with low deductibles to protect against catastrophic illnesses. 
A) The ACA eliminates lifetime limits on total health care insurance payments by insurers. 
B) The ACA limits the total number of surgeries for the insurers. 
C) The ACA requires employers to reimburse the cost of hospital stays of the insured. 
D) The ACA decides the insurance payments for dependents. 
E) The ACA provides major medical insurance with low deductibles to protect against catastrophic illnesses.

Question 7

When offering a flexible-benefit plan, most employers will set up a salary reduction agreement with an employee if the employee:

Accepted Answer

A) has paid hospitalization charges for a pre-existing condition. 
B) has paid health care costs due to a lapse of insurance coverage. 
C) needs additional insurance benefits. 
D) does not look for ways to avoid exposure to health care loss before it occurs. 
E) is injured on the job or becomes ill through work-related causes. 
A) has paid hospitalization charges for a pre-existing condition. 
B) has paid health care costs due to a lapse of insurance coverage. 
C) needs additional insurance benefits. 
D) does not look for ways to avoid exposure to health care loss before it occurs. 
E) is injured on the job or becomes ill through work-related causes.

Question 8

An elimination period is the number of days that must pass after you meet the eligibility requirements before your policy pays the benefits.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following changes would tend to increase the premium on a disability policy?

Accepted Answer

A) A shorter elimination period 
B) Use of "any occupation" definition of disability instead of "own occupation to which one is reasonably suited" 
C) Decreasing the benefit level to 50% from 66% of prior earnings 
D) Decreasing the payment period until age 65 to a maximum of 2 years 
E) Mandatory disability insurance in which the employer pays the entire premium 
A) A shorter elimination period 
B) Use of "any occupation" definition of disability instead of "own occupation to which one is reasonably suited" 
C) Decreasing the benefit level to 50% from 66% of prior earnings 
D) Decreasing the payment period until age 65 to a maximum of 2 years 
E) Mandatory disability insurance in which the employer pays the entire premium

Question 10

Social Security disability income benefits are available only when someone is permanently unable to do any job.

Accepted Answer

A) True 
 B)False

Question 11

Advances in medical technology, drug prescriptions, and treatments have substantially reduced the cost of health care in recent decades.

Accepted Answer

A) True 
 B)False

Question 12

Funds for Medicare benefits come from:

Accepted Answer

A) monthly payments by users directly to the health care service organization. 
B) the co-payment for health care services by the insured. 
C) the premiums paid by the employers for the employees. 
D) Social Security taxes paid by covered workers and their employers. 
E) the health care service organization. 
A) monthly payments by users directly to the health care service organization. 
B) the co-payment for health care services by the insured. 
C) the premiums paid by the employers for the employees. 
D) Social Security taxes paid by covered workers and their employers. 
E) the health care service organization.

Question 13

Medicare Part A provides:

Accepted Answer

A) prescription drug coverage. 
B) services of physicians and surgeons. 
C) inpatient hospital services. 
D) home health services. 
E) compensation for workers injured on the job. 
A) prescription drug coverage. 
B) services of physicians and surgeons. 
C) inpatient hospital services. 
D) home health services. 
E) compensation for workers injured on the job.

Question 14

Which of the  following statements regarding private health insurance plans is true?

Accepted Answer

A) In fee-for-service plans, the health care provider is the same as the insurer. 
B) In a traditional indemnity plan, the premium cost is low if it is a high-deductible plan. 
C) In managed care plans, employers contract with the health care service provider. 
D) In traditional indemnity plans, the insured pays 80% of the eligible health care expenses. 
E) Group health insurance is a contract between pharmaceutical companies and the health care provider. 
A) In fee-for-service plans, the health care provider is the same as the insurer. 
B) In a traditional indemnity plan, the premium cost is low if it is a high-deductible plan. 
C) In managed care plans, employers contract with the health care service provider. 
D) In traditional indemnity plans, the insured pays 80% of the eligible health care expenses. 
E) Group health insurance is a contract between pharmaceutical companies and the health care provider.

Question 15

A preferred provider organization has characteristics of both an individual practice association (IPA)and an indemnity plan.

Accepted Answer

A) True 
 B)False

Question 16

A good health insurance plan embodies more than financing medical expenses, lost income, and replacement services; it incorporates:

Accepted Answer

A) Social Security benefits. 
B) flexibility in insurance premium payment on the lapse of the insurance policy. 
C) lifetime limited dollar insurance coverage on pre-existing conditions. 
D) other means of risk reduction such as risk avoidance. 
E) life insurance. 
A) Social Security benefits. 
B) flexibility in insurance premium payment on the lapse of the insurance policy. 
C) lifetime limited dollar insurance coverage on pre-existing conditions. 
D) other means of risk reduction such as risk avoidance. 
E) life insurance.

