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Florida Life, Health and Variable Annuities Study Questions with Correct Answers 100% Verified and Graded A+
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Florida Life, Health and Variable Annuities Study Questions with Correct Answers 100% Verified and Graded A+ All of the following statements concerning Social Security disability benefits are true except - Correct Answer Benefits are retroactive to the time of disability (benefits are retroactive ...

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  • July 23, 2024
  • 15
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • all of the following statements concerning social
  • which statement concerning commercial companies is
  • which of the following service providers allows fo
  • which of the following are not eligible for medi

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  • Florida Life, Health and Variable Annuities
  • Florida Life, Health and Variable Annuities

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Florida Life, Health and Variable Annuities Study Questions
with Correct Answers 100% Verified and Graded A+
All of the following statements concerning Social Security disability benefits are true except - Correct Answer Benefits are retroactive to the time of disability (benefits are retroactive but do not include the waiting period)
Which statement concerning commercial companies is not true? - Correct Answer They are not debit companies (Commercial insurance can be sold by debit or industrial or home service companies. They are synonyms)
Which of the following service providers allows for a primary care physician as well as out-of-network care? - Correct Answer Point of Service Plan (POS) (Point of Service is a combination of an HMO and a PPO.)
Which of the following are NOT eligible for Medicare coverage? - Correct Answer People with any life threatening condition (Life threatening conditions do not qualify a person for benefits.)
All of the following are types of deductible provisions associated with major medical policies except: - Correct Answer Stop loss (A stop loss is not a deductible. It "stops" an
insured's loss at a certain dollar amount.)
All of the following may administer self-insured plans except: - Correct Answer Actuaries
(A self insured plan may contract with ASOs & TPAs to process the paper work. They may also use an insurance company to pay for large unpredictable losses.)
How does a basic medical plan avoid small claims and keep the cost of premiums down? - Correct Answer By imposing benefit limits (These are known as first dollar policies. They pay first, no deductibles or co-insurance. Known for low maximum benefits.)
Which of the following statements about deductible provisions in medical insurance policies is NOT correct? - Correct Answer They are most common in basic medical expense policies (Basic medical expense policies are called "first dollar" policies because they have no deductibles. Deductibles are found in major medical policies.)
The type of health care provider that provides both the health care services and the health care financing is a: - Correct Answer Health Maintenance Organization
Stagmite purchases a major medical policy with a $100 annual deductible, 80/20 co-
insurance and a maximum out-of-pocket of $5000. If Stagmite were to incur covered expenses of $10,100, how much would Stag be out of pocket? - Correct Answer $2100 ($10,100 minus the $100 deductible equals $10,000. 20% of $10,000 equals $2000. The out of pocket never reached the $5000) Health insurance policies generally do issue dividends in which of the following circumstances? - Correct Answer Only group health insurance policies issue dividends (This is a participating health insurance plan, meaning that it issues dividends. Dividends in these cases are premium credits and are based on the expenses and claims costs of the insurer, but be careful with what the dividend is called. If the dividend
is coming from a mutual insurer it's called a dividend, but if it's coming from a stock insurer it's called an experience-rating, or an experience-rated plan)
Social Security was started in what year? - Correct Answer 1935
If one becomes totally disabled, Social Security Disability benefits: - Correct Answer May begin after six months (There is a 5 month waiting period for Social Security. One can not even apply for the benefits until after 5 months)
An insured has a basic hospital expense policy with a $10,000 limit for benefits, coordinated with a major medical policy with a $500 corridor deductible and 80/20 coinsurance provision. If she incurs a loss of $20,000, how much will the insurer pay? - Correct Answer $17,600 (The basic plan pays first ($10,000). Then the insured pays the
deductible ($500). This leaves $9500. The insurer will pay 80% of $9500 ($7600). The total the insurer paid is $10,000 plus the $7600: $17,600)
A limited risk policy will pay for dread diseases - Correct Answer Such as cancer (Limited risk policies, known as dread disease policies, pay for cancer, heart disease...they do not have to be terminal)
A Supplementary Medical Expense policy combines the benefits of what two types of plans? - Correct Answer Basic Medical and Major Medical
All of the following statements about noncancellable policies are true except: - Correct Answer The insurer may increase the premium rate after the policy is in effect provided it does so by classes of insureds.
Rose Bud receives a hospital bill for $9,500 after being released from the hospital. Her Major Medical policy has a $500 deductible and an 80% - 20% continuous coinsurance feature. Of the total expense, how much will Rose have to pay? - Correct Answer $2300
(The $500 deductible must be paid first. This leaves $9000. She pays 20% of $9000 which is $1800. For a total of $2300...Remember, she had to pay the deductible)
A Health Savings Account does not allow: - Correct Answer Tax free non-qualified withdrawals (A Health Savings Account allows for tax-deductible contributions that grow
tax free and may be withdrawn tax free to pay for qualified medical expenses)
What is included under the miscellaneous expense benefit? - Correct Answer anesthesia (Surgical expenses and Post Op are covered under the Surgical policy. Physician fees are covered under the Basic Physicians expense policy)

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