PSI Practice Health and Accident Exam Questions and Answers, Exams of Nursing

Download PSI Practice Health and Accident Exam Questions and Answers and more Exams Nursing in PDF only on Docsity! PSI practice health and accident exam Questions and Answers (Latest Update 2023) which oft he following is a characteristic of preferred provider org (PPO) A: prearranged costs for services rendered B: providers receive a flat montlyh amount for each user C: ability to receive care at the same cost from any provider D: emergency treatment is restricted to pre-select hospitals - Correct Answer ✅A: prearranged costs for services rendered how do most disability policies handle the case of a recurrent disability at least 90 days after the first claim: A: it is handled as a continuation of existing claim B: it is excluded from coverage because the benefits have already been paid out C: it must be handled as a new claim for a new period of disability, requiring a new elimination period D: it must be handles as a new claim for a new period of disability, without requiring a new elimination period. - Correct Answer ✅D: it must be handles as a new claim for a new period of disability, without requiring a new elimination period. PSI practice health and accident exam Questions and Answers (Latest Update 2023) how are issues of amigity usually resolved because insurance contracts are contracts of adhesion: A: in favor of the insured because the insurance company drafts language in the contract B: in favor of the insured bec insurance companies often do not adhere to the more specific contract principles C: in favor of the insurer because most issues arise from misrepresentation on the part of the insured D: in favor of the insurer bec the insured frequently does not adhere to the requirements of the contract - Correct Answer ✅C: in favor of the insurer because most issues arise from misrepresentation on the part of the insured what is the difference between copayment and coinsurance: A: a copayment is a set percentage, while coin insurance is a set dollar amount B: a copayment is a set dollar amount, while coininsurance is a percentage C: a copayment is an amount of money that must be paid up front anually before benefits begin PSI practice health and accident exam Questions and Answers (Latest Update 2023) Which of the following is considered the major advantage of HIPAA? 1. portability 2. increased coverage 3. qualified beneficiaries 4. tax deductibility of certain medical expenses - Correct Answer ✅4. tax deductibility of certain medical expenses During which period of a Disability Income Policy is coverage effective but during which no benefits will be paid under the policy? 1. benefit period 2. elimination period 3. grace period 4. probationary period - Correct Answer ✅2. elimination period Which of the following may be thought of as a time deductible rather a dollar deductible in a disability income policy because benefits are not payable during that time? 1. elimination period PSI practice health and accident exam Questions and Answers (Latest Update 2023) 2. probationary period 3. benefit period 4. grace period - Correct Answer ✅1. elimination period What is an impairment rider? 1. It indefinitely extends the time to provide the proof of loss until after an impairment is resolved. 2. It allows the reinstatement of a policy when an impairment is deemed to have caused the policy lapse. 3. It lists specific conditions in the contract that are excluded from the contract 4. It states that a contract can be cancelled and premiums refunded if the policyholder was mentally impaired at time of issue. - Correct Answer ✅3. It lists specific conditions in the contract that are excluded from the contract What is it called when an insurance company tries to recover from a different insurance policy all or part of its losses resulting from a claim? 1. secondary beneficiary 2. subrogation PSI practice health and accident exam Questions and Answers (Latest Update 2023) 3. coordination of benefits 4. conversion - Correct Answer ✅conversion Which of the following amends the Social Security Act to make Medicare secondary to group health plans? 1. ADEA 2. ERISA 3. OBRA 4. TEFRA - Correct Answer ✅1. ADEA What is the major reason that insurance regulators are often critical of dread disease insurance policies? 1. The plans tend to be much more expensive than major medical alternatives. 2. They exclude illnesses that are related to pre-existing conditions. 3. It is hard to predict which illness a person is likely to contract. PSI practice health and accident exam Questions and Answers (Latest Update 2023) Some states require life insurance policies to include a provision that gives the insurer the right, at its own expense, to do which of the following? 1. require an autopsy 2. perform a financial audit of the insured 3. investigate the claims made on the application 4. perform a medical examination on the beneficiary - Correct Answer ✅4. perform a medical examination on the beneficiary All of the following are required signatures on a life insurance application EXCEPT 1. the agent. 2. the applicant. 3. the minor in a juvenile policy. 4. the proposed insured. - Correct Answer ✅3. the minor in a juvenile policy. PSI practice health and accident exam Questions and Answers (Latest Update 2023) In which of the following cases are premiums paid by a business NOT tax deductible as a business expense? 