CPCU 556 Personal Financial Planning Review Questions with Answers

Which insurance plan has a gate keeper physician? Health Maintenance Organization HMO Which insurance plan has members choose any provider but preferred providers offer decreased medical services costs and lower deductibles? Preferred Provider Organization. What does a gate keeper physician do? Preapproves specialist visits Which insurance plan works like an HMO but physicians are only paid based on the services they provide? Exclusive Provider organization Which has lower premiums EPO or HMO? Exclusive Provider organization How are physicians paid under an HMO? On a monthly basis regardless of treatment sought. Name the different forms of managed care plans - Health Maintenance Organization HMO -Preferred Provider Organization -Exclusive Provider Organization -Point of service Plan - Medicare Advantage Plan - Medical Savings Account - Private fee for service plan - Special Needs Plans Comprehensive Financial Plans consists of the following techniques: Risk Management, Savings & Investment, Tax, Retirement, and Estate Planning Insurance What is the primary method of Risk Management? Insurance What loss exposures are not handled with insurance? Retirement and Unemployment Investment techniques: reduce or raise the risks of the investment process? Reduce Why is estate planning so important? Tax minimization