Exam (elaborations)
Maine Life Insurance Exam 2024 Review
- Course
- Institution
Maine Life Insurance Exam 2024 Review
[Show more]
Seller
Follow
FREEMANSHARP
Reviews received
Content preview
Maine Life Insurance Exam2024 Review
Contributory Health Insurance - Answer>> If the
employees share a portion of the premium. Often require
participation by 75% of eligible members.
Noncontributory Health Insurance - Answer>> If the
employer pays the entire premium. Most require 100%
participation by eligible members.
(Funding of Group Insurance) Shared funding -
Answer>> Allows employer to self-fund health care
expenses, select a deductible and pay covered expenses
for any individual incurring claims up to that max, insurer
assumes risk
(Funding of group insurance) Min. premium arrangement -
Answer>> Employer self-insure the normal and
expected claims up to a given amount and the insurer
funds only the excess amounts
(Funding of group insurance) retrospective premium
arrangement - Answer>> Insurer agrees to collect a
provisional premium but may collect additional
premium/make a premium refund at the end of the year
based on actual incurred losses.
,(Funding of group insurance) Self-funding arrangement -
Answer>> Large employers may elect to fully self-fund,
or may self-fund a plan but contract for administrative
services only (ASO).
Conversion privilege - Answer>> An employee can
convert their group certificate to an individual medical
expense policy w/ same insurer, if/when they leave
employer. Employee must make an application for a
converted policy within a given period of time (usually 31
days) depending on the state.
Health Insurance Portability and Accountability Act
(HIPAA) - Answer>> Provides the ability to transfer and
continue health insurance when someone changes or
loses their job
HIPAA Requirements - Answer>> Employers with 20 or
more employees have to allow former employees to
continue benefits. Rules apply to all types of group health
plans except disability income plans
HIPAA pre-existing conditions - Answer>> Health issues
that existed, were treated, diagnosed within 6 months prior
to employment
COBRA - Answer>> Requires employers with 20+
employees to continue coverage for terminated workers,
, (as well as dependents) for up to 18 months. Employee is
required to pay premiums (up to 102%)
Group Disability Income Plans - Answer>> Specify
benefits based on a percentage of the employees wages
Blanket Health Plans - Answer>> Cover a group who
may be exposed to the same risk, no certificates issued
Taxation of group health premiums - Answer>>
Employers are entitled to take a tax deduction for premium
contributions made to group plans
Taxation of group health benefits - Answer>> Any
benefit received under a medical expense plan are not
considered taxable income.
Accidental means - Answer>> Requires that both the
cause and the result of an accident must be unintentional
accidental results - Answer>> only the injury resulting
from the accident must be unintentional.
3 basic categories of health insurances - Answer>>
Medical Expense, Disability Income Insurance, AD&D
Health insurance premium factors - Answer>> Interest,
expenses, types of benefits, morbidity, age, sex,
occupation
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller FREEMANSHARP. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78252 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now