Health Final Exam - NJ Accident and Health EXAM 2025 UPDATE
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Course
Health - NJ Accident and Health
Institution
Health - NJ Accident And Health
Health Final Exam - NJ Accident and Health EXAM 2025 UPDATE
When does a health insurance policy typically become effective? - ANSWER-When the initial premium is collected and policy is issued
Which entity is responsible for regulating insurance advertising in NJ? - ANSWER-New Jersey Department of...
Health Final Exam - NJ
Accident and Health
EXAM 2025 UPDATE
When does a health insurance policy typically become effective? -
✔✔✔ANSWER-When the initial premium is collected and policy is issued
Which entity is responsible for regulating insurance advertising in NJ? -
✔✔✔ANSWER-New Jersey Department of Banking and Insurance
Which of the following actions may an insurance company NOT do in a health
policy that contains a guaranteed renewable premium benefit?
Stop renewing policy when the insured reaches a specified age
,Cancel policy if premiums are not paid
Increase the premiums on an individual basis
Increase the premiums on the basis of an entire classification - ✔✔✔ANSWER-
Increase the premiums on an individual basis
Which of the following are retained at the expense of an insurance buyer to give
advice on insurance needed by the buyer?
Brokers and consultants
Insurance prospectors
Third-party adminstrators
Agents - ✔✔✔ANSWER-Brokers and consultants
A 10% excise tax is normally applied to an early withdrawal from an IRA.
According to HIPAA, this tax will not be applied if the withdrawal is used for
medical expenses that exceed ____ of the individual's adjusted gross income. -
✔✔✔ANSWER-7.5%
A beneficiary change can occur - ✔✔✔ANSWER-normally at any time during the
policy term
A branch office registration form is required to be filed at least ___ days before
selling insurance out of that branch - ✔✔✔ANSWER-30
, A clause that allows that allows an insurer the right to terminate coverage at any
anniversary date is called a(n) - ✔✔✔ANSWER-Optional renewability clause
A common exclusion with Vision plans is - ✔✔✔ANSWER-lasik surgery
A disability income policy can prevent an insured from earning a higher income if
he/she were working by utilizing - ✔✔✔ANSWER-Benefit limits
A doctor who accepts Medicare assignment agrees to which of the following
- Doctor may charge up to a maximum of 15% more than Medicare pays for the
service
- Doctor is not bound by Medicare's limitations on charges
- Doctor cannot charge more than Medicare's scheduled coverage
- Doctor bills the Medicare beneficiary directly for services performed -
✔✔✔ANSWER-Doctor cannot charge more than Medicare's scheduled coverage
A dread disease policy is considered to be a type of - ✔✔✔ANSWER-Limited
health insurance policy
A health insurance policy that allows an insurer to change the policy owner's
premiums, but NOT cancel the policy is called a(n) - ✔✔✔ANSWER-Guaranteed
renewable policy
A health insurance policy where the insurer has the right to terminate the policy for
reasons other than the insured's health is called - ✔✔✔ANSWER-Conditionally
renewable
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