1. key person disability income insurance 2. group disability income coverage for its employees 3. individual disability income coverage for its employees 4. when benefits received by employees are taxable as income. - Correct Answer ✅1. key person disability income insurance Which one of the following is particularly important for an insurance producer to explain to a client upon delivery of a life insurance policy? 1. the effective date 2. any exclusions 3. premium due dates 4. loan interest rates - Correct Answer ✅2. PSI practice health and accident exam Questions and Answers (Latest Update 2023) any exclusions Which is a primary difference between individual and group health insurance? 1. Individual insurance requires evidence of insurability. 2. Group insurance requires evidence of insurability. 3. Group insurance usually has a lower adverse selection rate. 4. Individual insurance includes an eligibility period. - Correct Answer ✅4. Individual insurance includes an eligibility period. Which of the following coverage types pays a monthly cash benefit following the elimination period for total disability due to accident or sickness? 1. Disability income insurance 2. Credit disability insurance 3. Recurrent disability insurance 4. PSI practice health and accident exam Questions and Answers (Latest Update 2023) 4. long term care insurance - Correct Answer ✅4. long term care insurance Which of the following is the most common method to supplement Medicare coverage? 1. Medicaid 2. Group health insurance 3. Employer Health Insurance 4. Coverage offered by private insurers - Correct Answer ✅4. Coverage offered by private insurers A basic vision care package includes all of the following EXCEPT 1. safety glasses. 2. the annual eye exam. 3. lenses and frames. 4. contact lenses. - Correct Answer ✅2. the annual eye exam. PSI practice health and accident exam Questions and Answers (Latest Update 2023) All of the following are requirements to qualify for Social Security disability benefits EXCEPT when 1. credited with the appropriate number of quarters of coverage. 2. total and permanent disabled for at least 5 months. 3. disability expected to last for 12 months or end in death. 4. unable to work in occupation in which the worker was trained or educated - Correct Answer ✅1. credited with the appropriate number of quarters of coverage. What does it mean if a health policy is optionally renewable? 1. The insured has the option to refuse to renew the policy if the premium increases. 2. The insured has the option to refuse to submit to physical examinations required to renew the policy. PSI practice health and accident exam Questions and Answers (Latest Update 2023) 3. Insurer may elect NOT to renew only under conditions specified in the policy. 4. Insurer may elect NOT to renew for any reason only on the policy anniversary or premium due date. - Correct Answer ✅4. Insurer may elect NOT to renew for any reason only on the policy anniversary or premium due date. Which type of receipt makes the insurer liable for the risk from the date of application, regardless of the applicant's insurability? 1. binding receipt 2. conditional receipt 3. inspection receipt 4. temporary receipt - Correct Answer ✅2. conditional receipt Which of the following must be given to the insurer within 20 days after occurrence or commencement of any loss covered by the policy, or as soon thereafter as is reasonably possible? 1. evidence of insurability PSI practice health and accident exam Questions and Answers (Latest Update 2023) pre-existing conditions 3. change in health 4. changes in the insurance code - Correct Answer ✅4. changes in the insurance code Which of the following occurs immediately after the application is submitted and the initial premium paid? 1. the underwriting process begins 2. the applicant's references are checked 3. the beneficiaries are selected 4. the insurance goes into effect. - Correct Answer ✅1. the underwriting process begins PSI practice health and accident exam Questions and Answers (Latest Update 2023) In which of the following types of contracts is only one party is legally required to do something after the insured has completed the act of paying the premium? 1. Conditional 2. Unilateral 3. Personal 4. Warranty - Correct Answer ✅2. Unilateral In which type of insurance is individually purchased coverage commonly more economical than group offered coverage? 1. Disability insurance 2. Major medical insurance 3. Long term care insurance 4. Medicare supplemental insurance - Correct Answer ✅3. Long term care insurance PSI practice health and accident exam Questions and Answers (Latest Update 2023) Which type of coverage pays the operating costs of a small business when the owner becomes disabled? 1. Business overhead expense disability insurance 2. Individual expense disability insurance 3. Key person expense disability insurance 4. Buy-Sell expense disability insurance - Correct Answer ✅1. Business overhead expense disability insurance What is the waiver of premium provision? 1. In a long term care contract, the premium is waived after the insured has been confined for a specific period of time. 2. In a life insurance policy, the insured may request a waiver of premium during times of financial hardship. 3. In a disability policy, the premium is waived after the insurance benefit period has been passed