2024 HEALTH INSURANCE FLORIDA 2-40 MEDICAL EXPENSES PRACTICE EXAM QUESTIONS 3 WITH 100% CO, Exams of Advanced Education

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2024 HEALTH INSURANCE

FLORIDA 2-40 MEDICAL EXPENSES

PRACTICE EXAM QUESTIONS 3

WITH 100% CORRECT ANSWERS

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Comprehensive Medical Expense Insurance combines which of the following coverage in one policy: A) Basic Hospital/Surgical and Major Medical B) Disability Income and Accidental Death and Dismemberment C) Disability Income and Basic Hospital/Surgical D) Major Medical and Accidental Death and Dismemberment - CORRECT ANSWERS- A) Basic Hospital/Surgical and Major Medical Which type of insurance policy combines several types of benefits and provides more coverage than any of the others? A) Hospital Expense B) Comprehensive Medical Expense C) Major Medical D) Surgical Expense - CORRECT ANSWERS- B) Comprehensive Medical Expense If the client goes out of the network for services on a PPO: A) There is no coverage B) The amount paid will be reduced C) The PPO coverage is excess D) Out of pocket expenses are negotiated - CORRECT ANSWERS- B) The amount paid will be reduced Third party administrator (TPAs) do all of the following EXCEPT: A) Marketing B) Underwriting C) Provide coverage D) Claims processing - CORRECT ANSWERS- C) Provide coverage All are true about Preferred Provider Organizations (PPOs), EXCEPT: A) They may only be started by hospitals B) Coverage may be reduced for out-of-network services

C) They may be started by insurance companies in order to compete with HMOs D) Clients are known as subscribers - CORRECT ANSWERS- A) They may only be started by hospitals HMOs generally provide preventative care in all of the following areas EXCEPT: A) Well baby care B) Hearing loss exams for adults C) Physical exams D) Wellness clinics - CORRECT ANSWERS- B) Hearing loss exams for adults A (basic hospital) health insurance service plan: A) Pays hospital only for specific services stated in the policy B) Pays the hospital directly for claims incurred by low income persons C) Pays the hospital or doctor directly as provided by the service plan D) Pays the hospital or doctor directly as provided by the service plan - CORRECT ANSWERS- D) Pays the hospital or doctor directly as provided by the service plan All of the following are true about HMOs Except: A) They offer a limited choice of doctors B) Covered individuals are known as subscribers C) Ambulatory services are covered on an out patient basis D) Treatment must always be pre-authorized by a primary care physician - CORRECT ANSWERS- C) Ambulatory services are covered on an out patient basis Major Medical Expense plans do not contain a: A) Deductible B) Co-insurance requirement C) Schedule of benefits D) High limit of coverage - CORRECT ANSWERS- C) Schedule of benefits All of the following statements about Major Medical benefits are true, EXCEPT: A) The deductible can be expressed as a fixed dollar amount B) The benefit period begins only after a specified amount of expenses have been accrued within the accumulation period C) Benefits are generally expressed as a percentage of eligible expenses

D) Benefits have no maximum limit - CORRECT ANSWERS- D) Benefits have no maximum limit A Major Medical Expense policy has a $100 per family, per year deductible and 80/20 co-insurance. Three claims occur during the year as follows: The first claim was for $200, the second claim was for $400 and the third claim was for $500. How much will the insurer pay: A) $ B) $ C) $ D) $1,000 - CORRECT ANSWERS- C) $ Which of the following statements is true about the deductibility of premiums and the taxation of benefits on a non-contributory Group medical expense purchased by an employer for employees: A) Premiums are tax deductible for the employer but benefits are not taxed to the employee B) Premiums are not tax deductible for the employer but benefits are taxed to the employee C) Premiums are tax deductible for the employer, but benefits are taxed to the employee - CORRECT ANSWERS- A) Premiums are tax deductible for the employer but benefits are not taxed to the employee If an insured with a major medical policy with no deductible and 80/20 co- insurance has a $1,000 claim, the insured must pay: A) $ B) $ C) $1000 - CORRECT ANSWERS- B) $ If an insured with a major medical policy with a $100 deductible and 80/ co-insurance has a $1,100 claim, how much will the insurer pay: A) $ B) $ C) $ D) $220 - CORRECT ANSWERS- C) $