Maine Life Insurance Exam Questions and answers with 100% Complete Solutions | verified &updated 2024

Maine Life Insurance Exam Questions and answers with 100% Complete Solutions | verified &updated 2024 Contributory Health Insurance - If the employees share a portion of the premium. Often require participation by 75% of eligible members. Noncontributory Health Insurance - If the employer pays the entire premium. Most require 100% participation by eligible members. (Funding of Group Insurance) Shared funding - Allows employer to self-fund health care expenses, select a deductible and pay covered expenses for any individual incurring claims up to that max, insurer assumes risk (Funding of group insurance) Min. premium arrangement - Employer self-insure the normal and expected claims up to a given amount and the insurer funds only the excess amounts (Funding of group insurance) retrospective premium arrangement - Insurer agrees to collect a provisional premium but may collect additional premium/make a premium refund at the end of the year based on actual incurred losses. (Funding of group insurance) Self-funding arrangement - Large employers may elect to fully self-fund, or may self-fund a plan but contract for administrative services only (ASO). Conversion privilege - An employee can convert their group certificate to an individual medical expense policy w/ same insurer, if/when they leave employer. Employee must make an application for a converted policy within a given period of time (usually 31 days) depending on the state.