Question 1

A health insurance policy that pays you back for actual expenses is called a reimbursement policy.

Accepted Answer

A) True 
 B)False

Question 2

How much income is usually replaced with a private income insurance program for a disability?

Accepted Answer

A)  0% 
B)  10-30% 
C)  40-60%, with some plans paying up to 75% 
D)  50-70%, with some plans paying up to 100% 
E)  100% 
A)  0% 
B)  10-30% 
C)  40-60%, with some plans paying up to 75% 
D)  50-70%, with some plans paying up to 100% 
E)  100%

Question 3

The period before you can receive benefits in a disability plan is called the probationary period.

Accepted Answer

A) True 
 B)False

Question 4

Georgia has a health insurance policy that includes a deductible of $500 and a coinsurance of 20%.If her total bill is $3,000,how much will her insurance pay?

Accepted Answer

A)  $250 
B)  $480 
C)  $500 
D)  $1,000 
E)  $2,000 
A)  $250 
B)  $480 
C)  $500 
D)  $1,000 
E)  $2,000

Question 5

A policy that pays you back for actual expenses is called

Accepted Answer

A)  A coinsurance plan. 
B)  A reimbursement plan. 
C)  A deductible plan. 
D)  An indemnity plan. 
E)  A reasonable and customary plan. 
A)  A coinsurance plan. 
B)  A reimbursement plan. 
C)  A deductible plan. 
D)  An indemnity plan. 
E)  A reasonable and customary plan.

Question 6

Medicare is offered to certain low-income individuals and families.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following is TRUE about long-term care insurance?

Accepted Answer

A)  It covers help at home but not in a nursing home. 
B)  It covers a stay in a nursing home but not help at home. 
C)  The older you are when you enroll, the higher the annual premium. 
D)  Insurance plans are sold primarily to individuals in the 20-40 age group. 
E)  These plans typically pay for all costs. 
A)  It covers help at home but not in a nursing home. 
B)  It covers a stay in a nursing home but not help at home. 
C)  The older you are when you enroll, the higher the annual premium. 
D)  Insurance plans are sold primarily to individuals in the 20-40 age group. 
E)  These plans typically pay for all costs.

Question 8

All of the following are sources of disability income except

Accepted Answer

A)  Worker's compensation. 
B)  Employer plans. 
C)  Social Security. 
D)  Private income insurance programs. 
E)  All of these are sources of disability income. 
A)  Worker's compensation. 
B)  Employer plans. 
C)  Social Security. 
D)  Private income insurance programs. 
E)  All of these are sources of disability income.

Question 9

A provision in a health insurance policy that will cover only a fixed amount for an expense is called

Accepted Answer

A)  Reimbursement. 
B)  Out-of-pocket limit. 
C)  Deductible. 
D)  Internal limit. 
E)  Indemnity. 
A)  Reimbursement. 
B)  Out-of-pocket limit. 
C)  Deductible. 
D)  Internal limit. 
E)  Indemnity.

Question 10

Katrina was injured in an accident at work.The benefits she will receive to cover part of her income will come from

Accepted Answer

A)  A private income insurance program. 
B)  Her employer plan. 
C)  Medicare. 
D)  Social Security. 
E)  Worker's compensation. 
A)  A private income insurance program. 
B)  Her employer plan. 
C)  Medicare. 
D)  Social Security. 
E)  Worker's compensation.

Question 11

Administrative costs in the United States consume half of the health care dollars.spent.

Accepted Answer

A) True 
 B)False

Question 12

Health insurance is a form of protection that eases the financial burden people may experience as a result of someone's death.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following is correct about your health plan's summary plan description?

Accepted Answer

A)  It contains information about the coverage of dependents. 
B)  It contains information about what services will require a co-pay. 
C)  It contains information about circumstances when your employer can terminate your health plan benefits. 
D)  All of these are correct. 
E)  None of these is correct. 
A)  It contains information about the coverage of dependents. 
B)  It contains information about what services will require a co-pay. 
C)  It contains information about circumstances when your employer can terminate your health plan benefits. 
D)  All of these are correct. 
E)  None of these is correct.

Question 14

A health reimbursement account is an employer-funded plan.

Accepted Answer

A) True 
 B)False

Question 15

Brittany and Brandon are both charged $250 for an office visit to the same specialist.Brittany's reimbursement policy has a deductible of $300.Once she has met the deductible,the policy will cover the full cost of her visits.Brandon's indemnity policy will pay him $150,the maximum amount his plan provides for a visit to any specialist.Which of the following is correct?

Accepted Answer

A)  Brittany will pay less because the policy will cover up to $300 for her visit. 
B)  Brittany will pay more because she must pay the entire bill since she has not met her deductible while Brandon will have part of his bill paid by his policy. 
C)  Brandon will pay $150 and his insurance company will pay $100. 
D)  Brandon will pay more because Brittany will have the first $300 paid by her policy. 
E)  None of these is correct. 
A)  Brittany will pay less because the policy will cover up to $300 for her visit. 
B)  Brittany will pay more because she must pay the entire bill since she has not met her deductible while Brandon will have part of his bill paid by his policy. 
C)  Brandon will pay $150 and his insurance company will pay $100. 
D)  Brandon will pay more because Brittany will have the first $300 paid by her policy. 
E)  None of these is correct.

