XCEL TESTING SOLUTIONS LIFE AND HEALTH INSURANCE WEIGHTED EXAM 2023-
2024 ACTUAL EXAM LATEST VERSION COMPLETE 300 WRITTEN QUESTIONS AND
CORRECT DETAILED ANSWERS |ALREADY GRADED A
The focus of major medical insurance is providing coverage for -
ANSWER-medical and hospitalization expenses
An insured under a Major Medical expense plan with a zero deductible
and 80/20 coinsurance provision files a $1,000 claim. How much of this
claim is the insured responsible for? - ANSWER-$200
RATIONALE
because this policy has a zero deductible, the insures is only responsible
for the 20% coinsurance on this claim, or $200
An insured has a stop-loss limit of $5,000 and an 80/20 coinsurance.
The insured incurs $25,000 of covered losses. How much will the
insured pay? - ANSWER-$5,000
Which type of plan would be the most appropriate for an individual on
Medicare and concerned that Medicare will NOT pay for charges
exceeding the approved amount? - ANSWER-Medicare supplement Plan
F
When can a group health policy renewal be denied according to the
Health Insurance Portability and Accountability Act (HIPAA)? - ANSWER-
when contribution or participation rules have been violated
What does the word "level: in Level Term describe? - ANSWER-the face
amount
,XCEL TESTING SOLUTIONS LIFE AND HEALTH INSURANCE WEIGHTED EXAM 2023-
2024 ACTUAL EXAM LATEST VERSION COMPLETE 300 WRITTEN QUESTIONS AND
CORRECT DETAILED ANSWERS |ALREADY GRADED A
A non-contributory health insurance plan helps the insurer avoid -
ANSWER-adverse selection
RATIONALE
because all eligible employees are usually covered, non-contributory
plans are desirable from an underwriting standpoint because adverse
selection is minimized.
To qualify for a resident producer license in the state of Michigan, an
individual - ANSWER-must complete the required pre-licensing
education within 12 months of license application
Under an expense-incurred individual health policy, what is the
MAXIMUM length of time after issuance of the policy that an insurer
can exclude coverage for a pre-existing condition? - ANSWER-12
months
RATIONALE
pre-existing conditions may be excluded for a maximum of 12 months
from the date of enrollment.
An insured has a health plan that pays established amounts in
accordance with a list of injuries, surgical procedures, or other losses.
This list is called a - ANSWER-benefit schedule
RATIONALE
,XCEL TESTING SOLUTIONS LIFE AND HEALTH INSURANCE WEIGHTED EXAM 2023-
2024 ACTUAL EXAM LATEST VERSION COMPLETE 300 WRITTEN QUESTIONS AND
CORRECT DETAILED ANSWERS |ALREADY GRADED A
benefits schedule set predetermined limits or maximums on how much
money and insured can be reimbursed for a covered loss.
Who is the individual paid on a fee-for-service basis? - ANSWER-
Provider
Which of the following is NOT an illegal inducement? - ANSWER-Giving
the insured an article of merchandise printed with the producer's name
costing $5
$5 or less of tokens or merchandise to applicants is allowed.
Making a statement that is false or maliciously critical of the financial
condition of an insurer is known as - ANSWER-defamation
Which of these statements about Medicaid is CORRECT? - ANSWER-
Funded by federal, sate, and local taxes
RATIONALE
Medicaid is funded by federal, state, and local taxes but is administered
by each state.
All of these are considered key factors in underwriting life insurance
EXCEPT - ANSWER-Marital Status
, XCEL TESTING SOLUTIONS LIFE AND HEALTH INSURANCE WEIGHTED EXAM 2023-
2024 ACTUAL EXAM LATEST VERSION COMPLETE 300 WRITTEN QUESTIONS AND
CORRECT DETAILED ANSWERS |ALREADY GRADED A
Correct: tobacco use, health history, age
All of the following plans allow for employee contributions to be taken
on a pre-tax basis EXCEPT - ANSWER-Health reimbursement
Arrangement plan
RATIONALE
employers contribute to health reimbursement Arrangement planz
(HRA's), not employees.
Which of the following gifts from a producer would NOT be considered
rebating? - ANSWER-$5 pen
RATIONALE
A producer quoting life insurance may give an applicant an article of
merchandise having an invoice value of $5.00 or less.
Chris is an insured bricklayer who severed his left hand in an
automobile accident. Although his primary duty cannot be performed,
Chris is also a substitute high school teacher. He collects a full disability
income check every month. How does his policy define total disability? -
ANSWER-own occupation
RATIONALE
the "own occupation" definition of total disability requires that the
insured be unable to perform the insured's current occupation as a
result of an accident or sickness.
