Exam (elaborations)
Health Insurance (Xcelsolutions) – Qs And As
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Health Insurance (Xcelsolutions) – Qs And As
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Health Insurance (Xcelsolutions) – Qs And AsBusiness Overhead Expense Correct Ans - G is an accountant who
has ten employees and is concerned about how the business would survive
financially if G became disabled. The type of policy which BEST addresses
this concern:
revocable beneficiary designation Correct Ans - M purchased an
accidental death and dismemberment (AD&D) policy and named his son as
beneficiary. M has the right to change the beneficiary designation at
anytime because his son is:
off-the-job accident Correct Ans - An accident policy will most
likely pay a benefit for a(n)
No medical underwriting Correct Ans - which of the following
characteristics is associated with a large group disability income policy:
less restrictive Correct Ans - which of the following BEST describes
how a policy that uses the "accidental bodily injury" definition of an
accident differs from one that uses the "accidental means" definition?
dental care
other prescription drugs Correct Ans - common exclusions to
continuation of group coverage include:
waiting period Correct Ans - the provision in a group health policy
that allows the insurer to postpone coverage for a covered illness 30 days
after the policy's effective date is referred to as:
contributory Correct Ans - when an employee is required to pay a
portion of the premium for an employer/ employee group health plan, the
employee is covered under which of the following plans?
Proceeds will go to the contingent beneficiary Correct Ans - an
insured covered by (AD&D) insurance has just died. What will happen if the
primary beneficary had already died before the insured and contingent
beneficary?
, 36 months Correct Ans - s is employed by a large corporation that
provides group health coverage for its employees and their dependents. if S
dies, the company must allow his surviving spouse and dependents to
continue their group health coverage for a maximum of how many months
under COBRA regulations?
oral surgery
preventive care
orthodontia Correct Ans - dental care coverage
$0 because T is still alive and the sole primary beneficiary Correct Ans
- T and S are named co-primary beneficairies on a $500,000 accidental
dealth and dismemberment policy insuring their father. their mother was
named contingent beneficary. 5 years later S, dies of natural causes and the
father is killed in a scuba accident shortly afterwards. How much of the
death benefit will the mother reciceve?
disability buy-sell Correct Ans - contract that permits the
remaining partners to buy-out the interest of a disabled business partner?
the employer receives the policy and each employee is issued a certificate
Correct Ans - statement regarding a group accident & health policy
issued to an employer:
health information Correct Ans - (HIPAA) gives privacy protection
for:
business overhead expense Correct Ans - Which type of policy
would pay an employee's salary if the employer was injured in a bicycle
accident and out of work for six weeks?
$300,000 Correct Ans - B has a $100,000 accidental death and
disemberement policy that pays TRIPLE indemnity for common carrier
death. if b is killed from an accident on a commerical flight, what will the
policy pay b's beneficary?
Premiums are lower Correct Ans - How does group insurance
differ from individual insurance?
, irrevocable Correct Ans - a policyowner's rights are limited under
which beneficary designation?
payable to the company or another shareholder Correct Ans - The
benefits under a Disability Buy-Out policy are
continue group health benefits Correct Ans - (COBRA) gives
workers (and their families) whose employment has been terminated the
right to
"Normally, a guardian is required to be appointed in the Beneficiary clause
of the contract Correct Ans - minor beneficiary statement:
Policyowner Correct Ans - on an accidental death and
dismemberment (AD&D) insurance policy, who is qualified to change the
beneficiary designation ?
$25,000 Correct Ans - J has an Accidental Death and
Dismemberment policy with a principal sum of $50,000. While trimming
the hedges, J cuts off one of his fingers. What is the MAXIMUM J will receive
from his policy?
disability income policy are NOT tax-deductible
major medical policy benefits are normally not taxed
disability income policy benefits are normally not taxed Correct Ans -
accurately describes the tax treatment of premiums and benefits of
indivual accident and health insurance?
avoid the duplication of benefit payments Correct Ans - group
health plans typically contain a coordination of benefits (COB) provision
and the purpose is:
interim coverage Correct Ans - Short term medical policy
Below a specific income limit Correct Ans - Medicaid was designed
to assist individuals who are
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