Life and Health Insurance Final Exam Questions with Verified Solutions

Life and Health Insurance Final Exam Questions with Verified Solutions ________ is a health insurance policy that only covers physician services and procedures. Proves first dollar benefits by the insurer, but low coverage limits. Basic Medical Expense ________ is a health insurance policy that only covers room and board if the insured stays overnight in a hospital and the miscellaneous expenses that occur because of that stay. Basic Hospital Expense ________ is a health insurance policy that only covers surgeries, surgeons and anesthesiologists. It provides first dollar benefits by the insurer, but low limits. Basic Surgical Expense ______ is a health insurance policy that offers broad coverage and high benefits for hospitalization, surgeries, and physician services subject to deductibles and coinsurance. Major Medical Expense _________ is a type of traditional medical expense insurance designed to reimburse the policyowner for out of pocket medical expenses. It is characterized by typically low deductibles (100-500), coinsurance, and stop loss limits. Comprehensive Major Medical What feature of Major Medical policy requires 100% payment of covered expenses after the insured's claim cost reaches a certain level? Stop Loss The amount of loss paid by the policyowner before the health insurance policy pays the claims is known as.. Deductible Mary has a Major Medical policy with a $200 deductible and 80/20 coinsurance allocation. If she suffers a covered loss of $8200, how much will Mary be required to pay for this loss? $1800 _______ is a health insurance policy that does not have a deductible. The company pays first when a claim is submitted. First Dollar Coverage Charlie owns a Comprehensive Major Medical policy with a $1000 Base plan, a $500 deductible and 80/20 coinsurance. If he suffers a covered loss of $9500, how much will the company pay? $7400 Which is the correct order of the basic claim calculation? Apply the base plan; subtract the deductible; allocate the coinsurance; check by adding You own a Major Medical policy with a $500 deductible and 80/20 coinsurance. You suffer a covered loss of $4500 and calculate that the company will pay $3200 towards your loss. The company only pays $3019.78. Which of the following could NOT account for the difference? Elimination Period The individual who controls a Major Medical policy, pays the premiums and is authorized to receive any benefits from the contract is known as the owner Which policy would be covered with the rights of a dependent child? Major Med Coinsurance does which of the following? Reduces the deductible All of the following characterizes basic medical EXCEPT Ancillary expenses Which of the following do Medical Expense