2024 ACTUAL EXAM LATEST VERSION COMPLETE 300 WRITTEN QUESTIONS AND
CORRECT DETAILED ANSWERS |ALREADY GRADED A
The focus of major medical insurance is providing coverage for -
ANSWER-medical and hospitalization expenses
An insured under a Major Medical expense plan with a zero deductible
and 80/20 coinsurance provision files a $1,000 claim. How much of this
claim is the insured responsible for? - ANSWER-$200
RATIONALE
because this policy has a zero deductible, the insures is only responsible
for the 20% coinsurance on this claim, or $200
An insured has a stop-loss limit of $5,000 and an 80/20 coinsurance.
The insured incurs $25,000 of covered losses. How much will the
insured pay? - ANSWER-$5,000
Which type of plan would be the most appropriate for an individual on
Medicare and concerned that Medicare will NOT pay for charges
exceeding the approved amount? - ANSWER-Medicare supplement Plan
F
When can a group health policy renewal be denied according to the
Health Insurance Portability and Accountability Act (HIPAA)? - ANSWER-
when contribution or participation rules have been violated
What does the word "level: in Level Term describe? - ANSWER-the face
amount
,XCEL TESTING SOLUTIONS LIFE AND HEALTH INSURANCE WEIGHTED EXAM 2023-
2024 ACTUAL EXAM LATEST VERSION COMPLETE 300 WRITTEN QUESTIONS AND
CORRECT DETAILED ANSWERS |ALREADY GRADED A
A non-contributory health insurance plan helps the insurer avoid -
ANSWER-adverse selection
RATIONALE
because all eligible employees are usually covered, non-contributory
plans are desirable from an underwriting standpoint because adverse
selection is minimized.
To qualify for a resident producer license in the state of Michigan, an
individual - ANSWER-must complete the required pre-licensing
education within 12 months of license application
Under an expense-incurred individual health policy, what is the
MAXIMUM length of time after issuance of the policy that an insurer
can exclude coverage for a pre-existing condition? - ANSWER-12
months
RATIONALE
pre-existing conditions may be excluded for a maximum of 12 months
from the date of enrollment.
An insured has a health plan that pays established amounts in
accordance with a list of injuries, surgical procedures, or other losses.
This list is called a - ANSWER-benefit schedule
RATIONALE
,XCEL TESTING SOLUTIONS LIFE AND HEALTH INSURANCE WEIGHTED EXAM 2023-
2024 ACTUAL EXAM LATEST VERSION COMPLETE 300 WRITTEN QUESTIONS AND
CORRECT DETAILED ANSWERS |ALREADY GRADED A
benefits schedule set predetermined limits or maximums on how much
money and insured can be reimbursed for a covered loss.
Who is the individual paid on a fee-for-service basis? - ANSWER-
Provider
Which of the following is NOT an illegal inducement? - ANSWER-Giving
the insured an article of merchandise printed with the producer's name
costing $5
$5 or less of tokens or merchandise to applicants is allowed.
Making a statement that is false or maliciously critical of the financial
condition of an insurer is known as - ANSWER-defamation
Which of these statements about Medicaid is CORRECT? - ANSWER-
Funded by federal, sate, and local taxes
RATIONALE
Medicaid is funded by federal, state, and local taxes but is administered
by each state.
All of these are considered key factors in underwriting life insurance
EXCEPT - ANSWER-Marital Status
, XCEL TESTING SOLUTIONS LIFE AND HEALTH INSURANCE WEIGHTED EXAM 2023-
2024 ACTUAL EXAM LATEST VERSION COMPLETE 300 WRITTEN QUESTIONS AND
CORRECT DETAILED ANSWERS |ALREADY GRADED A
Correct: tobacco use, health history, age
All of the following plans allow for employee contributions to be taken
on a pre-tax basis EXCEPT - ANSWER-Health reimbursement
Arrangement plan
RATIONALE
employers contribute to health reimbursement Arrangement planz
(HRA's), not employees.
Which of the following gifts from a producer would NOT be considered
rebating? - ANSWER-$5 pen
RATIONALE
A producer quoting life insurance may give an applicant an article of
merchandise having an invoice value of $5.00 or less.
Chris is an insured bricklayer who severed his left hand in an
automobile accident. Although his primary duty cannot be performed,
Chris is also a substitute high school teacher. He collects a full disability
income check every month. How does his policy define total disability? -
ANSWER-own occupation
RATIONALE
the "own occupation" definition of total disability requires that the
insured be unable to perform the insured's current occupation as a
result of an accident or sickness.
