Other health insurance concepts

Individuals who itemize deductions can claim deductions for medical expenses not covered by health insurance that exceed what percent of their adjusted gross income

7.5%

Which of the following applies to partial disability benefits?

Payment is limited to a certain period of time

According to the PPACA metal levels classification if a health plan is expected to cover 90% of the cost for an average population and the participants would cover the remaining 10% what type of plan is that?

Platinum

A brain surgeon has an accident and develops tremors in her right arm. Which disability income policy definition of total disability will cover her for all losses?

"Own occupation" - less restrictive than other definitions

A noncontributory group disability income plan has a 30-day elimination period and offers benefits of $2000 a month. If an employee is unable to work for 7 months due to a covered disability the employee will recieve

$12000 all of which is taxable

An insured is covered by a partially contributory group disability income plan that pays benefits of $4000 a month. If the insured pays 25% of the monthly premium how much of the monthly benefit would be taxable?

$3000

What percentage of individually-owned disability income benefits is taxable?

0%

The Patient Protection and Affordable Care Act mandates that insurers provide coverage for adult children of the insured up to the age of

26

What is the maximum age for qualifying for a catastrophic plan?

30

When a disabled dependent child reaches the age limit for coverage, how long does the policyowner have to provide proof of dependency in order for the dependent to remain covered under the policy?

31 days

Which of the following individuals will be eligible for coverage on the health insurance marketplace

A permanent resident lawfully present in the U.S.

Which of the following would best describe total disability ?

A person's ability to work is significantly reduced or eliminated for the rest of his/her life.

Under a Key Person disability income policy, premium payments

Are made by the business and are not tax-deductible.

Which statement accurately describes the change of beneficiary provision?

Any policy that has a death benefit must also have a Change of Beneficiary provision.

Which of the following is not true of disability buy-sell coverage

Benefits are considered taxable income to the business.

An individual is insured under his employers group disability income policy. The insured suffered an accident while on vacation that left him unable to work for 4 months. If the disability income policy pays the benefit which of the following would be true?

Benefits that are attributable to employer contributions are fully taxable to the employee as income.

What type of insurance is sold to small business owners that must meet overhead expenses such as rent or utilities following a disability?

Business Overhead Expense

Which of the following statements is correct concerning taxation of long-term care insurance?

Excessive benefits may be taxable

Which of the following statements about occupational vs nonoccupational coverage is true?

Disability insurance can be written as occupational or nonoccupational

Which do the following is NOT a metal level of coverage offered under the patient protection and affordable care act?

Ifon

The patient protection and affordable care act includes all of the following provisions EXCEPT

Individual tax deduction for premiums paid

The Mode of Premium Payment

Is defined as the frequency and the amount of the premium payment.

A woman's health insurance policy dictates which doctor she is allowed to see. Her health providers share an assumed risk for their patients and encourage preventative care. What best describes the health system that the woman is using?

Managed care

Which of the following describes taxation of individual disability income insurance premiums and benefits?

Premiums are not tax deductible, and benefits are not taxable.

Which of the following is CORRECT regarding Business overhead expense insurance

Premiums are tax deductible

The legal process that gives the insurer after payment of a loss the right to seek recovery from a third party that was responsible for the loss is known as

Subrogation

An employee insured under a group health plan is injured in a car wreck while performing her duties for her employer. This results in a long hospitalization period. Which of the following is true?

The group plan will not pay because the employee was injured at work

Which of the following definitions would make easier to qualify for total disability benefits?

The more liberal "own occupation"

A policy owner names his five children as primary beneficiaries and his wife as a contingent beneficiary. If the policy owner and one of his children die who would receive policy benefits

The remaining 4 primary beneficiaries

Which of the following is NOT true regarding partial disability?

This is a form of insurance that covers part-time workers.

Premiums paid by self-employed sole proprietors or partners for medical expense insurance are

Totally tax deductible

A policy owner has a health insurance policy with his wife listed as the primary beneficiary. He would like to change the primary beneficiary to his sister. Which of the following is true?

Unless the policy designated the current beneficiary as irrevocable the policy owner can make the change at any time

Which characteristic does NOT describe managed care?

Unlimited access to providers

Under what condition are group disability income benefits received by an employee not taxable as income?

When the benefits received are equal or less than the employee's percentage of the contribution

Which of the following premium modes would result in the highest annual cost for an insurance policy?

monthly

Premium payments for personally-owned disability income policies are

not tax deductible

An insured has health insurance that covers them at work and at home. This policy was written on what basis?

occupational

Workers compensation insurance covers a workers medical expenses resulting from work related sickness or injuries and covers loss of income from

work-related disabilities