Kentucky Health Insurance Exam (New 2024/ 2025 Update) Questions and Verified Answers| 100 % Correct| Grade A

Kentucky Health Insurance Exam (New 2024/ 2025 Update) Questions and Verified Answers| 100 % Correct| Grade A QUESTION The Medical Information Bureau (MIB) was created to protect 1. Insureds from unreasonable underwriting requirements by the insurance companies. 2. Medical examiners that perform insurance physical examinations. 3. Insurance companies from adverse selection by high risk persons. 4. Insurance departments from lawsuits by policyowners. Answer: Insurance compa- nies from adverse selection by high risk persons. QUESTION What term is used to describe when the medical caregiver provides ser- vices to only members or subscribers of a health organization, and contrac- tually is not allowed to treat other patients? 1. Closed panel 2. Corridor 3. Probationary 4. Open panel Answer: Closed panel QUESTION In insurance, an offer is usually made when 1. The insurer approves the application and receives the initial premium. 2. The agent hands the policy to the policyholder. 3. An agent explains a policy to a potential applicant. 4. An applicant submits an application to the insurer. Answer: An applicant submits an application to the insurer. QUESTION What is the term used for an applicant's written request to an insurer for the company to issue a contract, based on the information provided? 1. Policy Request 2. Insurance Request Form 3. Request for Insurance 4. Application Answer: Application QUESTION All of the following are correct about the required provisions of a health insurance policy EXCEPT 1. A reinstated policy provides immediate coverage for an illness. 2. Proof-of-loss forms must be sent to the insured within 15 days of notice of claim. 3. A grace period of 31 days is found in an annual pay policy. 4. The entire contract clause means the signed application, policy, endorse- ments, and attachments constitute the entire contract. Answer: A reinstated policy provides immediate coverage for an illness. QUESTION A hearing may be held when requested in writing, when required by the Insurance Code, or when 1. An insurance company feels it should be required. 2. A foreign insurance company is involved. 3. The Commissioner finds it necessary. 4. The Governor feels it would be beneficial. Answer: The Commissioner finds it neces- sary. QUESTION Most LTC plans have which of the following features? 1. Variable premiums 2. Open enrollment 3. Guaranteed renewability 4. No elimination period Answer: Guaranteed renewability QUESTION An insured has medical insurance coverage through 2 different providers, both covering the same expenses on an expense-incurred basis. Neither company knows in advance that the insured has coverage through any other insurers. The insured submits a claim to both insurers. How