Health insurance practice questions and Answers (Latest Update 2023) Verified Answers, Exams of Nursing

Download Health insurance practice questions and Answers (Latest Update 2023) Verified Answers and more Exams Nursing in PDF only on Docsity! Health insurance practice questions and Answers (Latest Update 2023) Verified Answers The insurers operating costs are known as - Correct Answer ✅expense loading An insurance contract is an aleatory policy, meaning - Correct Answer ✅equal value is not given by both parties to the contract Qualified Health plans that are part of the affordable care act are sold - Correct Answer ✅only on the health insurance exchange In a disability income policy, there is a period during which no benefits will be paid for illness of nay kind. This period usually does not apply to accidents, only to illness. This interim is called the - Correct Answer ✅probationary period An insured allows a permanent policy to lapse. Unless otherwise instructed, the insurance company - Correct Answer ✅will automatically institute the extended term option The usual payment arrangement under a preferred provider organization contract is - Correct Answer ✅a fee for service Health insurance practice questions and Answers (Latest Update 2023) Verified Answers The intentional failure to disclose known facts is known as - Correct Answer ✅concealment Compared with individual disability income policies, group disability income policies are generally - Correct Answer ✅less costly and have less benefit options A health insurance policy that the insurer may choose not to renew only on the premium due date or anniversary date is called - Correct Answer ✅an optionally renewable policy A insurance policy is a unilateral contract because - Correct Answer ✅only the insurance company is bound to live up to its side of the agreement Under social security disability benefits, a qualified disabled worked receives a benefit of - Correct Answer ✅100% of workers primary insurance amount The health maintenance organization concept that service providers are paid a fixed monthly fee for each member is called - Correct Answer ✅capitation Health insurance practice questions and Answers (Latest Update 2023) Verified Answers The medical information bureau provides information about - Correct Answer ✅individual health insurance applicants The waiting period to qualify for social security benefits is - Correct Answer ✅5 months Changes to a written application for a life insurance policy can only be made by - Correct Answer ✅the applicant A medicare supplement policy is returned to the issuing insurer 10 days after policy delivery. What portion of the premium will be refunded to the policy owner? - Correct Answer ✅100% of the amount paid to the insurer Which type of health insurance policy prevents the insurer from changing the premium rate or modifying coverage in any way? - Correct Answer ✅Noncancelable policy How many days must the insured wait to take legal action against a health insurer after submitting written proofs of loss if the insurer refuses to pay - Correct Answer ✅60 days Health insurance practice questions and Answers (Latest Update 2023) Verified Answers All statements and descriptions in any application for an insurance policy by an insured are deemed to be - Correct Answer ✅representations and not warranties An insured lets a health policy lapse, and he wishes to reinstate. If a conditional receipt is issued with the reinstatement application, after how many days will the policy be considered reinstated if the insurance company takes no action - Correct Answer ✅45 days Act that obligates insurers that use a third-party source to acquire credit information to inform applicants who have been denied coverage identity of that source - Correct Answer ✅The Fair Credit and Reporting Act Jeff has a policy that will pay expenses he incurs as the result of in-hospital medical treatment, as well as some of the expenses he incurs on an outpatient basis. Jeff probably has - Correct Answer ✅a medical expense policy Health insurance practice questions and Answers (Latest Update 2023) Verified Answers Under the terms of the notice of claims provision in a health insurance policy, a claimant normally must notify the insurance company of loss within how many days after the loss occurs - Correct Answer ✅20 days When is a conditional receipt usually given to an applicant - Correct Answer ✅When the initial premium is paid A group of employers from a similar industry assembled to qualify for group health insurance is a - Correct Answer ✅multiple employer trust Under COBRA regulations, group health coverage of terminated employees must be continued up to - Correct Answer ✅18 months Companies with fewer than ___________ full times employees are eligible for small group coverage - Correct Answer ✅50 When separate deductibles are required for each illness or accident, what kind of deductible is in effect? - Correct Answer ✅per cause