KENTUCKY HEALTH INSURANCE LATEST UPDATED 2025 REAL
FINAL EXAM WITH COMPLETE DETAILED QUESTIONS AND
CORRECT VERIFIED ANSWERS ALREADY GRADED A+
What is Risk?
ANSWER-Risk is the uncertainty or chance of loss occurring
What is a Peril?
ANSWER-Perils are the causes of loss insured against in an insurance
policy
What are the elements of risk?
ANSWER-Loss must be (1) due to chance; (2) definite and measurable;
(3) statistical predictable; (4) not catastrophic; (5) with large loss
exposure; and (6) insurance cannot be mandatory.
,What is the difference between a disability income and medical
expense policy?
ANSWER-Medical expense policies cover the hospital and medical
expenses of covered injuries or illnesses, whereas disability income
policies actually pay income to a person who must miss work as the
result of an injury or illness.
Define accidental bodily injury
ANSWER-Accidental bodily injury is a unforeseen and unintended injury
that resulted from an accident rather than a sickness
In what ways can accidental death and dismemberment coverage be
written?
ANSWER-AD&D coverage can be written as a rider or a separate policy.
Under accidental death and dismemberment coverage, when would the
capital amount be paid? When would the principal amount be paid?
ANSWER-The principal sum is paid for accidental death. In the case of
loss of sight or accidental dismemberment, a percentage of that
principal sum will be paid by the policy, often referred to as the capital
sum.
, Explain the concept of coverage on first-dollar basis
ANSWER-First-dollar coverage does not require the insured to pay a
deductible
What is the difference between reimbursement and scheduled benefit
payment?
ANSWER-In reimbursement plans, the expenses are reimbursed directly
to the insured for the services provided. In scheduled benefits plans,
the insurer pays up to a certain amount. for the services, as determined
on a schedule for the cost of each treatment.
What are some common exclusions and limitations in medical expense
policies?
ANSWER-War and active duty military, intentionally self-inflicted
injuries, pre-existing conditions, elective cosmetic surgery, injuries as a
result of participating in criminal activities, and conditions covered by
workers compensation or government plans.
What coverages are provided by a Major Medical Expense policy?
ANSWER-After basic policy pays, the supplemental major medical will
provide coverage for expenses that were not covered by the basic
FINAL EXAM WITH COMPLETE DETAILED QUESTIONS AND
CORRECT VERIFIED ANSWERS ALREADY GRADED A+
What is Risk?
ANSWER-Risk is the uncertainty or chance of loss occurring
What is a Peril?
ANSWER-Perils are the causes of loss insured against in an insurance
policy
What are the elements of risk?
ANSWER-Loss must be (1) due to chance; (2) definite and measurable;
(3) statistical predictable; (4) not catastrophic; (5) with large loss
exposure; and (6) insurance cannot be mandatory.
,What is the difference between a disability income and medical
expense policy?
ANSWER-Medical expense policies cover the hospital and medical
expenses of covered injuries or illnesses, whereas disability income
policies actually pay income to a person who must miss work as the
result of an injury or illness.
Define accidental bodily injury
ANSWER-Accidental bodily injury is a unforeseen and unintended injury
that resulted from an accident rather than a sickness
In what ways can accidental death and dismemberment coverage be
written?
ANSWER-AD&D coverage can be written as a rider or a separate policy.
Under accidental death and dismemberment coverage, when would the
capital amount be paid? When would the principal amount be paid?
ANSWER-The principal sum is paid for accidental death. In the case of
loss of sight or accidental dismemberment, a percentage of that
principal sum will be paid by the policy, often referred to as the capital
sum.
, Explain the concept of coverage on first-dollar basis
ANSWER-First-dollar coverage does not require the insured to pay a
deductible
What is the difference between reimbursement and scheduled benefit
payment?
ANSWER-In reimbursement plans, the expenses are reimbursed directly
to the insured for the services provided. In scheduled benefits plans,
the insurer pays up to a certain amount. for the services, as determined
on a schedule for the cost of each treatment.
What are some common exclusions and limitations in medical expense
policies?
ANSWER-War and active duty military, intentionally self-inflicted
injuries, pre-existing conditions, elective cosmetic surgery, injuries as a
result of participating in criminal activities, and conditions covered by
workers compensation or government plans.
What coverages are provided by a Major Medical Expense policy?
ANSWER-After basic policy pays, the supplemental major medical will
provide coverage for expenses that were not covered by the basic
