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FIN 428 Week 4 Quiz

FIN 428 Week 4 Quiz The group that pays the largest share of health care costs in the United States is
  • private insurance companies.
  • private employers.
  In attempting to deal with the problem of over-insurance, companies writing disability income insurance
  • may charge documentation higher fees than other providers in the area.
  • may include a non-cancellation provision.
  • may include a facility of payment clause.
  • may restrict the amount of coverage offered to individuals
  Which of the following is a characteristic of Medicare Supplement policies?
  • Coverage for Medicare cost-sharing features will not automatically change with Medicare deductibles and coinsurance.
  • Policies cannot be guaranteed a renewal.
  • Policies may not impose a waiting period on preexisting conditions.
  • Policies cannot exclude preexisting conditions.
  Although Social Security provides benefits in the event of a worker’s disability
  • coverage qualification requirements are demanding.
  • coverage is provided for disabilities that are short-term only.
  • coverage is subject to a one-week waiting period.
  • coverage decreases based on the number of work-related claims.
  Which of the following types of pension plans are employers required to insure with the Pension Benefit Guarantee Corporation?
  • Defined benefit plans
  • Defined benefit and defined contribution plans
  • Single employer plans
  • Defined contribution plans
A business valued at $600,000 has four partners. If each partner buys $50,000 of life insurance on each of the other partners, this arrangement is known as
  • a shared interest plan.
  • an insurable interest plan.
  • an entity plan.
  • a cross-purchase plan.
  The beneficiary under key person life insurance normally is the
  • the employer.
  • estate of the insured.
  • key person.
  • key person’s spouse.
  The change of occupation provision used in individual health insurance contracts
  • is one of the mandatory uniform provisions.
  • forbids the changing of occupations.
  • provides for a return of premium if a new occupation is less hazardous and an adjustment of benefits if it is more hazardous.
  • forbids the changing of occupations.
  When a deposit administration plan is used to fund a qualified retirement plan
  • a single premium annuity is purchased for each worker at retirement.
  • the insurer guarantees the adequacy of funds to meet accrued liabilities.
  • the insurer guarantees the benefits to retired workers for whom annuities have been purchased.
  • contributions are not allocated to specific workers until they retire.
  Medicare Advantage
  • is intended to increase Medicare costs and coverage.
  • is an attempt reduce Medicaid market competition.
  • brought uniformity to Medicare prescription drug coverage plans and coverage.
  • has been referred to as the “privatization of Medicare”.
  A preferred provider organization
  • is a group of health care providers designated by an employer or insurer.
  • usually charges higher fees than other providers in the area.
  • is a health insurer selected by a group of physicians.
  • is an insurer approved by the state commissioner of insurance.
  Fee-for-service health insurance coverage
  • is not subject to regulation.
  • is of increasing in importance.
  • is being replaced by managed care plans.
  • has been in beneficial outcomes such as the overutilization of health care.
  From the perspective of the subscriber, a major disadvantage of health maintenance organizations is
  • the absence of a gatekeeper.
  • the inability to use providers outside the system except in emergencies.
  • the absence of coverage for outpatient services.
  • are not subject to regulation.
  As a result of the U.S. Supreme Court decision in John Hancock Mutual Life Insurance Company v. Harris Trust & Savings Bank (Harris Trust)
  • the court ruled all funds held by Hancock in connection with the general account group policy issued to Harris Trust should be treated as assets for ERISA purposes.
  • insurer pension funding products were not redesigned.
  • insurer pension funding arrangements are all exempt from ERISA fiduciary requirements.
  • general account assets of insurers can sometimes be treated as pension assets.
  Consumer-driven health care
  • encourages preventive care.
  • limits out-of-pocket costs to relatively low levels.
  • is evident in the design of high deductible health plans and health savings accounts.
  • relies on insurers to control utilization and costs.
The beneficiary under a split-dollar life insurance policy normally is the
  • the estate of the insured.
  • the key employee’s spouse.
  • the employer.
  • the key employee’s beneficiary and the employer to the extent of their interests.
  The elimination period in disability income contracts performs the same function as   An approach an employer could use to de-risk its pension plan includes
  • continuing to offering traditional pension plans to employees.
  • an increase in exposure to risky equities in pension portfolios.
  • a refusal to consider pension buy-out offers.
  • a longevity swap.
  The group that pays the largest share of health care costs in the United States is
  • private employers.
  • private insurance companies.
  Disability income insurance
  • is sold only on a group basis.
  • should be purchased with as short a waiting period as possible.
  • is less important than life insurance because the probability of death at most ages is greater.
  • is often overlooked in income protection planning.
  The major difference between noncancelable health insurance contracts and guaranteed renewable contracts is that
  • noncancelable policies cannot be cancelled in mid-term.
  • noncancelable policies are not guaranteed renewable.
  • total disability benefits are more liberal.
  • the premium for noncancelable policies cannot be changed.
