Which of the following statements best describes what the legal actions provision of an accident and health policy requires?
Which of the following statements BEST describes what the Legal Actions provision of an Accident and Health policy requires? An insured must wait at least 60 days after Proof of Loss has been submitted before a lawsuit can be filed.
What is the reimbursement of benefits for the treatment of a beneficiaries injuries caused by a third party?
Which of the following is the reimbursement of benefits for the treatment of a beneficiary's injuries caused by a third party? "Subrogation". Subrogation is the right for an insurer to pursue a third party that caused an insurance loss to the insured.
Which type of policy pays benefits to a policyholder covered under a hospital expense policy quizlet?
When benefits are paid to a policyowner covered under a Hospital Expense policy, the policy is known as reimbursement.
Which of these statements is incorrect regarding a preferred provider organization PPO?
Which of these statements is INCORRECT regarding a Preferred Provider Organization (PPO)? PPO's ARE considered to be a managed health care system. The correct answer is "below a specific income limit". Medicaid was enacted to provide medical assistance to those whose income is below a specific limit.
Which of the following statements describes what an accident and health policy owner may not do?
Which of the following statements describes what an Accident and Health policyowner may NOT do? (Correct.) The owner of an Accident and Health policy may not change the premium amount. You just studied 30 terms!
Which of the following best describes how a policy that uses the accidental bodily injury definition of an accident differs?
Employee's coverage paid for by the employer is tax-deductible to the employer as a business expenditure. Which of the following statements BEST describes how a policy that uses the "accidental bodily injury" definition of an accident differs from one that uses the "accidental means" definition? Double indemnity.
Which of the following policy features allows an insured to defer current health charges to the following year's deductible?
Carryover provision (The carryover provision permits expenses incurred during the last three months of the calendar year to be carried over into the new year if needed to satisfy the deductible for the next year.)
Which of the following types of policies pays a benefit if the insured goes blind?
Accidental Death and Dismemberment InsuranceAccidental Death and Dismemberment Insurance. Also known as AD&D, this type of insurance pays out if the insured dies, becomes blind or is dismembered (loses a limb) in a covered accident.
Which of the following claims are typically excluded from medical expense policies?
Intentionally self-inflicted injuries are typically excluded by Medical Expense policies.
Which statement best describes a preferred provider organization PPO )?
Which of the following BEST describes how a Preferred Provider Organization (PPO) is less restrictive than a Health Maintenance Organization (HMO)? PPO's normally provide a wider choice of physicians and hospitals.
Which of the following statements best describes the intent of a coinsurance clause in a major medical policy?
Which of the following statements BEST describes the intent of a Coinsurance clause in a Major Medical policy? A purpose of the Coinsurance clause in a Major Medical Policy is to discourage overutilization of the insurance coverage.
Which of these is not a type of agent authority quizlet?
Which of these is NOT a type of agent authority? Principal is NOT. Agent authority is what an agent is authorized to do on behalf of his company. The three types of agent authority include express, implied, and apparent authority.
What is realization on taxes?
A) Realization is the recording of gain or loss on a tax return.
What happens if the basis of a property transferred to a corporation under section 351 exceeds its fair market?
A) If the basis of a property transferred to a corporation under section 351 exceeds its fair market value, the corporation will always take a tax basis in the property equal to the property's fair market value.
Who must collectively control the corporation immediately after the transfer?
B) In the aggregate, the transferors of property to the corporation must collectively control the corporation immediately after the transfers.
What is the result of an exchange of property rights in a transaction?
B) Realization is the result of an exchange of property rights in a transaction.
Who is the primary beneficiary of Q's Accidental Death and Dismemberment policy?
P and Q are married and have three children. P is the primary beneficiary on Q's Accidental Death and Dismemberment (AD&D) policy and Q's sister R is the contingent beneficiary. P, Q, and R are involved in a car accident and Q and R are killed instantly. The Accidental Death benefits will be paid to:
What is a G in accounting?
G is an accountant who has ten employees and is concerned about how the business would survive financially if G became disabled. The type of policy which BEST addresses this concern is:
Is T covered by health insurance?
T is covered by two health insurance plans: a group plan through his employer and his spouse's plan as a dependent. Under the Model Group Coordination of Benefits provision, when T files a claim, his employer's plan is considered the:
