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Question 1 of 10
1. Question
What is this law that created a Health Insurance Marketplace in each state, which is a transparent and competitive insurance marketplace where individuals and small firms can purchase affordable and qualified health insurance plans?
Correct
The Affordable Care Act (ACA) has made health insurance available to millions of uninsured Americans. It provides substantial subsidies to uninsured individuals and small business firms and contains provisions to lower healthcare costs in the long run.
Incorrect
The Affordable Care Act (ACA) has made health insurance available to millions of uninsured Americans. It provides substantial subsidies to uninsured individuals and small business firms and contains provisions to lower healthcare costs in the long run.
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Question 2 of 10
2. Question
A nonrenewable provision means that the policyholder does not have the contractual right to renew the policy. Only the insurer has the right to renew a policy for which the premiums have been paid. Which of the following scenarios are examples of a nonrenewable provision?
I. A group health insurance for college students that provide coverage only during the academic year
II. Temporary health insurance for workers between jobs
III. An international travel policy that provides medical expense coverage only for a specified trip
IV. The insurer may refuse to renew all policies in the state with the same form number as the policyholder’s policyCorrect
Some individual health insurance policies are nonrenewable and expire at the end of the protection period. These policies typically provide coverage only for a limited period.
Examples of nonrenewable provision include the following:
(1) A group health insurance for college students that provide coverage only during the academic year.
(2) Temporary health insurance for workers between jobs.
(3) An international travel policy that provides medical expense coverage only for a specified trip.Incorrect
Some individual health insurance policies are nonrenewable and expire at the end of the protection period. These policies typically provide coverage only for a limited period.
Examples of nonrenewable provision include the following:
(1) A group health insurance for college students that provide coverage only during the academic year.
(2) Temporary health insurance for workers between jobs.
(3) An international travel policy that provides medical expense coverage only for a specified trip. -
Question 3 of 10
3. Question
Group life insurance is a popular and relatively inexpensive employee benefit. Before employees can participate in a group life insurance plan, they must meet certain requirements. What are the eligibility requirements of a group life insurance?
I. Be a part-time employee
II. Satisfy a probationary period (if any)
III. Apply for insurance during the eligibility period
IV. Be actively at work when the insurance becomes effectiveCorrect
Before employees can participate in a group life insurance plan, they must meet certain eligibility requirements, including the following:
(1) Be a full-time employee.
(2) Satisfy a probationary period (if any).
(3) Apply for insurance during the eligibility period.
(4) Be actively at work when insurance becomes effective.Incorrect
Before employees can participate in a group life insurance plan, they must meet certain eligibility requirements, including the following:
(1) Be a full-time employee.
(2) Satisfy a probationary period (if any).
(3) Apply for insurance during the eligibility period.
(4) Be actively at work when insurance becomes effective. -
Question 4 of 10
4. Question
A health maintenance organization is an organized system of healthcare that provides comprehensive medical services to its members on a prepaid basis. What are the several types of HMOs?
I. Staff model
II. Individual model
III. Network model
IV. Company modelCorrect
Several types of HMOs include the following:
(1) Staff model
(2) Group model
(3) Network model
(4) An individual practice association planIncorrect
Several types of HMOs include the following:
(1) Staff model
(2) Group model
(3) Network model
(4) An individual practice association plan -
Question 5 of 10
5. Question
What is this type of managed care plan, which is defined as a combination of the basic characteristics of a health maintenance organization and preferred provider organization, but members have the option to select care outside the network?
Correct
Point-of-service plans have the major advantage of preserving freedom of choice for policyholders by allowing coverage outside the network; such plans eliminate the fear that policyholders cannot see a physician or specialist of their choice.
Incorrect
Point-of-service plans have the major advantage of preserving freedom of choice for policyholders by allowing coverage outside the network; such plans eliminate the fear that policyholders cannot see a physician or specialist of their choice.
