What does a hospital expense insurance policy cover?
Hospital expense insurance can cover expenses associated with many different problems that can send someone to the hospital. For example, it can cover the costs incurred for injuries, illnesses, and accidents. When a person is at a hospital, the costs can add up extremely quickly.
What are the basic hospital and surgical policy benefits?
Basic Hospital and Surgical policy benefits are: lower than the actual expenses incurred higher than the actual expenses incurred normally subject to deductibles normally subject to coinsurance lower than the actual expenses incurred 36 Which of these factors do NOT play a role in the underwriting of a health insurance policy? Avocations
What is the first portion of a covered major medical expense?
The first portion of a covered major medical insurance expense that the insurance is required to pay is called the Initial deductible Which of the following statements best describes the intent of a coinsurance clause in a major medical policy? Discourages overutilization of the insurance coverage A major medical policy typically
What is the tax treatment of employer provided group medical expense insurance?
The federal income tax treatment of employer provided group medical expense insurance can be accurately described as Employee premiums paid by the employer is tax deductible to the employer as a business expendinture T is covered by an accidental death and dismemberment policy that has an irrevocable beneficiary.
What is coordination of benefits?
Is T covered by health insurance?
Is medical insurance deductible on taxes?
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How are benefit payments from individually owned medical expense policies?
How are benefit payments from individually-owned medical expense policies treated for tax purposes? Benefit payments from an individually-owned medical expense policy are exempt from income taxation. COBRA is a Federal law and cannot be altered by any state jurisdiction.
Which of the following is the reimbursement of benefits for the treatment of a beneficiary's?
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 of the following types of policies pays a benefit if the insured goes blind?
Accidental 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 type of policy would pay an employee's salary if the employer was injured in a bicycle accident?
Temporary total disability (TTD) is one of the types of benefits that injured employees may be eligible for under the state of California's workers' compensation laws. With this benefit, a portion of an injured worker's salary is paid during the time that an employee cannot work due to their injury.
Which of the following organizations would make reimbursement payments directly to the insured?
Which of the following organizations would make reimbursement payments directly to the insured individual for covered medical expenditures? The correct answer is "Commercial insurer".
What kind of life policy either pays the face?
Endowment insurance provides for the payment of the face amount to your beneficiary if death occurs within a specific period of time such as twenty years, or, if at the end of the specific period you are still alive, for the payment of the face amount to you.
What are the four types of term insurance?
Namely, level term insurance, increasing term insurance, decreasing term insurance, the return of premiums plans, and convertible term plans.
Which type of policy covers two people and pays upon the death of the last insured?
What type of life policy covers two people and pays upon the death of the last insured? A survivorship life policy insures two individuals and is designed to pay a benefit upon the second death.
What type of insurance are credit policies issued as?
Majority of the credit life insurance policies are given as a decreasing term life insurance strategy.Oct 2, 2020
How many types of accidental insurance are there?
3 Basic Types3 Basic Types of Accident Insurance.Oct 18, 2018
Which of the following would be covered by a business overhead expense policy?
A Business Overhead Expense policy is designed to cover certain overhead expenses (rent, taxes, utility bills, employee's salaries etc) that continue when the business owner is disabled.
What is AD & D coverage?
An accidental death and dismemberment (AD&D) insurance policy can help protect your family's finances in the event of the loss of your life or limb(s). It can be an affordable way to supplement your life insurance or medical coverage if you're seriously injured or die as a result of an accident.
What is coordination of benefits?
The Coordination of Benefits provision. prevents an insured covered by two health plans from making a profit on a covered loss. An insured covered by Accidental Death and Dismemberment (AD&D) insurance has just died.
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. primary carrier.
Is medical insurance deductible on taxes?
The federal income tax treatment of employer-provided group Medical Expense insurance can be accurately described as. Employee's premiums paid by the employer is tax-deductible to the employer as a business expenditure.
What is an accident and health policy?
In an Accident & Health policy, the insuring clause states the amount of benefits to be paid. Under an individual health policy, periodic claim payments must be made at least monthly. K is an agent who takes an application for individual life insurance and accepts a check from the client.
How long is a life insurance policy valid in Florida?
In Florida, most life insurance policies have a contestability period of. 1 year. 2 years. 3 years. 4 years. 2 years-. The maximum contestability period for most life insurance policies is 2 years. A licensed agent must be appointed by an insurance company to solicit insurance in Florida. The agent's license will terminate if a certain period ...
