Question 1

Major medical insurance often supplements the basic coverage of hospital,surgical,and physician's expense insurance.

Accepted Answer

A) True 
 B)False

Question 2

Medicare Advantage supplemental benefits include all of the following except:

Accepted Answer

A)  vision. 
B)  dental. 
C)  general checkups. 
D)  hospitalization. 
E)  wellness programs. 
A)  vision. 
B)  dental. 
C)  general checkups. 
D)  hospitalization. 
E)  wellness programs.

Question 3

Supplementary Medical Insurance is a voluntary participatory program,commonly known as Medicare Part B.

Accepted Answer

A) True 
 B)False

Question 4

Increasing the stop-loss provision is likely to lower the premium on a comprehensive major medical policy.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following statements is true about a guaranteed renewable long-term care policy?

Accepted Answer

A)  Benefits are taxable. 
B)  Premiums are never tax deductible. 
C)  The policy is non-cancellable. 
D)  Premiums cannot be increased by the insurer unless they are increased for the entire rating class. 
E)  Premiums cannot increase for any reason. 
A)  Benefits are taxable. 
B)  Premiums are never tax deductible. 
C)  The policy is non-cancellable. 
D)  Premiums cannot be increased by the insurer unless they are increased for the entire rating class. 
E)  Premiums cannot increase for any reason.

Question 6

An Individual Practice Association differs from a HMO in that,:

Accepted Answer

A)  you have no choice of the physician. 
B)  they are located in a central facility. 
C)  associated doctors operate from their own offices. 
D)  they are less likely to be found in small communities. 
E)  none of these 
A)  you have no choice of the physician. 
B)  they are located in a central facility. 
C)  associated doctors operate from their own offices. 
D)  they are less likely to be found in small communities. 
E)  none of these

Question 7

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement.
-Medicare [hospital | supplementary medical] insurance requires that those covered pay a monthly premium.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

The "O" in COBRA stands for which of the following words?

Accepted Answer

A)  Optical 
B)  Opportunity 
C)  Ordinary 
D)  Omnibus 
E)  Occupational 
A)  Optical 
B)  Opportunity 
C)  Ordinary 
D)  Omnibus 
E)  Occupational

Question 10

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement.
-Medicare Advantage supplemental benefits include [lab tests | wellness programs].

Accepted Answer

The answer of Choose the word or phrase in [...

Question 11

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement.
-Surgical expense insurance would pay for cosmetic surgery [| to reduce the size of your nose | only if deemed a medical necessity].

Accepted Answer

The answer of Choose the word or phrase in [...

Question 12

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement.
-When there is a co-insurance or participation clause in a health insurance policy,the amount the insurance will pay is computed [before | after] the deductible is paid.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 13

Suppose a person has a health insurance policy with a $500 calendar year deductible,a $2,000 out-of-pocket cap,and an 80% co-insurance provision.If this person suffers a $600 covered loss,how much will the insurance company pay? (Assume no previous losses have occurred.)

Accepted Answer

A)  $ 80 
B)  $100 
C)  $480 
D)  $600 
E)  some other amount 
A)  $ 80 
B)  $100 
C)  $480 
D)  $600 
E)  some other amount

Question 14

A deductible clause in major medical insurance plans is most often on a per year basis.

Accepted Answer

A) True 
 B)False

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

Tommy and Amanda Perez are a dual-earner couple with a young son,Bobby.Tommy and Amanda each receive health care coverage for themselves from their respective employers.Their employers pay the premiums for the workers,and coverage for dependents is available if the worker pays the premium cost.They are trying to decide which policy to cover Bobby under for the upcoming year.The following is a brief description of their policies and projected medical expenses for Bobby.
Bobby is a healthy 8-year-old who is accident prone.Based on his past medical records,Tommy and Amanda expect the following covered medical costs for the year:
6 trips to the doctor--average cost of $75 per trip
2 trips to the emergency clinic--average cost of $300 per trip
1 broken bone--average cost of in-hospital surgery $1,250
12 prescriptions--average cost of $45 per prescription
What would the combined cost of premiums plus out-of-pocket medical costs be for Bobby under Tommy's HMO?
What would the combined cost of premiums plus out-of-pocket medical cost be for Bobby under Amanda's major medical plan?

Accepted Answer

The answer of Tommy and Amanda Perez are a dual-earner...

Question 17

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement.
-[The government | Individuals] pay(s)a larger share of personal health care expenses than private health insurance.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 18

Which of the following programs is a public assistance program that provides health insurance benefits only to those who are unable to pay for healthcare?

Accepted Answer

A)  Medicare 
B)  Medicaid 
C)  Blue Cross/Blue Shield 
D)  Social Security disability benefits 
E)  Worker's compensation 
A)  Medicare 
B)  Medicaid 
C)  Blue Cross/Blue Shield 
D)  Social Security disability benefits 
E)  Worker's compensation

Question 19

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement.
-Disability income insurance is designed to [replace some of your income | pay medical bills] when you are disabled.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 20

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement.
-Traditional indemnity policies reimburse the insured based on the [amount charged | usual,customary,and reasonable charges] for the medical services received.

Accepted Answer

The answer of Choose the word or phrase in [...

Major medical insurance often supplements the basic coverage of hospital,surgical,and physician's expense insurance.

Medicare Advantage supplemental benefits include all of the following except:

Supplementary Medical Insurance is a voluntary participatory program,commonly known as Medicare Part B.

Increasing the stop-loss provision is likely to lower the premium on a comprehensive major medical policy.

Which of the following statements is true about a guaranteed renewable long-term care policy?

An Individual Practice Association differs from a HMO in that,:

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement. -Medicare [hospital | supplementary medical] insurance requires that those covered pay a monthly premium.

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

The "O" in COBRA stands for which of the following words?

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement. -Medicare Advantage supplemental benefits include [lab tests | wellness programs].

Suppose a person has a health insurance policy with a $500 calendar year deductible,a $2,000 out-of-pocket cap,and an 80% co-insurance provision.If this person suffers a $600 covered loss,how much will the insurance company pay? (Assume no previous losses have occurred.)

A deductible clause in major medical insurance plans is most often on a per year basis.

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

Which of the following programs is a public assistance program that provides health insurance benefits only to those who are unable to pay for healthcare?

Understanding the Financial Planning 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

Planning for Retirement

Preserving Your Estate

Filters

Exam 9: Insuring Your Health

Major medical insurance often supplements the basic coverage of hospital,surgical,and physician's expense insurance.

Medicare Advantage supplemental benefits include all of the following except:

Supplementary Medical Insurance is a voluntary participatory program,commonly known as Medicare Part B.

Increasing the stop-loss provision is likely to lower the premium on a comprehensive major medical policy.

Which of the following statements is true about a guaranteed renewable long-term care policy?

An Individual Practice Association differs from a HMO in that,:

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement. -Medicare [hospital | supplementary medical] insurance requires that those covered pay a monthly premium.

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

The "O" in COBRA stands for which of the following words?

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement. -Medicare Advantage supplemental benefits include [lab tests | wellness programs].

Suppose a person has a health insurance policy with a $500 calendar year deductible,a $2,000 out-of-pocket cap,and an 80% co-insurance provision.If this person suffers a $600 covered loss,how much will the insurance company pay? (Assume no previous losses have occurred.)

A deductible clause in major medical insurance plans is most often on a per year basis.

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

Which of the following programs is a public assistance program that provides health insurance benefits only to those who are unable to pay for healthcare?

Understanding the Financial Planning 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

Planning for Retirement

Preserving Your Estate

Filters