Xcel Final Exam Questions and Answers 100% Pass

Xcel Final Exam Questions and Answers 100% Pass Typically, Long-Term Disability benefits are coordinated with which benefit plan? - Correct Answer ️️ -Social Security The focus of major medical insurance is providing coverage for - Correct Answer ️️ - medical and hospitalization expenses An insured under a Major Medical expense plan with a zero deductible and 80/20 coinsurance provision files a $1,000 claim. How much of this claim is the insured responsible for? - Correct Answer ️️ -$200 because this policy has a zero deductible, the insures is only responsible for the 20% coinsurance on this claim, or $200 An insured has a stop-loss limit of $5,000 and an 80/20 coinsurance. The insured incurs $25,000 of covered losses. How much will the insured pay? - Correct Answer ️️ - $5,000 Which type of plan would be the most appropriate for an individual on Medicare and concerned that Medicare will NOT pay for charges exceeding the approved amount? - Correct Answer ️️ -Medicare supplement Plan F When can a group health policy renewal be denied according to the Health Insurance Portability and Accountability Act (HIPAA)? - Correct Answer ️️ -when contribution or participation rules have been violated What does the word "level: in Level Term describe? - Correct Answer ️️ -the face amount A non-contributory health insurance plan helps the insurer avoid - Correct Answer ️️ - adverse selection because all eligible employees are usually covered, non-contributory plans are desirable from an underwriting standpoint because adverse selection is minimized. To qualify for a resident producer license in the state of Michigan, an individual - Correct Answer ️️ -must complete the required pre-licensing education within 12 months of license application Under an expense-incurred individual health policy, what is the MAXIMUM length of time after issuance of the policy that an insurer can exclude coverage for a pre-existing condition? - Correct Answer ️️ -12 months pre-existing conditions may be excluded for a maximum of 12 months from the date of enrollment. An insured has a health plan that pays established amounts in accordance with a list of injuries, surgical procedures, or other losses. This list is called a - Correct Answer ️️ - benefit schedule benefits schedule set predetermined limits or maximums on how much money and insured can be reimbursed for a covered loss. Who is the individual paid on a fee-for-service basis? - Correct Answer ️️ -Provider Which of the following is NOT an illegal inducement? - Correct Answer ️️ -Giving the insured an article of merchandise printed with the producer's name costing $5 $5 or less of tokens or merchandise to applicants is allowed. Making a statement that is false or maliciously critical of the financial condition of an insurer is known as - Correct Answer ️️ -defamation Which of the following is NOT a required provision in an accident and health insurance policy? - Correct Answer ️️ -change of occupation the change of occupation provision is considered an OPTIONAL provision Which of these statements about Medicaid is CORRECT? - Correct Answer ️️ - Funded by federal, sate, and local taxes Medicaid is funded by federal, state, and local taxes but is administered by each state. All of these are considered key factors in underwriting life insurance EXCEPT - Correct Answer ️️ -Marital Status Correct: tobacco use, health history, age The time limit for filing claim disputes is addressed in which provision of an accident and health policy? - Correct Answer ️️ -legal actions All of the following plans allow for employee contributions to be taken on a pre-tax basis EXCEPT - Correct Answer ️️ -Health reimbursement Arrangement plan employers contribute to health reimbursement Arrangement planz