FIN 428 Week 4 Quiz Long-term care partnership programs
  • allow individuals to protect some of their assets from Medicaid spend-down requirements.
  • must provide more generous benefits than TQ-LTCI.
  • have demonstrated an ability to reduce Medicaid costs over the long-term.
  • must include inflation protection in all policies.
  Under a basic split‑dollar insurance plan the employer pays:
  • the part of the premium equal to the increase in cash value during the policy year.
  • one‑half of all premiums due.
  • the portion of the premium equal to the cost of the decreasing term insurance for the policy year.
  The capitation approach to charging for health care benefits is characteristic of
  • preferred provider organizations.
  • Blue Cross and Blue Shield organizations.
  • point of service plans.
  • health maintenance organization.
  Which of the following is true with respect to State Children’s Health Insurance Programs?
  • States receive federal funding to support the programs.
  • They were created to insure children that qualify for Medicaid.
  • Coverage also extends to the guardians of the insured child.
  • Eligibility requirements vary by state.
  The Medicaid program
  • has uniform national eligibility requirements established by the federal government.
  • is completely funded by the federal government.
  • is completely funded by the state government.
  • is a federal-state program that provides medical assistance to low-income individuals.
  The Social Insurance Supplement Benefit
  • permits one to coordinate disability insurance with social security benefits.
  • is a mandatory provision under most state laws.
  • is designed for those occupations not covered by OASDI.
  • is designed to cover the five-month waiting period under Social Security.
  When a physician refuses to accept assignment under Medicare
  • the beneficiary may have additional out-of-pocket expenses.
  • he or she is barred from participating in Medicare for two years.
  • neither the physician nor the beneficiary can collect from Medicare.
  • there is no limit on the amount the physician may charge a Medicare beneficiary.
  Which of the following is true with respect to Medicare Prescription Drug Coverage?
  • It brought uniformity to Medicare prescription drug coverage plans and coverage.
  • It offered only as a stand-alone Prescription Drug Plan.
  • It is offered as part of a Medicare Advantage Plan only.
  • It may be offered as part of a Medicare Advantage Plan or through a stand-alone Prescription Drug Plan.
  The part of Medicare that is designed to pay for hospital expenses, but excludes physician’s charges is
  • Medicare Part B.
  • Medicare Part A.
  • Medicare Part D.
  • Medicare Part C.
  Under a health savings account
  • contributions by individuals are tax deductible up to a limit.
  • distributions for medical expenses are nontaxable to the extent they exceed contributions.
  • investment income is taxable on an annual basis.
  • distributions to pay qualified medical expenses are taxable as income, but deductible as medical expenses to the extent that they exceed 7.5% of adjusted gross income.
  The Pension Protection Act of 2006
  • was enacted in response to concerns about the funding status of defined benefit pension plans and PBGC losses.
  • decreased PBGC premiums.
  • requires employers to amortize their unfunded liabilities over a longer period than before.
  • disallows direct deposit of income tax refunds from the IRS into an IRA.
  A disability income insurance policy on which premiums are paid weekly must have a grace period of at least
  • ten days.
  • thirty-one days.
  • there is no grace period on weekly premium policies.
  • seven days.
  Health Maintenance Organizations differ from commercial insurers in that they
  • also provide health care.
  • operate in the same manner as Blue Cross Organizations.
  • are not subject to regulation.
  • are owned by the participating subscribers.
  Benefits paid under tax-qualified long-term care insurance
  • are taxable as income unless paid by as part of an employee benefit plan.
  • are exempt from federal income tax.
  • are taxable as income, but deductible as medical expenses.
  • are excludable from taxable income up to a specified daily limit or up to the costs actually incurred for long-term care.
  The chance of being disabled is
  • less than the chance of death at any age.
  • less than the chance of death during middle ages.
  • greater than the chance of death during working years.
  • about the same as the chance of death.
  Which of the following is an option under Medicare Advantage?
  • Long-term care coverage
  • Private free-for-service plans
  • Short-term care coverage
  • Nonpreferred provider organizations
  An arrangement under which an employee and employer share the premium cost of an insurance policy on the life of the employee is called a
  • deferred compensation plan.
  • split-dollar plan.
  • shared interest agreement.
  • cross-purchase agreement.
  When home care benefits are included in a long-term care insurance policy
  • home care benefits are usually subject to a requirement that the insured was previously confined in a skilled nursing facility.
  • coverage may also include personal care services like bathing, dressing, and grooming.
  • coverage applies only to home care workers certified by Medicare.
  • home care benefits are provided only if the insured has been hospitalized.
  The Residual Disability Benefit used in some disability income contracts
  • typically pays benefits for a six-month period.
  • provides a monthly indemnity equal to one-half the total disability benefit.
  • determines indemnity based on the percentage of income lost.
  • typically pays benefits for a six-month period.
FIN 428 Week 4 Quiz

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