True/False
Indicate whether the
statement is true or false.
|
|
|
Ch. 23 Health and Life
Insurance
|
|
|
1.
|
Most employers pay the entire cost of group health insurance for their
employees.
|
|
|
2.
|
If you don’t use the money in your Flex 125 Plan by the end of the year,
you lose it.
|
|
|
3.
|
The premiums for individual health insurance policies are usually less expensive
than for group policies.
|
|
|
4.
|
The Affordable Care Act requires everyone to have health insurance or face a
penalty for failing to do so.
|
|
|
5.
|
Dental insurance plans usually have high deductibles and co-insurance
requirements of 50 percent or more.
|
|
|
6.
|
To receive maximum reimbursement, participants in a managed health care plan
must select doctors who belong to the network.
|
|
|
7.
|
PPOs are more flexible than HMOs, so they are more expensive.
|
|
|
8.
|
Retired individuals pay a monthly premium for Medicare insurance, which is
deducted from their Social Security payments.
|
|
|
9.
|
If you have disability insurance, benefits begin the day you become
disabled.
|
|
|
10.
|
Workers’ compensation insurance also carries a death benefit.
|
|
|
11.
|
People who are named in a life insurance policy who will receive the benefits of
the policy are called beneficiaries.
|
|
|
12.
|
An insurance company cannot deny a claim under a life insurance policy because
the insured committed suicide.
|
|
|
13.
|
All life insurance policies are in effect until the death of the insured.
|
|
|
14.
|
Term life insurance policies have no savings component.
|
|
|
15.
|
Variable life insurance combines a death benefit with investment options.
|
Multiple Choice
Identify the
choice that best completes the statement or answers the question.
|
|
|
Ch. 23 Health and Life
Insurance
|
|
|
16.
|
This law allows people who leave employment to continue their health insurance
under the company plan for a limited period of time.
a. | Medicare | c. | HIPPA | b. | Medicaid | d. | COBRA |
|
|
|
17.
|
A Flex 125 Plan allows employees to
a. | set aside money—pretax—to help pay certain medical
expenses | b. | receive health benefits at up to 80 percent off the regular rate. | c. | obtain health
insurance even if they have a pre-existing condition. | d. | avoid filling out extensive paperwork and
filing complicated claim forms when they visit the doctor. |
|
|
|
18.
|
Which of the following is NOT a requirement under the Affordable Care
Act?
a. | Health plans cannot limit or deny benefits due to a preexisting
condition. | b. | Health plans cannot place a limit on lifetime benefits. | c. | Patients can choose
their own primary care doctors. | d. | All covered medical services must be provided
without co-pays. |
|
|
|
19.
|
A preferred provider organization is
a. | a type of insurance that allows participants to choose any doctor and to be
reimbursed for some of the expenses | b. | a group plan that offers prepaid medical care
to its members. | c. | a group of health care providers who join together to provide health services for set
fees. | d. | a company that sets up health savings accounts for
participants. |
|
|
|
20.
|
Government-sponsored health insurance for people with low incomes is
called
a. | Medicare. | c. | a managed care plan | b. | Medicaid | d. | a fee-for-service
plan |
|
|
|
21.
|
The maximum duration of benefits under most disability policies is until
a. | age 40 | c. | age 65 | b. | age 50 | d. | you die |
|
|
|
22.
|
All of the following are common types of permanent life
insurance _except
a. | whole life | c. | universal life | b. | convertible life | d. | limited-pay
life |
|
|
|
23.
|
A(n) __________ to an insurance policy is an addendum that modifies the coverage
of the main policy.
a. | rider | c. | codicil | b. | coda | d. | incontestable
clause |
|
|
|
24.
|
Which of the following is true about level term insurance?
a. | It is often sold for the purpose of paying off a mortgage in the event of
death. | b. | It gives the policyholder the right to renew each year without having to pass a
physical exam | c. | It remains in effect for the insured’s lifetime. | d. | The death benefit is
the same at the end of the term as it was at the beginning of the
term. |
|
|
|
25.
|
The savings accumulated in a permanent life insurance policy that you would
receive if you canceled your policy is called
a. | premium value | c. | cash value | b. | face value | d. | par value |
|
Matching
|
|
|
Ch 23 Health & Life
Insurance a. | Group | f. | exchange | b. | medical | g. | health savings | c. | Life | h. | Double indemnity | d. | primary | i. | Coordination | e. | Disability | j. | Guaranteed |
|
|
|
26.
|
__________ insurance is a type of health insurance in which all those insured
have the same coverage and pay a set premium.
|
|
|
27.
|
__________ of benefits is a group health insurance program that specifies how
the insurers will share the cost when more than one policy covers a claim.
|
|
|
28.
|
A health insurance __________ provides a set of
government-regulated and standardized health care plans from which uninsured and underinsured
individuals may purchase health insurance policies.
|
|
|
29.
|
Major __________ coverage provides protection against the catastrophic expenses
of a serious injury or illness.
|
|
|
30.
|
Your main health care provider in an HMO plan is called your __________ care
physician.
|
|
|
31.
|
A(n) _________ account can be used to pay qualified medical expenses not
covered by insurance, including deductibles and co-payments.
|
|
|
32.
|
__________ insurance is an insurance plan that makes regular payments to
replace income lost when illness or injury prevents the insured from working.
|
|
|
33.
|
__________ renewability of insurance coverage will protect you against
cancellation if your health declines.
|
|
|
34.
|
__________ insurance provides funds to the beneficiaries when the insured
dies.
|
|
|
35.
|
__________ means that the beneficiary of a life insurance policy is paid twice
the face amount of the policy.
|