RMI Exam 4 (2024 Latest Update)Correct 100%

RMI Exam 4 (2024 Latest Update)Correct 100% Problems with the health care system in the United States that led to implementation of the Affordable Care Act included 1. Rising healthcare expenditures 2.Considerable waste and inefficiency in the healthcare system A) I only B) II only C) both I and II D) neither I nor II - ANSWER C) both I and II All of the following are historical reasons for the increase in health care expenditures in the U.S. EXCEPT A) cost insulation because of third-party payers. B) employer-sponsored health insurance. C) universal health insurance coverage. D) technological advances in health care. - ANSWER C) universal health insurance coverage. The Affordable Care Act requires that most U.S. citizens and legal residents have qualifying health insurance or pay a financial penalty. This provision of the Affordable Care Act is known as the A) Health Insurance Marketplace option. B) public option. C) individual mandate. D) premium subsidy option. - ANSWER C) individual mandate. Under the Affordable Care Act, which of the following statements are true? 1.Health insurers cannot use pre-existing conditions exclusions. 2.Health insurers cannot impose annual benefit limits and lifetime benefit limits. A) I only B) II only C) both I and II D) neither I nor II - ANSWER C) both I and II One provision of the Affordable Care Act is designed to benefit young adults up to age 26. This provision allows these young adults to A) remain covered under their parents' health insurance policies. B) receive a tax credit for their health insurance premium if they are unemployed. C) receive low-interest government loans to finance their health insurance. D) receive coverage under Medicare if they are not covered by a private health insurance plan. - ANSWER A) remain covered under their parents' health insurance policies. Which of the following statements regarding health care expenditures in the United States is (are) true? 1.As a nation, the U.S. spends significantly more per-person on health care than most other industrialized nations. 2.Health care expenditures in the U.S. are high because everyone is covered by a health insurance plan. A) I only B) II only C) both I and II D) neither I nor II - ANSWER A) I only Individual medical expense insurance sold in the Health Insurance Marketplace is characterized by which of the following? A) narrow range of benefits B) no lifetime benefit limits C) no exclusions D) first-dollar coverage - ANSWER B) no lifetime benefit limits Prior to passage of the Affordable Care Act, insurers could go back to the date a health insurance policy became effective and render the policy void due to a clerical error. This practice, which is prohibited under the Affordable Care Act except in cases of fraud or intentional misrepresentation of a material fact, is called A) estoppel. B) retention. C) rescission. D) reformation. - ANSWER C) rescission. Under the Affordable Care Act, if a health insurer does not meet the minimum loss ratio requirement, the insurer must A) pay a fine to the federal government. B) issue rebates to the people the insurer covered. C) not sell any health insurance for a period of one year. D) reduce the premium on the policies it sells the following year. - ANSWER B) issue rebates to the people the insurer covered. Purposes of the coinsurance provision in medical expense insurance policies include which of the following? reduce premiums prevent overutilization of policy benefits A) I only B) II only C) both I and II D) neither I nor II - ANSWER C) both I and II