FREE Life and Health Insurance MCQ Questions and Answers

Question 1

Which of the following accurately describes a "health insurance premium"?

Accepted Answer

The amount health insurance companies charge each month for coverage

Answer

The best type of health insurance you can buy

Answer

Don’t know

Answer

A bonus you get at the end of the year if you stay covered

Question 2

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?

Accepted Answer

Must pay every month, regardless of whether you use services

Answer

Only have to pay in months when you use health care services

Answer

Don’t know

Question 3

Which of the following summarises the phrase "annual health insurance deductible" the best?

Accepted Answer

The annual maximum amount of eligible medical costs you must pay out-of-pocket before your insurance starts to pay

Answer

How much of your medical expenses you can deduct from your income on your yearly tax return

Answer

The amount withheld annually from your paycheck to pay for your insurance

Answer

Don’t know

Question 4

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?

Accepted Answer

$2,000

Answer

$1,000.00

Answer

$0.00

Answer

$4,000

Question 5

Which of the following statements accurately summarizes an insurance policy's "annual out-of-pocket maximum"?

Accepted Answer

The annual maximum for deductibles, copays, and coinsurance for covered services received in network

Answer

The most your insurance policy will pay for covered services in a year

Answer

Don’t know

Answer

The most you will have to pay for premiums in a year

Question 6

Which of the following statements most accurately sums up a "health insurance formulary"?

Accepted Answer

Prescription medications that your health plan will cover

Answer

Before having surgery, your insurance provider will need to provide you approval.

Answer

The document you submit to your insurance provider to request payment for a medical bill

Answer

Don’t know

Question 7

Which of the following best characterizes a "provider network" for a health plan?

Accepted Answer

The medical facilities and practitioners who have a contract with your health plan to deliver services at a predetermined rate or fee schedule

Answer

The computer system doctors and hospitals use to submit bills to insurance companies

Answer

Don’t know

Answer

A website where consumers can find information about the best doctors

Question 8

What is the agreement section's other name?

Accepted Answer

Acceptance

Answer

Consideration

Answer

Legal Relationship

Answer

Offer

Question 9

Which insurance contract type has a take-it-or-leave-it provision for a person or party?

Accepted Answer

Adhesion

Answer

Conditional

Answer

Unilateral

Answer

Aleatory

Question 10

A customer is expected to pay for their beverages when they visit a bar and order them because:

Accepted Answer

An implied in-fact contract was established.

Answer

An express agreement was made.

Answer

An implied in-law contract was established.

Answer

An oral agreement was made.