Questions and Answers
The employer is the policyowner and each employee receives a certificate of coverage regarding a group accident & health policy issued to an employer.
True
What is the maximum amount J will receive from his Accidental Death and Dismemberment policy after losing a finger?
$25,000
Which of the following statements best describes how a policy that uses the 'accidental bodily injury' definition differs from one that uses the 'accidental means' definition?
Which of the following characteristics are associated with a large group disability income policy?
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What does a Business Overhead Expense policy cover?
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What type of policy could cover all students attending a large university?
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What must a new employee do during the open enrollment period to obtain group Major Medical insurance from an employer?
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What is issued to each employee of an employer health plan?
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What does the Coordination of Benefits provision do?
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An accident policy will most likely pay a benefit for what type of accident?
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Study Notes
Group Accident & Health Policy
- In a group accident and health policy, the employer acts as the policyowner.
- Each employee receives a certificate of coverage detailing their benefits.
Accidental Death and Dismemberment (AD&D) Policy
- The maximum benefit for loss of a finger under an AD&D policy with a principal sum of $50,000 is $25,000.
Definitions of Accidents
- A policy using the "accidental bodily injury" definition is less restrictive compared to one using the "accidental means" definition.
Group Disability Income Policy
- Large group disability income policies typically do not require medical underwriting, simplifying access for employees.
Business Overhead Expense Policy
- This type of policy covers essential business expenses, such as rent and utilities, ensuring continuity during a disability.
Blanket Policy for Students
- A blanket policy offers coverage to all students at a large university, providing collective health insurance benefits.
Enrollment for Major Medical Insurance
- New employees must sign an enrollment card during the open enrollment period to obtain group Major Medical insurance from their employer.
Certificate Issuance
- Employees in an employer health plan receive a certificate outlining their specific coverage and benefits.
Coordination of Benefits Provision
- The Coordination of Benefits provision prevents individuals covered by multiple health plans from profiting from a covered loss, ensuring fair compensation.
Accident Policy Coverage
- Accident policies typically cover benefits for off-the-job accidents, providing financial support for incidents occurring outside of work-related activities.
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Description
Test your knowledge with these flashcards focused on Chapter 1 of Health Insurance. Each flashcard presents key concepts and questions related to group policies and benefits. Perfect for students preparing for exams in health insurance topics.