Question 17

A coordination of benefits provision in a health care policy _____ by collecting benefits in multiple payments for health care.

Accepted Answer

A) prohibits collecting more than 100% of covered charges 
B) allows the collection of only 75% of covered charges 
C) prohibits collecting more than 80% of covered charges 
D) allows the collection of only 50% of covered charges 
E) allows the collection of 200% of covered charges 
A) prohibits collecting more than 100% of covered charges 
B) allows the collection of only 75% of covered charges 
C) prohibits collecting more than 80% of covered charges 
D) allows the collection of only 50% of covered charges 
E) allows the collection of 200% of covered charges

Question 18

Group insurance plans are legally required to extend health insurance benefits to retirees.

Accepted Answer

A) True 
 B)False

Question 19

Health maintenance organizations (HMOs)provide health care to participants without requiring them to file insurance claims.

Accepted Answer

A) True 
 B)False

The Affordable Care Act (ACA)requires insurance companies to adhere to the:

Living a healthy lifestyle is an example of loss prevention and control.

A policy provision ensuring continued insurance coverage for the insured's lifetime as long as the premiums continue to be paid is known as:

Which of the following statements regarding long-term-care insurance is true?

Large employers are less likely to offer health insurance to their employees than small employers.

Which of the following statements regarding the Affordable Health Care Act (ACA)is true?

When offering a flexible-benefit plan, most employers will set up a salary reduction agreement with an employee if the employee:

An elimination period is the number of days that must pass after you meet the eligibility requirements before your policy pays the benefits.

Which of the following changes would tend to increase the premium on a disability policy?

Social Security disability income benefits are available only when someone is permanently unable to do any job.

Advances in medical technology, drug prescriptions, and treatments have substantially reduced the cost of health care in recent decades.

Funds for Medicare benefits come from:

Medicare Part A provides:

Which of the following statements regarding private health insurance plans is true?

A preferred provider organization has characteristics of both an individual practice association (IPA)and an indemnity plan.

A good health insurance plan embodies more than financing medical expenses, lost income, and replacement services; it incorporates:

A coordination of benefits provision in a health care policy _____ by collecting benefits in multiple payments for health care.

Group insurance plans are legally required to extend health insurance benefits to retirees.

Health maintenance organizations (HMOs)provide health care to participants without requiring them to file insurance claims.

Understanding the Financial Process

Using Financial Statements and Budgets

Preparing Your Taxes

Managing Your Cash and Savings

Making Automobile and Housing Decisions

Using Credit

Using Consumer Loans

Insuring Your Life

Protecting Your Property

Investment Planning

Investing in Stocks and Bonds

Investing in Mutual Funds, Etfs, and Real Estate

Planning for Retirement

Preserving Your Estate

Filters

Exam 9: Insuring Your Health

The Affordable Care Act (ACA)requires insurance companies to adhere to the:

Living a healthy lifestyle is an example of loss prevention and control.

A policy provision ensuring continued insurance coverage for the insured's lifetime as long as the premiums continue to be paid is known as:

Which of the following statements regarding long-term-care insurance is true?

Large employers are less likely to offer health insurance to their employees than small employers.

Which of the following statements regarding the Affordable Health Care Act (ACA)is true?

When offering a flexible-benefit plan, most employers will set up a salary reduction agreement with an employee if the employee:

An elimination period is the number of days that must pass after you meet the eligibility requirements before your policy pays the benefits.

Which of the following changes would tend to increase the premium on a disability policy?

Social Security disability income benefits are available only when someone is permanently unable to do any job.

Advances in medical technology, drug prescriptions, and treatments have substantially reduced the cost of health care in recent decades.

Funds for Medicare benefits come from:

Medicare Part A provides:

Which of the following statements regarding private health insurance plans is true?

A preferred provider organization has characteristics of both an individual practice association (IPA)and an indemnity plan.

A good health insurance plan embodies more than financing medical expenses, lost income, and replacement services; it incorporates:

A coordination of benefits provision in a health care policy _____ by collecting benefits in multiple payments for health care.

Group insurance plans are legally required to extend health insurance benefits to retirees.

Health maintenance organizations (HMOs)provide health care to participants without requiring them to file insurance claims.

Understanding the Financial Process

Using Financial Statements and Budgets

Preparing Your Taxes

Managing Your Cash and Savings

Making Automobile and Housing Decisions

Using Credit

Using Consumer Loans

Insuring Your Life

Protecting Your Property

Investment Planning

Investing in Stocks and Bonds

Investing in Mutual Funds, Etfs, and Real Estate

Planning for Retirement

Preserving Your Estate

Filters