CPCU 553 Final Exam Questions and Answers | Verified & Updated | 100% Correct

CPCU 553 Final Exam Questions and Answers | Verified & Updated | 100% Correct According to the National Safety Council, what percentage of disabling accidents and illnesses are work-related? Select one: A. Fewer than one-half of Social Security Disability Insurance claims are approved. B. About 4 percent of Americans are disabled. C. The average benefit paid by Social Security Disability Insurance is almost $3,000 per month. D. Only about five percent of Americans entering the work force today will become disabled before they retire. - Answer ️️ -A. Fewer than one-half of Social Security Disability Insurance claims are approved. A disability income policy has a rider that increases the monthly benefit amount by 4 percent for each of the first five years the policy is in force, if benefits have not yet begun. This is an example of which one of the following types of riders? Select one: A. Cost of living adjustment B. Automatic increase C. Guaranteed insurability D. Future increase option - Answer ️️ -B. Automatic increase Which one of the following statements about most group long-term disability income insurance plans is true? A. They have a coordination-of-benefits provision that defines how disability income benefits from programs such as Social Security will affect benefits under the group plan. B. They use an "any occupation" definition of disability for an initial period, and then change to an "own occupation" definition of disability. C. They replace 100 percent of lost income. D. They have a waiting period of at least two years. - Answer ️️ -A. They have a coordination- of-benefits provision that defines how disability income benefits from programs such as Social Security will affect benefits under the group plan. Which one of the following statements about Blue Cross and Blue Shield plans is true? A. They typically reimburse insureds for medical expenses incurred, and then the insureds pay providers. B. They are often administered by for-profit organizations. C. They are usually considered commercial insurers and regulated by the same laws. D. Their biggest limitation is that they offer only basic medical expense coverage. - Answer ️️ -B. They are often administered by for-profit organizations. Chris and Bill have their family insured under a plan that allows them to select their own healthcare provider without any restrictions. The plan then reimburses them for a percentage of their medical expenses after the satisfaction of a deductible. This is an example of A. An indemnity plan. B. A health maintenance organization plan. C. A preferred provider organization plan. D. A point-of service plan. - Answer ️️ -A. An indemnity plan. Part B of original Medicare (medical insurance) provides benefits for which one of the following? A. Inpatient hospital care B. Doctors' services C. Hospice care D. Outpatient prescription drug coverage - Answer ️️ -B. Doctors' services Which one of the following statements best describes Medicaid. A. It is a means-tested federal-state welfare prog