Test Answers on insurance

RMI social insurance

Which of the following statements is (are) true with respect to the characteristics of social insurance programs? Social insurance benefits are based on individual equity rather than social adequacy. Social insurance benefits are available only if a means (needs) test is satisfied. Unemployment insurance benefits are paid during periods of All of the following benefits […]

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Insurance Final

traditionally, risk has been defined as _____ uncertainty concerning the occurrence of loss objective risk is defined as ______ the relative variation of actual loss from expected loss an insurance company estimates its objective risk for 100,000 exposures to be 10%. Assuming the probability of loss remains the same, what would happento the objective risk […]

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Medical Insurance Ch. 9,10,11 review: Overview

Medicare benefits are available to individuals under One of six beneficiary categories Disabled adults may be eligible for Medicare benefits Hospital benefits are provided by Medicare Part A Outpatient hospital benefits are provided by Medicare part B Hospice benefits are provided by Medicare part A Home Healthcare is provided by Medicare part A Skilled Nursing […]

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Med Insurance chapter 16

• Benefits for medical expenses are provided through disability income insurance False • Disability income insurance provides benefits for work-related disability. False • Temporary disability exists when an illness or injury prevents a person from performing one or more of the functions of his or her regular job. False • No prior employment is necessary […]

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Life Insurance Practice Exam

The chance of loss without any possibility for gain is known as: Pure Risk When an insurer can no longer meet its financial obligations when they are due, the insurer is considered to be: Insolvent When can a representation be altered or withdrawn? Before the insurance is effected, but not afterwards A cause of loss […]

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Topic 2: Role of Social Insurance Programs

What are the Social Insurance Programs? -OASDI & Medicare -WC -UI -TDI Why do Social Insurance Programs exist? -Individuals are myopic -Private market cannot handle certain risks and experiences \”Market Failure\” because they cannot handle certain risks Why Private Market cannot handle risks? -Moral Hazard -Adverse Selection -Length of Payments -Loss is not definite -Systemic […]

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Florida 2-15 Insurance

In the insurance business, risk can best be defined as: A. sharing the possibility of a loss B. uncertainty regarding the future C. uncertainty regarding financial loss D. uncertainty regarding when death will occur C. The concept of insurance developed from the need to minimize the adverse effects of risk associated with the probability of […]

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Chapter 16 – Insurance Handbook of the Medical Office

Disability income policies do not provide medical expense benefits. True Disability income insurance provides benefits for work-related disability. False For patients receiving VA medical care, travel expenses to and from the facility are a benefit. True In 1956, Congress established a program under Title II of the Social Security Act for long-term disability known as […]

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annuities, life insurance, retirement, and college savings

annuity defined as a contract with an insurance company that provides for payments to the annuity owner over the life of the contract term. securities registration in addition to insurance license, variable annities also require a after tax dollars most annuities are funded with mortality guarantee the annuity company guarantees that it will make payments […]

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limited lines tx insurance

reserve account amount set aside to pay claims so insurance does not lose money exclusions things insurers do not intend to cover intentional acts done on purpose non-currency more than one insurers at risk and policy do not match pro-rata we only pay for what we get ex: like a pizza, you only pay the […]

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CH 13 Medical Insurance

Premium The amount charged for a medical insurance policy. The insurer agrees to provide certain benefits in return for the premium. It is also called coverage cost. Insurance benefits Payments for medical services that can be submitted by an insurance company under a predefined policy issued to an individual or group of individuals. Lifetime maximum […]

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Insurance Handbook – Chapter 8

1) **Fill-in Question** Define encryption is used for security purposes to assign a code to represent data. It is a \”secret code\” that makes data unintelligible to unauthorized parties. 2) Why are electronic transmissions encrypted? so that they cannot be opned and read if intercepted (received) by the wrong individual. 3) Define batch is a […]

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Chapter 7 Medical Insurance

What legislation required all claims sent to the Medicare program be submitted electronically, effective October 16, 2003? ASCA – Administrative Simplification Compliance Act State the name of the health insurance claim form that was required for use effective April 1, 2014. The CMS – 1500 Claims Form Revised (02-12) Does Medicare accept the CMS-1500 (02-12) […]

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Chapter 7 : Insurance In The Medical Office.

What does the abbreviation RA stand for ? Remittance advice What do primary payers issue to detail how a claim was processed, in order for a secondary claim to be submitted ? Remittance Advice When is it not necessary to submit a claim to a secondary payer ? When the payer handles COB What does […]

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Insurance Handbook, Chapter 7

clean claim A claim (paper or electronic) was submitted within the program or policy time limit and contains all necessary information so that it can be processed and paid promptly. (pg. 217) Clean claim means the following: 1. The claim has no deficiencies and passes all electronic edits. 2. The carrier does not need to […]

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MEDICAL INSURANCE CHAPTER 7

What legislation required all claims sent to the Medicare program be submitted electronically, effective October 16, 2003? ASCA – Administrative Simplification Compliance Act State the name of the health insurance claim form that was required for use effective April 1, 2014. The CMS – 1500 Claims Form Revised (02-12) Does Medicare accept the CMS-1500 (02-12) […]

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Medical Billing, Coding, and Insurance-Chapter 7

HIPAA X12 837 Health Care Claim:Professional (837P) is a form used to send a claim for physician services to primary and secondary payers. CMS-1500 paper claim for physician services. National Uniform Claim Committee organization responsible for claim content. CMS-1500 (08/05) current paper claim approved by the NUCC. 5010 Version new format for EDI transactions. Carrier […]

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Insurance week 2

NPI Unique 10-digit identifier for covered health care providers CMS Centers for Medicare and Medicaid services EOB Document explaining payments made by the insurance company EDI Electronic system required for filing electronic claims to CMS ECT Method for monitoring the status and payment of insurance claims ASCA Specifies reasons a provider may submit paper claims […]

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Medical Insurance Chapter 14

aging Classification of accounts receivable by the length of time an account is due appeal A request sent to a payer for reconsideration of a claim adjudication appellant One who appeals a claim decision autoposting Software feature that enables automatic entry of payments on a remittance advice to credit an individual’s account claim adjustment group […]

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CII 930 Advanced Insurance Broking; Part 1

question consolidator answer have built large business from the acquisition of many small firms (i.e. brokers that tend to focus on serving other SME’s) question broker network answer – alternative source of different services – by formal alliances – to share best practice, mutual support, – share investment cost in developing IT, web platforms, compliance […]

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General Insurance

question Insurance answer Transfers the risk of loss from an individual or business entity to an insurance company which in turn spreads the costs of unexpected losses to many individuals question Risk answer Uncertainty or chance of a loss occurring question Pure Risk answer Refers to situations that can only result in a loss or […]

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