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Insurance 12
| Question | Answer |
|---|---|
| Which of the following statements is TRUE about Medicaid? | It is funded by federal, state, and local taxes |
| An indemnity plan | provides the insured a specific dollar amount for services |
| An insured has a stop-loss limit of $5,000, a deductible of $500, and an 80/20 coinsurance. The insured incurs $25,000 of covered losses. How much will the insured have to pay? | $5,000 |
| Which of these statements about Medicaid is CORRECT? | Funded by federal, state, and local taxes |
| Dana is an employee who deposits a percentage of her income into her individual annuity. Her company also contributes a percentage into a separate company pension plan. What kind of annuity is this considered? | qualified retirement annuity |
| Distributions from a Health Savings Account (HSA) for qualified medical expenses are | tax-free |
| Which of the following is considered to be an event or condition that increases the probability of an insured's loss? | Hazard |
| Erica is 35 years old and owns an IRA. At what age can she begin to receive distributions without a tax penalty? | 59 1/2 |
| Kate has a Major Medical Plan with a 75/25 coinsurance and a deductible of $25. How much will she have to pay if she, not having met any of her deductible, visits the doctor and receives a bill for $125? | $50.00 |
| What type of policy would only provide coverage for specific types of illnesses (cancer, stroke, etc.)? | Dread disease insurance |
Created by:
johnnywaldron71