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Question 6 of 10
6. Question
What is this type of health plan, which is defined as a combination of a high-deductible health plan with a health savings account or health reimbursement arrangement?
Correct
Consumer-directed health plans are designed to make employees sensitive to healthcare costs, to provide a financial incentive to avoid unnecessary care and to seek out low-cost providers.
Incorrect
Consumer-directed health plans are designed to make employees sensitive to healthcare costs, to provide a financial incentive to avoid unnecessary care and to seek out low-cost providers.
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Question 7 of 10
7. Question
A legal wrong is a violation of a person’s legal rights, or a failure to perform a legal duty owed to a certain person, to a business organization, or society as a whole. What are the three broad classes of legal wrongs?
I. Crime
II. Fraud
III. Theft
IV. Breach of contractCorrect
There are three broad classes of legal wrongs:
(1) A crime is a legal wrong against the society that is punishable by fines, imprisonment, or death.
(2) A breach of contract is another class of legal wrongs.
(3) A tort is a legal wrong in which the law allows a remedy in the form of money damages. The person who is injured or harmed by the actions of another party can sue for damages.Incorrect
There are three broad classes of legal wrongs:
(1) A crime is a legal wrong against the society that is punishable by fines, imprisonment, or death.
(2) A breach of contract is another class of legal wrongs.
(3) A tort is a legal wrong in which the law allows a remedy in the form of money damages. The person who is injured or harmed by the actions of another party can sue for damages. -
Question 8 of 10
8. Question
What is this law that requires motorists to carry at least a minimum amount of liability insurance before the vehicle can be licensed or registered?
Correct
Some people believe that compulsory insurance laws provide greater protection than financial responsibility laws because motorists must provide evidence of financial responsibility before an accident occurs. However, studies by various groups conclude that compulsory insurance laws generally are ineffective in reducing the percentage of uninsured drivers.
Incorrect
Some people believe that compulsory insurance laws provide greater protection than financial responsibility laws because motorists must provide evidence of financial responsibility before an accident occurs. However, studies by various groups conclude that compulsory insurance laws generally are ineffective in reducing the percentage of uninsured drivers.
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Question 9 of 10
9. Question
What is this clause under a homeowner’s policy, which is designed to protect the mortgagee’s insurable interest?
Correct
Under the mortgage clause provision, if the mortgagee is named in the policy, the mortgagee is entitled to receive a loss payment from the insurer to the extent to its interest, regardless of any policy violation by the insured.
Incorrect
Under the mortgage clause provision, if the mortgagee is named in the policy, the mortgagee is entitled to receive a loss payment from the insurer to the extent to its interest, regardless of any policy violation by the insured.
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Question 10 of 10
10. Question
Ocean marine insurance is one of the oldest forms of transportation insurance. It is complex, reflecting maritime law, trade customs, and court interpretations of the various policy provisions. What are the basic coverages of an ocean marine contract?
I. Hull insurance
II. Cargo Insurance
III. Transit Insurance
IV. Boat InsuranceCorrect
Several types of ocean marine contracts exist; some basic coverages include the following:
(1) Hull insurance covers physical damage to the ship or vessel.
(2) Cargo insurance covers the shipper of the goods if the goods are damaged or lost.
(3) Protection and indemnity insurance is usually written as a separate contract that provides comprehensive liability insurance for property damage or bodily injury to third parties.
(4) Freight insurance indemnified the shipowner for the loss of earnings if the goods are damaged or lost and not delivered.Incorrect
Several types of ocean marine contracts exist; some basic coverages include the following:
(1) Hull insurance covers physical damage to the ship or vessel.
(2) Cargo insurance covers the shipper of the goods if the goods are damaged or lost.
(3) Protection and indemnity insurance is usually written as a separate contract that provides comprehensive liability insurance for property damage or bodily injury to third parties.
(4) Freight insurance indemnified the shipowner for the loss of earnings if the goods are damaged or lost and not delivered.