Florida 2-15 Final Exam-with 100% verified solutions-2023-2024, Exams of Public Health

Download Florida 2-15 Final Exam-with 100% verified solutions-2023-2024 and more Exams Public Health in PDF only on Docsity! Florida 2-15 Final Exam-with 100% verified solutions- 2023-2024 When life insurance proceeds are used to pay inheritance taxes and federal estate taxes, it is known as Estate conservation In group insurance, the primary purpose of the Coordination of Benefits provision is to Prevent overinsurance Which of the following statements is NOT true regarding health insurance policy provisions? All additional provisions written by insurers are cataloged by their respective states. The policyowner has an option to pledge the life insurance policy as collateral for a bank loan. This is called A collateral assignment A whole life policy is surrendered for a reduced-paid up policy. The cash value in the new policy will Continue to increase When filling out an application for insurance, the applicant makes a mistake. If a fresh application were not available, what could the applicant do to properly correct the mistake? Cross the incorrect answer out, write the correct one beside it, and initial the answer. Which of the following riders pays a beneficiary a death benefit that is double or triple the face amount if the insured's death was caused by an accident as defined in the policy? An Accidental Death Rider All of the following are consideration in an insurance policy EXCEPT The cash value in the policy. An individual has a $200,000 convertible term life insurance policy. If he chooses, he can Convert to a whole life policy for the same face amount without proof of insurability. Which of the following is NOT true regarding a deferred annuity? Income payments begin within 1 year from the date of purchase. A retail shop owner is insured under a business overhead expense policy that pays a maximum monthly benefit of $2,500. His actual monthly expenses are $3,000. If the owner becomes disabled, the monthly benefit payable under his policy will be $2,500 Which federal act defines rules pertaining to protected health information? HIPAA The "stop-loss" feature on a major medical policy is intended to Establish a maximum amount of out-of-pocket expense that an insured will have to pay for medical expense in a calendar year. If a business wants to make sure it will be able to cover losses due to the disability of its top employee, the business should get which type of insurance? Key person disability income Life insurance creates an immediate estate. Which of the following best explains this statement? The face value of the policy is payable to the beneficiary upon the death of the insured. The application contains material misstatements. According to the metal level classification of health plans, what percentage of health care costs will be covered under a gold plan? 80% Your client is sole proprietor and wishes to include his family on a medical expense plan. How much of the cost of the medical expense plan can be deducted (since he is considered self-employed)? 100% Which of the following statements regarding HIV testing is NOT true? Test results must be sent to the Department of Insurance. To be valid, an insurance policy must have all of the following EXCEPT Countersignature If a basic medical insurance plan's benefits are exhausted, what type of plan will then begin covering those losses? Supplementary major medical Who is the annuity owner? a) The person who receives The person who purchases the annuity Under the Payment of Claims provision, to whom will the insured's benefits be paid if the insured is deceased? The insured's primary beneficiary An insured's cancelable health insurance policy is being cancelled. One day before the policy is scheduled to end, he is involved in a major accident and is hospitalized for a week. Which of the following best describes the coverage that he would receive? Full benefits, as if the policy were still completely in effect A married couple wants to include the entire family in their whole life policy under one rider. Which of the following riders will help them achieve that goal? Family term Under the mandatory uniform provision Legal Actions, an insured is prevented from bringing a suit against the insurer to recover on a health policy prior to 60 days after written proof of loss has been submitted. An underwriter is reviewing an applicant with an extensive medical history. Which of the following would give the underwriter a better understanding of how the applicant has been treated for various illnesses? Attending Physician's Statement Jack's retirement plan meets all federal requirements and entitles him to certain tax benefits as the owner of the plan. What term best describes Jack's retirement plan? Qualified In a variable life insurance policy, all of the following assets are held in the insurance company's general account EXCEPT Cash surrender values. The Uniform Provision Law that prevents an insurance company from altering its agreement with a policyholder by referring to documents or other items not contained in the policy is called the Entire Contract Provision. When the owner of a participating whole life policy uses the dividend to provide more life insurance coverage, which of the following dividend options is being used? Paid-up additions b) Reduce the premium The entire contract includes all of the following EXCEPT A buyer's guide. Insureds have the right to do which of the following if they have NOT received the proper claim forms within 15 days of their notice to the insurer of a covered loss under a major medical policy? Insureds have the right to do which of the following if they have NOT received the proper claim forms within 15 days of their notice to the insurer of a covered loss under a major medical policy? Which of the following types of care could be provided at a community center? Adult day care Which of the following would be TRUE of both the fixed-period and fixed-amount settlement options? Both guarantee that the principal and interest will be fully paid out. Which of the following statements is INCORRECT? The insurer does not have the right to conduct an autopsy What is the purpose of a benefit schedule? To state what and how much is covered in the plan An insured purchased a health insurance policy with a renewability clause that states the policy is "Guaranteed Renewable." This means that as long as the required premiums are paid, the policy will continue until the insured Reaches 65 A married couple purchase a life insurance policy on their newborn baby. They are concerned about what would happen to the policy if either one of them were unable to continue making the premium payments due to death or disability. Which policy rider should their agent recommend? Payor benefit The Guaranteed Insurability Rider allows the owner to purchase additional amounts of life insurance without proof of insurability at all of the following EXCEPT Purchase of a new home In a noncontributory group policy 100% of eligible employees must participate An employee is covered under COBRA. His previous premium payment was $100 per month. His employer now collects $102 each month. Why does the employer collect an extra $2? To cover the employer's administration costs All of the following are true regarding the federal Fair Credit Reporting Act EXCEPT Reports may be sent to anyone who requests one. According to the Common Disaster clause, if the insured and primary beneficiary are killed in the same accident and it cannot be determined who died first, which of the following will be assumed? The primary beneficiary died before the insured When may HIV-related test results be provided to the MIB? Only if the individual is not identified Which of the following meets the insured's personal needs, and is provided by nonmedical personnel? Custodial Care When an agent delivered an insurance policy to the insured, he collected the initial premium, as well as a document verifying that the insured had not had any injuries or illness since the application date. What is this document called? Statement of Good Health Jacob is receiving fixed amount benefit payments from his late wife's insurance policy. He was told that if he dies before all of the benefits are paid, the remaining amount will go to the contingent beneficiary. Which settlement option did Jacob choose? Fixed amount In life insurance, which of the following is NOT required to have an insurable interest in the insured? The beneficiary Considering the principles of liquidity, how would the policyowner use today's cash values in a life insurance policy? Use it for emergency expenses Which of the following best defines the Probationary Period in group health policies? A specified period of time that a person joining a group has to wait before becoming eligible for coverage An insured had a heart attack while jogging but, is expected to return to work in approximately 6 weeks. The insured's Disability income policy will Replace a percentage of his lost income Insurance contracts are unilateral in nature. What does that mean? Only one party makes a promise What advantage does the "recurrent disability" provision provide to the insured under a disability income policy? It eliminates the imposition of a second elimination period for the same disability. If an insured pays a health insurance premium each month, how long would the grace period be under the policy? 10 Days An applicant misstates his age on his application for a health insurance policy. He states that he is 39, but his actual age is 49. When he files a claim, what will most likely happen? Benefits paid will be those that would have been purchased at the correct age. An insurer is attempting to determine the insurability of an applicant and decides to obtain medical information from several different sources. Which of the following must be notified of the investigation? The applicant What happens to the copy of the application for health insurance once the policy is issued? It becomes part of the entire contract. An annuity owner receives the same guaranteed payment every month. What type of annuity is it? Fixed Life Insurance can provide which of the following? Survivor protection