Insurance Flashcards, test questions and answers

Question 1

What is an advanced practice midwife that can bill insurance(at hospital, not at home)? They need a referring physician (which can be remote)

Answer

Certified Nurse Midwives (Master’s Degree) They are qualified to give complete care during pregnancy, child birth and postpartum
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Question 2

What would providers enter on an insurance form to show payers which services or procedures were performed?

Answer

CPT code(s) and/or HCPCS code(s)
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Question 3

Which of the following actions would likely raise automobile insurance premiums?

Answer

Receiving multiple speeding tickets
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Question 4

Dustin’s father, Forrest, enters into a life insurance contract that gives Dustin $75,000 when Forrest dies. Dustin is

Answer

c. a third-party intended beneficiary.
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Question 5

Which of the following is an example of an implicit cost? • A.Wages paid to employees • B.Cost of food delivery • C.The opportunity cost of the owner’s time • D.Monthly insurance premiums

Answer

The opportunity cost of the owners time
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Question 6

Drivers become subject to the liability insurance law when accident damages amount to:

Answer

At least $1,000 to property of one perskn
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Question 7

What does the insurance commissioner have the right to do if an agent lacks authority from an insurer named on a binder for coverage?

Answer

suspend or revoke the license of the agent
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Question 8

What is the correct journal entry for the transaction, PAID CASH FOR INSURANCE, $200?

Answer

Debit Prepaid Insurance and credit Cash
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Question 9

What is the primary reason for employers to purchase insurance plans to provide health benefits to their employees?

Answer

The United States does not have a universal health care system covering all citizens. Health insurance is primarily employer-based.
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Question 10

What is the reason that insurance companies require a minimum number of employees participating in a group insurance plan?

Answer

Adverse selection is minimized
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Insurance Flashcards, test questions and answers

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