Medical insurance is commonly known as health insurance and can be purchased from private insurance companies. What best describes the classes of medical insurance?
coverage for hospital expense, surgical expense, physician expense, and major medical expense
COBRA coverage is available for which type of people?
retiring employees, an employee who is terminated, spouses and dependents of a deceased employee, and an employee no longer able to work due to disability
the Watson family has a family medical policy that provides the following coverage for all four family members
-$1,000 per person deductible
-$4,000 out-of-pocket limit per person
-80/20 coinsurance provision
on a family trip, the watsons were involved in
$68,000
Due to a recession, Pat has voluntarily changed her status from full-time to part-time with her employer. Prior to the change, she and her husband were covered under the company health plan. Which statement about COBRA is correct?
COBRA rules allow continuation of health coverage in this situation up to 18 months
Black Smith is an employee of ABC corporation. he has just divorced Phyllis who was on all of his group health coverage. Phyllis wants to know to what COBRA coverage she is entitled. The following is a list of Black's group health benefits, all of which a
medical, dental, vision, and prescription care
in which of the following events would COBRA rules apply for the benefit of the covered employee, employee's spouse, or dependent child?
1. the death of the covered employee
2. the covered employee is fired for incompetence
3. the employee changes status from full-time to part-time
4. the covered employee gets a divorce
Mr. Johns has as a major medical insurance policy with a $1,000 deductible, an 80% coinsurance clause, and an out-of-pocket maximum of $4,000. He becomes ill and is admitted to the hospital for several days. When he is discharged, his hospital bill is $5,
$5,200
noncancelable health insurance contracts are different from guaranteed renewable contracts because
noncancelable policies cannot have a premium change
Which of the following is a characteristic of guaranteed renewability?
-the insurer guarantees to renew the policy to a stated age
-the insurer has the right to increase the premium rates for the underlying class in which the insured is placed