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.

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