FP 512 PRACTICE TEST BANK (ACTUAL EXAM) LATEST WITH EXPERT CERTIFIED QUESTIONS AND ANSWERS I ALREADY GRADED A+ 100% PASS Which of the following single -coverage health plans qualify as a high -deductible health plan that can be used in conjunction with a health savings account in 2022? Plan A: $1,000 deductible; $4,000 maximum out of pocket Plan B: $2,500 deductible; $4,000 ma ximum out of pocket Plan C: $3,000 deductible; $5,000 maximum out of pocket - ANSWERS -Plan B: $2,500 deductible; $4,000 maximum out of pocket Plan C: $3,000 deductible; $5,000 maximum out of pocket P 1400 min to meet requirment Which of the following s tatements regarding Medicare is CORRECT? Medicare coverage would be secondary to any health insurance coverage carried by individuals through their employer health plans. Medicare Part A provides hospice care. Medicare Part B provides for in -hospital expen ses. Medicare is a federal government health insurance plan. - ANSWERS -I, II, and IV A client had a partnership long -term care policy with a benefit of $175,000. The client was forced to use the policy's entire $175,000 benefit after she was admitted to t he local nursing home. The client is wondering if she will qualify for Medicaid. Her partnership long -term care policy's benefit has been depleted, and she only has $127,000 in assets. Which of the following statements is CORRECT? - ANSWERS -She can qualify for Medicaid because she will be allowed to retain up to $175,000 in assets plus approximately $2,000. Which of the following statements concerning long -term care (LTC) insurance is CORRECT? The types of benefits provided by LTC policies include skilled nursing care, intermediate care, custodial care, home health care, and adult day care. To qualify for favorable tax treatment, Alzheimer's disease may not be excluded from LTC policies. - ANSWERS -Both I and II Which of the following disability income poli cy continuation provisions guarantees the renewal of the policy for a stated period without any increase in premium? - ANSWERS -Noncancelable All of the following statements regarding health insurance are correct except - ANSWERS -individual health insuranc e premiums are deductible to the extent they exceed 2% of adjusted gross income. Which of the following statements pertaining to qualifying for Social Security disability benefits is CORRECT? To be awarded Social Security disability benefits, an individual must suffer from a mental or physical impairment that prevents her from engaging in any substantial gainful employment. The disability must be expected to last at least 12 months or result in the death of the individual. The disability must have been a result of a work -related injury. - ANSWERS -I and II Which of the following is a commercial coverage designed to pay some of the medical expenses that the original Medicare leaves to the benefic iary? - ANSWERS -) Medicare supplement insurance Which of the following is a major disadvantage of a health maintenance organization (HMO) from the perspective of the subscriber? - ANSWERS -The inability to use providers outside the network except in emerge ncies Which of the following are considered triggering events that would indicate a client and planner need to evaluate health insurance coverage? Mary reduces her employment to 25 hours per week so she can provide day care for her grandchild. Arnold has experienced a disability, and his short -term disability is ending. His company is going to place him on long -term disability benefits. He will be surrendering his employee ID badge next week. Susan is graduating college and is looking for a job. She is cov ered under her parents' policy and turns 24 next week. The Brights just had their first child, who had some medical complications. The baby will turn one month old next week and is still in the hospital. - ANSWERS -I, II, and IV The answer is I, II, and IV . Option III is incorrect because she can remain on her parents' coverage until age 26. When she gets a job, she may want to evaluate the options. Option I means that even though Mary may be working for the same employer, group coverage usually requires 30 hours of work to qualify for coverage. Option II means that Arnold will need to utilize COBRA because he will no longer be an employee and eligible to receive subsidized coverage. Option IV means that the Brights have just one week to get their child on t heir health insurance or the baby will not be covered. Ronnie has been working and saving for a car since he was 13. He recently turned 16, obtained a driver's license, and purchased a car for which he paid cash. He went to his insurance agent's office and purchased the required car insurance. The agent did not notice that he is only 16. In the event of a claim, which option is available to the insurance company? - ANSWERS -Pay the claim. The pairs and sets option of loss settlement under a homeowners policy allows the insurance company to - ANSWERS -repair or replace any part of the pair or set to its value before the loss. Which of the following established that regulation of the insurance industry would be left up to the states? - ANSWERS -The McCarran Ferguson Act of 1945
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