Health Insurance Exam-Illinois Prep Exam Questions Already Solved Correctly.
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Course
Illinois Life Insurance
Institution
Illinois Life Insurance
Risk type expenses - Answer cannot be planned and is unintended
Purpose of health insurance is - Answer to protect a insured against the risk of financial loss he/she cannot individually afford caused by illness, injury, or diability
Indeminity - Answer Reimbursement
Coordination ...
Health Insurance Exam-Illinois Prep
Exam Questions Already Solved
Correctly.
Risk type expenses - Answer cannot be planned and is unintended
Purpose of health insurance is - Answer to protect a insured against the risk of financial loss he/she
cannot individually afford caused by illness, injury, or diability
Indeminity - Answer Reimbursement
Coordination of Benefits provision - Answer is in some health insurance policies; allows insurance
companies to reduce benefits so that the insured will be paid no more that his/her actual loss. prevents
the insured from collecting under multiple policies more than his/her actual loss
Coordination policy - Answer is a policy that includes a coordination of benefits provision
Non-coordinating policy - Answer is a policy that does not include a coordination of benefits provision
Accepted questions on application to base premiums - Answer age, family composition, geographic
region of residency, tobacco use
unacceptable question on application to base premiums - Answer past medical history, gender,
occupation, ethnicity
Attending Physician Statement - Answer the underwriter contacts physician who has treated the
applicant in the past for an evaluation; it's purpose is to confirm information on the medical report
, Errors and Changes on the Application - Answer if error on application, underwriter may require it be
corrected and changes must be approved and initialed by the applicant
Medical information bureau (MIB) report - Answer it is a clearing house for medical information for
insurance companies that belong to it
Credit Report - Answer Determines if total benefits are reasonable compared to applicant's income so
as to avoid disincentive
Inspection report - Answer to verify that the producer completed the application accurately and
completely is the first purpose of an inspection report
Incontestability Clause - Answer after the policy has been in effect two years the insurance company
cannot contest a policy doe to any misstatement or concealment unless it can prove fraud
(tax) premiums on ind. hospital/medical expense policies - Answer can sometimes be tax deducted;
depends on whether an ind is self-employed and if ind. itemizes on tax returm
(tax) premiums paid by an ind. on ind. diability income policies - Answer usually cannot be tax
deducted (non qualified)
(tax) ind. expense policies, ind disability income policies, are usually - Answer tax free and have no tax
on the benefits
(tax) premiums paid by employer usually - Answer can be tax deducted by the employer (tax qualified)
(tax) group expense coverage is usually - Answer no tax on benefits (tax free)
Private Health Insurance Companies were originally established to - Answer issue risk indeminity
policies
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