FREE Life and Health Insurance MCQ Questions and Answers
Which disability provision pays an insured a portion of their lost income if they can't work full-time again?
A residual disability benefit is usually the same as a full disability benefit, but it only lasts for a limited time (usually six months) and is then reduced to a percentage of your monthly salary. The amount of the percentage of income payment is based on how much income was lost.
Which of the following statements most accurately sums up a "health insurance formulary"?
Your annual out-of-pocket expenses for covered treatments obtained in the network must be capped for health plans offered through the Marketplace and most employer-sponsored programs.
What is the connection between toileting and incontinence?
The ability to control one's bladder and bowel motions is related to toileting and continence.
Jake told his coworkers that he will "help them out financially" if he wins at the casino. What is this to be considered?
Dennis made an illusory promise, which is a promise that isn't legally binding because it is too vague or even unattainable to fulfill.
Is a health insurance premium something you must pay every month, whether or not you use medical services, or do you have to pay when you need medical assistance?
Monthly insurance premium payments are required.
Which of the following accurately describes a "health insurance premium"?
All subscribers must pay a monthly premium to maintain their health insurance coverage.
Which of the following best characterizes a "provider network" for a health plan?
When you receive care from one of their networks of providers, the majority of health plans offer the highest level of coverage.
Which insurance contract type has a take-it-or-leave-it provision for a person or party?
In an adhesion insurance contract, one party makes the contract, and the other party must either agree to it or not. Refusing to sign the contract is the same as being turned down for coverage.
A customer is expected to pay for their beverages when they visit a bar and order them because:
Parties are bound by an implied-in-fact contract if they both agree and intend to be bound by it, but the terms of the agreement are not stated. An example of this is ordering and paying for food at a restaurant.
Which of the following summarises the phrase "annual health insurance deductible" the best?
A deductible is a form of "cost-sharing" element frequently present in health insurance coverage.
Which insurance policy pays the replacement costs of hiring a new employee or business owner?
Key person disability insurance, also called key man disability insurance or key person replacement coverage, keeps a business from losing money if a key employee, executive, or business owner gets sick, hurt, or has an accident that makes them unable to work. The business receives a cash benefit from insurance to assist them cope with the loss of a major revenue producer.
What is the agreement section's other name?
Acceptance is another common term used in place of the agreement section in contracts.
Your health insurance plan imposes a $1,000 deductible and a $250 daily copay on hospital costs. After insurance discounts are taken into account, your hospital bill after being ill for four days comes to $6,000. How much of the hospital bill will you be responsible for covering?
Due to the deductible, you must pay the first $1,000 of the discounted (or allowed) charge in addition to four copays of $250 per day or an additional $1000. You must pay $2,000 out of your own money, or $1,000 + $1,000.
What sort of insurance buys out a disabled owner's business?
Disability Buy-Out (DBO) insurance finances a buy-sell agreement for a completely disabled business owner. When a business is transferred, this coverage maximizes the financial benefit while minimizing tax liabilities.
Which of the following statements accurately summarizes an insurance policy's "annual out-of-pocket maximum"?
Your annual out-of-pocket expenses for covered treatments obtained in the network must be capped for health plans offered through the Marketplace and most employer-sponsored programs.
Larry was lucky that a doctor was nearby when he passed out after working out. The doctor took care of Justin right away and sent him the bill afterward. Because he didn't request medical attention from the doctor, Justin refused to pay. Why does Justin have to pay?
An implied in-law contract, or quasi-contract, is enforceable because a product or service was really supplied, like obtaining an additional repair on an automobile that is crucial to the outcome of the initial service or, in Justin's instance, receiving necessary medical attention.
