XCEL FINAL EXAM |LATEST EXAM WITH ACTUAL
QUESTIONS AND CORRECT VERIFIED ANSWERS
|PRE-EVALUATED A+|100% GUARANTEED TO
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 (HRA's), not
employees.
Which of the following gifts from a producer would NOT be considered rebating? -
CORRECT ANSWER--$5 pen
A producer quoting life insurance may give an applicant an article of merchandise
having an invoice value of $5.00 or less.
Written notice for a health claim must be given to the insurer ___ days after the
occurrence of the loss. - CORRECT ANSWER--20
Chris is an insured bricklayer who severed his left hand in an automobile accident.
Although his primary duty cannot be performed, Chris is also a substitute high school
teacher. He collects a full disability income check every month. How does his policy
define total disability? - CORRECT ANSWER--own occupation
QUESTIONS AND CORRECT VERIFIED ANSWERS
|PRE-EVALUATED A+|100% GUARANTEED TO
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 (HRA's), not
employees.
Which of the following gifts from a producer would NOT be considered rebating? -
CORRECT ANSWER--$5 pen
A producer quoting life insurance may give an applicant an article of merchandise
having an invoice value of $5.00 or less.
Written notice for a health claim must be given to the insurer ___ days after the
occurrence of the loss. - CORRECT ANSWER--20
Chris is an insured bricklayer who severed his left hand in an automobile accident.
Although his primary duty cannot be performed, Chris is also a substitute high school
teacher. He collects a full disability income check every month. How does his policy
define total disability? - CORRECT ANSWER--own occupation