Can mail order insurance companies solicit insurance business outside of Florida?
Admitted mail order insurance companies cannot solicit insurance business outside the state of Florida. It may solicit insurance business by mail without the assistance of a licensed agent-. The correct answer is "It may solicit insurance business by mail without the assistance of a licensed agent".
Does an employer receive a master policy?
The employer receives a master policy and the employees receive certificates-. Under an employer/employee group health plan the employer receives a master policy and the employees receive certificates. The federal income tax treatment of employer-provided group health insurance can be accurately described as.
Is employee insurance tax deductible?
Employee's coverage paid for by the employer is tax-deductible to the employer as a business expenditure-. Premiums paid by an employer for an employee's coverage are deductible by the employer as a business expense.
Is employee health insurance taxable?
Employee's coverage paid for by the employer is considered taxable income to the employee. Employee's coverage paid for by the employer is tax-deductible to the employer as a business expenditure. Employer is given tax credits for contributions made to an employer-provided group health plan.
Does the policy owner have a say in the premium?
Policyowner has no say where the investment will go but can choose the premium mode. The investment vehicle for this type of policy is held in the insurer's general portfolio. The death benefit can vary but the policyowner has no say in the premium amount paid.
Who receives the policy and each employee is issued a certificate of insurance?
The employer receives the policy and each employee is issued a certificate. With a group accident and health plan, a master policy is issued to the employer and each employee receives a certificate of insurance. Which of the following characteristics is associated with a large group disability income policy?
What happens to the proceeds of a policy if both the insured and the primary beneficiary die?
Insured's contingent beneficiary. Under the Uniform Simultaneous Death Act, if both insured and primary beneficiary are killed in the same accident and there is insufficient evidence to show who died first, policy proceeds will be paid as if the insured died last. In other words, the proceeds will be paid to the secondary or contingent beneficiary.
What is single premium?
The correct answer is "Single premium". Single premium is not used when paying for health insurance policies. P is a new employee and will be obtaining non-contributory group Major Medical insurance from her employer.
What is blanket health insurance?
Blanket health insurance is issued to cover a group who may be exposed to the same risks, but the composition of the group (the individuals within the group) are constantly changing. P is an employee who quits her job and wants to convert her group health coverage to an individual policy.
What is the disqualifying event that can result in the termination of continuing coverage under Cobra?
One of the disqualifying events that can result in the termination of continuing coverage under COBRA is when the employer terminates all group health plans. The Consolidated Omnibus Budget Reconciliation Act (COBRA) gives workers (and their families) whose employment has been terminated the right to.
Is group health insurance true?
All of the following statements regarding group health insurance is true EXCEPT. An individual policy is given to each member. In group health insurance, each member receives a certificate of insurance, not an individual policy.
Does blanket health insurance issue certificates?
Blanket health policies do not issue certificates. 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. Primary carrier.
What is a premium rating?
d. a premium rating can be given to an insured with more than one policy with the same insurer. limit the amount of benefits an insured can receive from two disability policies with the same insurer. An employer pays the accident and health insurance premiums for its employees. The premiums paid by the employer are.
Is group health coverage primary or secondary?
An active employee's group health plan is primary and Medicare is secondary, unless the employee chooses otherwise. d. group health coverage is available to an employee's spouse that also happens to be Medicare-eligible. group health coverage is NOT available for workers over the age of 65.
What Does Hospital Expense Insurance Mean?
Hospital expense insurance is insurance coverage that protects policyholders against losses associated with being treated in a hospital for a medical issue. Medical expense insurance is commonly purchased to supplement a regular health insurance policy. Extended medical stays can be extremely expensive.
Insuranceopedia Explains Hospital Expense Insurance
Hospital expense insurance can cover expenses associated with many different problems that can send someone to the hospital. For example, it can cover the costs incurred for injuries, illnesses, and accidents. When a person is at a hospital, the costs can add up extremely quickly.
What is coordination of benefits?
The Coordination of Benefits provision. prevents an insured covered by two health plans from making a profit on a covered loss. An insured covered by Accidental Death and Dismemberment (AD&D) insurance has just died.
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. primary carrier.
Is medical insurance deductible on taxes?
The federal income tax treatment of employer-provided group Medical Expense insurance can be accurately described as. Employee's premiums paid by the employer is tax-deductible to the employer as a business expenditure.