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Question 1 of 10
1. Question
For an employer, a self-funded health care plan may be a realistic alternative to insurance if
Correct
Self-funding may be a realistic alternative to traditional insurance if claim costs are predictable.
Incorrect
Self-funding may be a realistic alternative to traditional insurance if claim costs are predictable.
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Question 2 of 10
2. Question
A preexisting condition in health insurance policies is one that
Correct
A preexisting condition is when an applicant received medical advice or treatment before applying for coverage.
Incorrect
A preexisting condition is when an applicant received medical advice or treatment before applying for coverage.
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Question 3 of 10
3. Question
A group of major medical policyholders who provide advantages on a self-financing basis can limit their total liability for claims by buying
Correct
In such cases the insurer will pay the death benefit minus any outstanding loan amount and interest on the loan.
Incorrect
In such cases the insurer will pay the death benefit minus any outstanding loan amount and interest on the loan.
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Question 4 of 10
4. Question
The insurance policy is a legal contract. Each of the following elements is essential for the formation of a valid contract except
Correct
Consideration, competent parties, and offer and agreement are required to form a legal contract. Signatures of the parties are not required, because oral contracts are binding.
Incorrect
Consideration, competent parties, and offer and agreement are required to form a legal contract. Signatures of the parties are not required, because oral contracts are binding.
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Question 5 of 10
5. Question
Peter decides to borrow some money from a bank and use life insurance cash values as collateral. What type of assignment will Peter probably use to secure the loan?
Correct
This is an example of a partial assignment. Peter probably use a partial assignment to borrow some money from a bank and use life insurance cash values as collateral.
Incorrect
This is an example of a partial assignment. Peter probably use a partial assignment to borrow some money from a bank and use life insurance cash values as collateral.
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Question 6 of 10
6. Question
Kennedy is helping a friend move his pool table when he strains his back, causing a disability. The insurer declines coverage, saying the injury was not accidental under the terms of Kennedy’s policy. Kennedy’s policy must include
Correct
This is an example of an accidental means definition of disability. Kennedy’s policy must include an accidental means definition of accidental.
Incorrect
This is an example of an accidental means definition of disability. Kennedy’s policy must include an accidental means definition of accidental.
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Question 7 of 10
7. Question
Lorie falls and breaks her leg, incurring $2,000 in medical expenses. Her policy pays the entire amount. Lorie has a
Correct
This is an example of first-dollar coverage. Lorie has a policy with first-dollar coverage.
Incorrect
This is an example of first-dollar coverage. Lorie has a policy with first-dollar coverage.
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Question 8 of 10
8. Question
A deduction that runs between the first-dollar coverage of a basic policy and the comprehensive coverage of a supplemental policy is known as a
Correct
This is an example of a corridor deductible. A deduction that runs between the first-dollar coverage of a basic policy and the comprehensive coverage of a supplemental policy is called a corridor deductible.
Incorrect
This is an example of a corridor deductible. A deduction that runs between the first-dollar coverage of a basic policy and the comprehensive coverage of a supplemental policy is called a corridor deductible.
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Question 9 of 10
9. Question
Which one of the following would be most likely to be covered under a medical expense policy?
Correct
This is the type of accident that is almost always covered. The other answer choices reflect situations for which coverage may be limited or excluded.
Incorrect
This is the type of accident that is almost always covered. The other answer choices reflect situations for which coverage may be limited or excluded.
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Question 10 of 10
10. Question
Between individual policies that include coverage for mental infirmities, the benefit will generally be
Correct
Many policies place limitations on the treatment of mental illness, including lower limits. So, between individual policies that include coverage for mental infirmities, the benefit will generally be lower than physical infirmities.
Incorrect
Many policies place limitations on the treatment of mental illness, including lower limits. So, between individual policies that include coverage for mental infirmities, the benefit will generally be lower than physical infirmities.