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The duties of an agent when filling out an application include all of the following EXCEPT:    A: Make sure all required signatures are collected    B: Help the insured make up creative answers to stretch the truth about a past health issue to get the best possible coverage    C: To have all parties on the application initial any and all changes    D: To make sure that the insured answers all questions to their best knowledge and belief

Insurance companies may use all of he following sources to oblain underwriting information about an applicant EXCEPT.   A.The Medical Information Bureau (MIB)   B.Inspection report companies   C.Actuarial raling bureaus   D.A Fair Credit report

Which of the following would be accepted as a proof of liability insurance for automobile liability insurance? An expired insurance card provided by the insurance company A bound insurance application for which the check offered for payment was dishonored due to insufficient funds A liability insurance binder issued by the insurance producer in effect on the date the police requested proof of insurance Insurance declarations page with an expiration date prior to the date of the accident in question

If a prospect does NOT submit the initial premium with an application, the producer should   A.refuse tratinghe application   B.submit the application to the insurance company and advance the premium for he prospect from the agency account   C.submit the applicalion to the insurance company without the premium   D.give lhe applicant a conditional receipt and send the application to the insurance company wilhout the premium

Shadyside Insurance Company manages a medical insurance program for its clients. Employees of client firms submit claims for reimbursement of medical expenses. Shadyside processes these claims, checks them to ensure that they are covered by the claimant’s policy, notes whether the claimant has reached any limit on coverage, computes any deductible, and issues a check for the claimant’s refund. Three types of clerks work in the claims processing department: supervisors, senior clerks, and junior clerks. The supervisors are paid $42,000 per year, the senior clerks are paid $37,000 per year, and the junior clerks are paid $32,000 per year. For every 150,000 claims processed per year, Shadyside plans to use one supervisor, six junior clerks, and two senior clerks. Last year, the company processed 2 million medical claims and employed 14 supervisors, 30 senior clerks, and 83 junior clerks. Required Compute the excess costs or cost savings relating to the claims processing staff. How would…

Ann Smith just saw her doctor. After the appointment, she was informed by the receptionist that the fee for the visit is $75 and that her insurance company will be billed for the visit. Ann was also notified that her insurance company will pay all of the fee except for the $20 co-pay, which she pays with her debit card right away. Because the doctor’s office has not entered into a contract, it would not record revenue until it verifies that the insurance company will pay.   True or False?

The following description represents the policies and procedures for agent expense re- imbursements at Excel Insurance Company. Agents submit a completed expense reimbursement form to their branch manager at the end of each week. The branch manager reviews the expense report to determine whether the claimed expenses are reimbursable based on the company’s expense reim- bursement policy and reasonableness of amount. The company’s policy manual states that agents are to document any questionable expense item and that the branch manager must approve in advance expenditures exceeding $500. After the expenses are approved, the branch manager sends the expense report to the home office. There, accounting records the transaction, and cash disbursements pre- pares the expense reimbursement check. Cash disbursements sends the expense reim- bursement checks to the branch manager, who distributes them to the agents. To receive cash advances for anticipated expenses, agents must complete a Cash…

please and thank you

Process activity analysis for service Company making payments on insurance claims as follows: Receiving claim, adjusting claim,paying claim. Receiving claim- $78,000, adjusting claim- 338,000, paying claim-104,000 ,total $ 520,000 This process includes only the Consular processing the claim payments, not ask you about when the claim payments. The adjustment activity involves verifying and estimated amount of clean and is variable to the number of claims adjust. The process receive adjusted, and paid 6,500 claims during the period. All claims were treated identically in this process. To improve the cost of this process, management has determined that claims should be segregated into two categories. Claims under $1,000 claims greater than 1,000; claims under 1,000 would not be adjusted but will be accepted upon insureds xthe evidence of claims. Play Inseparable at the housing would be adjusted. It is estimated that 75% of the claims are under a thousand and would thus be paid…

Three statements given below write tru or false with reason A .ICD-10-CM provides procedures codes for services provided. B. The diagnosis must be linked to each procedure on the claim form. C. POS codes tell the insurance company where the services were provided.

Before the department of insurance can issue an order charging an insurance company with improper claims practices, they must first: Review the company's financial statement on file with the department Determine that the practice has been done with such frequency as to indicate a business practice Contact the company's competitors to determine if they know how the company operates Contact the NAIC to determine if the company is on the watch list

Do you believe the accuracy of the prepaid accounting balance can be determined by examining, the procedure related to the insurance purchasing process checking authorization, and recording?

Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

An insurance company notifies an insured thal $50 of lhe insured's physician's charge is above he usual, customary, and reasonable limits covered by the Major Medical policy. In this situation, the excess amount would be. A.applied to the deductible B.paid at he 80/20 coinsurance rate C.disallowed as a covered charge D.charged back o the physician

The Director of Insurance has the power to. make reasonable insurance rules and regulations determine standard insurance rales Veto insurance laws issue insurance policies

N/R journal entries affecting the T-accounts for the allowance for doubtful accounts.  Thank you for your help.    Can you help me I don't understand

Producers and insurers Must provide a written response to a written injury or complaint within how many days of receipt?    A.7  B.10 C.21 D.45

You are auditing the balance in the prepaid insurance account for your audit client.  a) Name and briefly define two audit assertions that might apply for the prepaid insurance. b) For EACH of these assertions, give ONE audit procedure that would be used. Explain how that procedure would be applied. What? When? Who? etc.

the supervisor tells you to change the aging category of a large account from over 120 days to current status and prepare a new invoice to the customer with the revised date and that agrees with the new category this will change the required allowance of uncollectible accounts from $180,000 to $135,000. What are the potential consequences if you do comply with your supervisors instructions?Who will be negatively impacted?

Give answer within 45 min... I will give you up vote immediately... it's very urgent...

Answer the following

Why are closing entries prepared and what is an example of a temporary account that would be closed for a physician?

What are the main parts of an insurance contract and what are they designed to accomplish? How are insurance contracts interpreted by the courts and regulatory bodies? In a dispute over coverage who has the burden of proof? What is subrogation as it relates to insurance? Consider a situation where a professional misrepresents information when acquiring an insurance policy and a third party is injured. What might happen if a claim is made against the insurance company that issued the policy based on fraudulent information? Will the insurance company be liable? Support your position with a specific case.

I only need the solution for the second part (#4). Thank you.

the accounts payable (A/P) clerk asked you to open an account named New Expenses. You know that an account name should be specific and well defined, and you're afraid the A/P clerk might charge some expenses to the account that are inappropriate. Why do you think the A/P clerk needs the New Expenses account? Who needs to know this information and what action should you consider?