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Basic Insurance Principles MCQ

1. In alphabetic filing, a patients first name is the __________ filing unit.

Answer

Correct Answer: Second

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2. Motor vehicle crashes cost over ______ in lost wages and medical bills every year.

Answer

Correct Answer: $150 billion

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3. Medicare covers beneficiaries who are __________ and have elected to pay a premium for coverage.

Answer

Correct Answer: All of these are correct

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4. A(n) ____ agent represents multiple insurance companies.

Answer

Correct Answer: Independent

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5. Gatekeeping ______ secondary care services.

Answer

Correct Answer: Requires a referral for

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6. Credit term life insurance is a ____ policy with ____ named as beneficiary.

Answer

Correct Answer: Decreasing term; the creditor

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7. When a patient elects to receive care from a non-par, the patient will accrue _____.

Answer

Correct Answer: Higher copays

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8. Hospital inpatient charges are reported on the __________ claim.

Answer

Correct Answer: UB-04

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9. Cash-value buildup is relatively slow in ____ life policies.

Answer

Correct Answer: Modified

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10. The __________ mailing list includes announcements and discussion of an open-source idps.

Answer

Correct Answer: Optometry

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11. The community rating approach to health insurance premium pricing _____.

Answer

Correct Answer: Prohibits insurance companies from varying rates based on health status or claims history

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12. Nonforfeiture rights guarantee that a policy owner will not lose his or her policys _____.

Answer

Correct Answer: Cash Value

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13. Health insurance involves two perils, accident and ____.

Answer

Correct Answer: Sickness

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14. _____ can be both an advantage and a disadvantage of universal life insurance.

Answer

Correct Answer: Flexible premiums

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15. A(n) _____ policy is a type of term insurance.

Answer

Correct Answer: Straight term

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16. As a rule of thumb, your piti costs shouldn't exceed ________ of your pretax monthly income.

Answer

Correct Answer: 28 percent

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17. Using the ____ approach is the most accurate method to determine life insurance needs.

Answer

Correct Answer: Needs analysis

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