Question 16

Coordination of benefits (COB)applies to

Accepted Answer

A)  Combining health insurance and disability insurance coverage. 
B)  Combining all group and individual insurance coverages. 
C)  Combining the Health Insurance Portability and Accountability Act of 1996 and COBRA. 
D)  Combining three or more disability policies issued for an individual. 
E)  Combining the benefits of two insurance policies issued for a married couple. 
A)  Combining health insurance and disability insurance coverage. 
B)  Combining all group and individual insurance coverages. 
C)  Combining the Health Insurance Portability and Accountability Act of 1996 and COBRA. 
D)  Combining three or more disability policies issued for an individual. 
E)  Combining the benefits of two insurance policies issued for a married couple.

Question 17

After you have reached a certain limit that you must pay for the deductible and coinsurance,the insurance company covers 100% of any additional cost.This is called

Accepted Answer

A)  Reimbursement. 
B)  Out-of-pocket limit. 
C)  Deductible. 
D)  Internal limit. 
E)  Indemnity. 
A)  Reimbursement. 
B)  Out-of-pocket limit. 
C)  Deductible. 
D)  Internal limit. 
E)  Indemnity.

Question 18

Which of the following is NOT correct?

Accepted Answer

A)  Health costs have increased because of the use of sophisticated technologies. 
B)  Victims of accidents and crimes require fewer emergency medical services than in the past. 
C)  Regulations shift costs instead of reducing cost. 
D)  Some tests are duplicated for patients, leading to higher health costs. 
E)  Restrictive work rules in the health care delivery system increase health costs. 
A)  Health costs have increased because of the use of sophisticated technologies. 
B)  Victims of accidents and crimes require fewer emergency medical services than in the past. 
C)  Regulations shift costs instead of reducing cost. 
D)  Some tests are duplicated for patients, leading to higher health costs. 
E)  Restrictive work rules in the health care delivery system increase health costs.

A health insurance policy that pays you back for actual expenses is called a reimbursement policy.

How much income is usually replaced with a private income insurance program for a disability?

The period before you can receive benefits in a disability plan is called the probationary period.

Georgia has a health insurance policy that includes a deductible of $500 and a coinsurance of 20%.If her total bill is $3,000,how much will her insurance pay?

A policy that pays you back for actual expenses is called

Medicare is offered to certain low-income individuals and families.

Which of the following is TRUE about long-term care insurance?

All of the following are sources of disability income except

A provision in a health insurance policy that will cover only a fixed amount for an expense is called

Katrina was injured in an accident at work.The benefits she will receive to cover part of her income will come from

Administrative costs in the United States consume half of the health care dollars.spent.

Health insurance is a form of protection that eases the financial burden people may experience as a result of someone's death.

Which of the following is correct about your health plan's summary plan description?

A health reimbursement account is an employer-funded plan.

Coordination of benefits (COB)applies to

After you have reached a certain limit that you must pay for the deductible and coinsurance,the insurance company covers 100% of any additional cost.This is called

Which of the following is NOT correct?

Personal Financial Planning in Action

Money Management Skills

Taxes in Your Financial Plan

Financial Services: Savings Plans and Payment Account

Consumer Credit: Advantages, Dis-Advantages, Sources, and Costs

Consumer Purchasing Strategies and Wise Buying of Motor Vehicles

Selecting and Financing Housing

Home and Automobile Insurance

Financial Planning With Life Insurance

Investing Basics and Evaluating Bonds

Investing in Stocks

Investing in Mutual Funds

Starting Early: Retirement and Estate Planning

Filters

Exam 9: Health and Disability Income Insurance

A health insurance policy that pays you back for actual expenses is called a reimbursement policy.

How much income is usually replaced with a private income insurance program for a disability?

The period before you can receive benefits in a disability plan is called the probationary period.

Georgia has a health insurance policy that includes a deductible of $500 and a coinsurance of 20%.If her total bill is $3,000,how much will her insurance pay?

A policy that pays you back for actual expenses is called

Medicare is offered to certain low-income individuals and families.

Which of the following is TRUE about long-term care insurance?

All of the following are sources of disability income except

A provision in a health insurance policy that will cover only a fixed amount for an expense is called

Katrina was injured in an accident at work.The benefits she will receive to cover part of her income will come from

Administrative costs in the United States consume half of the health care dollars.spent.

Health insurance is a form of protection that eases the financial burden people may experience as a result of someone's death.

Which of the following is correct about your health plan's summary plan description?

A health reimbursement account is an employer-funded plan.

Coordination of benefits (COB)applies to

After you have reached a certain limit that you must pay for the deductible and coinsurance,the insurance company covers 100% of any additional cost.This is called

Which of the following is NOT correct?

Personal Financial Planning in Action

Money Management Skills

Taxes in Your Financial Plan

Financial Services: Savings Plans and Payment Account

Consumer Credit: Advantages, Dis-Advantages, Sources, and Costs

Consumer Purchasing Strategies and Wise Buying of Motor Vehicles

Selecting and Financing Housing

Home and Automobile Insurance

Financial Planning With Life Insurance

Investing Basics and Evaluating Bonds

Investing in Stocks

Investing in Mutual Funds

Starting Early: Retirement and Estate Planning

Filters