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health and accident insurance Exam|46 Questions & Answers
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health and accident insuranceExam|46 Questions & Answers
1. review - health ins refers to the broad field of insurance plans that provide
protection against the financial consequences of - -illness
accident
injury
disability
-2. review - three basic categories of health coverage - -1. Medical expense
insurance
2. disability income insurance
3. accidental death and dismemberment insurance AD&D
-3. review - Medical expense insurance is - -standard health care insurance.
-4. review - medical expense insurance includes plans that cover - -hospital
care
surgical expenses
doctor visits
outpatient care
most of your other basic medical expenses
-5. review - disability income insurance provides - -replacement income
when wages are lost due to a disability
-6. review - disability income insurance does not cover - -medical expenses
associated with a disability but provides a guaranteed flow of income while
the person is disabled
-7. review - accidental death and dismemberment insurance aka AD&D
provides a beneficiary with - -a lump-sum death benefit in the event of
accidental death of the insured
-8. review - accidental death and dismemberment insurance aka AD&D will
also - -pay a living benefit for dismemberment
-9. review - health insurance - -is designed to provide coverage for
accidents and sickness
-10. review - premium factors - -1. funded by regular premium payments
-11. review - premium factors - -2. can be paid:
, - annually
- semi-annually
- quarterly
- monthly
-12. review - premium factors - the factors that enter into premium
calculations are: - -- interest
- expenses
- types of benefits
- morbidly
- age
- sex
- occupation
-13. business needs - in addition to protecting individuals against the
possible loss of income due to a disability, - -disability income policies are
also used to protect businesses
-14. review - there are three type of disability income policies used for
business - -1. disability buy-sell
2. business overhead expense insurance
3. disability buy-out
-15. review - disability buy-sell - -disability buy-sell agreement is a legal
agreement that specifies how a business will pass between owners when one
of the owners dies or becomes disabled
-16. review - business overhead expense insurance - -business over head
expense insurance is sold to small business owners who must continue to
meet overhead expenses such as rent utilities and payroll
-17. business overhead expense insurance - -business overhead expense
policy reimburses business owners for the actual overhead expenses
incurred while the business owner is totally disabled
-18. business overhead expense insurance does not - -reimburse the
business owner for their salary
-19. disability buy-out - just as with the life insurance buy sell agreement - -
the disability buyout agreement specifies who will purchase a disabled
partner's interest and legally obligates that person or party to purchase the
business interest of the disabled partner
-20. eligible groups - -to qualify for a group health insurance applicants
must be a part of a group formed for a reason other than just obtaining
health insurance
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