Ga state license practice exam (32)

Which is Idemenity Plan and which is Managed Care Plan? Insureds create contract with an insurer who does not provide health care services       The higher the deductible, the lower the premium       Insured receive health care services from a designated group of providers       May not even involve an insurance company       No annual deduction is incurred, but a small co-payment may be required I most value the freedom of choice and am willing to pay for it.       Cost is my most important consideration.       I’d rather have the flexibility of either having the insurance company reimburse me or directly paying the health care provider.

12 ASAP...

What is a contractual adjustment? Choose the correct.a. An increase in a patient’s charges caused by revisions in the billing process utilized by a health care entity.b. A year-end journal entry to recognize all of a health care entity’s remaining receivables.c. A reduction in patient service revenues caused by agreements with third-party payors that allows them to pay a health care entity based on their determination of reasonable costs.d. The results of a cost allocation system that allows a health care entity to determine a patient’s cost by department.

The life Insurance Solicitation regulation requires an insurer to provide which of the following items to an applicant upon request? An Outline of Coverage An insurance consumer handbook A Buyer's Guide A copy of the Illinois insurance regulations

Which type of insurance is not deductible as self-employed health insurance? a. Long-term care insurance O b. Medical insurance Oc. Disability insurance Od. Dental insurance Oe. Spousal medical insurance

Under the Illinois Health Insurance Portability and Accountability Act (HIPAA), which of the following plans does NOT qualify as creditable coverage? A. A medical care program of the Indian Health Service Community Based Care B. C. D. State Children's Health Insurance Program A group health plan Elag

Which of Ike following statements is CORRECT about he Missialement of Age provision in a health policy?   A.Il is not an oplional provision.   B.It allows an insurance company to adjust the levels of policy benefits for an insured who misslated his age.   C.It limits the time wilhin which an insurance company may conlest a claim on the basis of misstatement of age.   D.It always voids the contract

When compleling an insurance applicalion, a producer should A. complete as much of the application as possible before meeting wilh the applicant to save lime B. request that the applicant review he completed application before signing it C. avoid asking the applicant questions on he application which may be embarrassing D. omit informalion from lhe application which may cause the application to be rejected by the insurance company

A "waiver-of-premium” clause: Select one: a. allows the person to purchase additional insurance at no extra cost means the insured will receive the cash value immediately allows an insurance agent to pay your premiums b. C. O d. waives the suicide clause e. pays premiums in the event of illness or disability Clear my choice

Entity A obtains life insurance for its key employee from Entity B (an insurance company). Entity B cedes the insurance contract with Entity A to Entity C, another insurance company. How should Entity B account for the insurance contract with Entity C?A. using the modified version of the general model applicable for onerous insurance contractsB. using the general modelC. using a modified version of (a) or (b) applicable to reinsurance contracts heldD. using the premium allocation approach

Traditional indemnity policies reimburse the insured based on the [amount charged | usual, customary, and reasonable (UCR) charges] for the medical services received. a. amount charged b. usual, customary, and resonable (UCR) charges

Question: Describe the accounting treatment by hospitals and health care organizations for each of the following: (A) Charity Care (B) Bad Debts (C) Contractual Adjustments

Need typed answer only.Please give answer within 45 minutes

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

Health maintenance organizations (HMOs) provide health care to participants without requiring them to file insurance claims. a. True O b. False

Q.Which of the following statement(s) regarding employer health insurance is (are) TRUE? (check all that apply) A. The (Affordable Care ACt) ACA does not force employers to offer health insurance to their employees. B. An employer with 100 employees is subject to a tax penalty if it offers health insurance, but at least one employee buys a policy from an Exchange and receives a tax credit. C. An employer with 75 employees is eligible to a tax credit if it pays at least 50% of the premiums D. An employer with 25 employees will not be subject to tax penalties if it does not offer health insurance to its employees. E.EAn employer with 20 employees is eligible for a partial tax credit if it offers health insurance to its employees (subject to a maximum for the average annual wages).

An important distinction in health insurance is between the list price (PL) and out-of-pocket price (PP) of a medical good or service. The list price is the official price that the provider charges the insurance company, while the out-of-pocket price is the price that the insurance customer faces. Sometimes, the out-of-pocket price depends on the list price.   Now assume the consumer is part of a partial insurance plan with a coinsurance provision. Her insurance pays 50% of all medical expenses. Consider again the relationship between PL and PP and plot a coinsurance plan demand curve in PL - Q space. Label this curve D3. Finally, assume the consumer is part of a partial insurance plan with a copayment provision. Her insurance pays all expenses above and beyond her copayment of $25 for each unit of Q. Consider again the relationship between PL and PP and plot a copayment-plan demand curve in PL - Q space. Label this curve D4.

You need what type of license to sell Health insurance? OP & C Security Life Health and Life

Describe the accounting treatment

Which of the following characteristics is typical of group insurance? A.Each employee receives an individual contract   B.All full-lime employees are eligible for coverage.   C.Employees may automatically enroll for coverage at any time.