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Health Insurance – Questions & Accurate Answers
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Health Insurance – Questions & Accurate Answers
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Health Insurance – Questions & Accurate AnswersWhich type of policy with paying employees salary if the employer was
injured in a bicycle accident and out of work for six weeks? Correct Ans
- Business Overhead Expense
On an accidental death and dismemberment insurance policy (AD&D) who
is qualified to change the beneficiary designation? Correct Ans -
Policyowner
Which of the following statements does not accurately describe the tax
treatment of premiums and benefits of individual accident and health
insurance? Correct Ans - Disability income policy premiums are tax
deductible
All of the following statements regarding group health insurance are true,
EXCEPT Correct Ans - an individual policy is given to each member
P is insured under a basic cancer plan which of the following conditions
would be covered under this plan? Correct Ans - Operation for a
malignant tumor
A policy owners rice are limited under which beneficiary designation
Correct Ans - Irrevocable
Which of the following would be a likely candidate for disability income
insurance on a key employee? Correct Ans - Company executive
Which of the following characteristics is associated with a large group
disability income policy? Correct Ans - No medical underwriting
A business overhead expense policy Correct Ans - Where is
business expenses such as rent and utilities
Many small business owners worry how their business will survive
financially if the owner becomes disabled. The policy which best addresses
this concern is Correct Ans - Business overhead expense
, Which type of policy pays benefits to a policyholder covered under a
hospital expense policy? Correct Ans - reimbursement
P loses an arm and a farm accident and has paid $10,000 from his
accidental death and dismemberment policy. This benefit is known as the
Correct Ans - Captital Sum
The federal income tax treatment of employer provided group medical
expense insurance can be accurately described as Correct Ans -
Employee premiums paid by the employer is tax deductible to the employer
as a business expendinture
T is covered by an accidental death and dismemberment policy that has an
irrevocable beneficiary. What action will the insurance company take if T
request a change of beneficiary? Correct Ans - Request of the
change will be refused
The benefits under a disability buy-out policy are Correct Ans -
Payable to the company or another shareholder
Accidental death coverage is provided to commercial airline passengers
and which of the following types of policies? Correct Ans - Blanket
Accident policy
The provision in a group health policy that allows the insurer to post phone
coverage for a covert illness 30 days after the policies a better day is
referred to as the Correct Ans - Waiting Period
The difference between group insurance and blanket health policies is
Correct Ans - Blanket health policies do not issue certificates
G is an accountant who has 10 employees and is concerned about how the
business with survive financially if he became disabled. The type of policy
which best address this concern is Correct Ans - Business Overhead
Expense
Consolidated Omnibus Budget Reconciliation Act (COBRA) Gives workers
and their families whose employment has been terminated the right to
Correct Ans - continue group health benefits
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