In: Accounting
Given a $250 annual deductible, a $5,000 lid on the co-insurance, 80/20 co-insurance, and a $250,000 policy limit, how much of a $27,500 medical bill will be paid by the insured?
Question 11 options:
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Question 12 (0.5 points)
Disability income policies usually have ____ that is a time delay from the date of the issuance of the policy until benefit privileges are activated.
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Question 13 (0.5 points)
If your employment is terminated, COBRA provides for:
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Question 14 (0.5 points)
Auto insurance is needed primarily because of:
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Question 15 (0.5 points)
All of the following except a ____ are highly recommended for a long-term disability income policy.
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Question 11.
Answer :
Given a $250 annual deductible, a $5,000 lid on the co-insurance, 80/20 co-insurance, and a $250,000 policy limit, a $27,500 medical bill
ACtual MEdical bill is $27500
80/20 means insured person have to pay 20% of out of pocket expenses balance 80% should be paid by insurance copmany but that 20% sholud not exceed maximum limit,Here maximum limit is $5000
1st $250 shold be deducted from $27500 .i.e $27500-$250=$27250
so 20% calculted on $27250=$27250*.2=$5450
$5450 is over the maximum limit of $5000,so insured pay only $5000
Total medical bill to be paid by insured is $5000+$250=$5250 only
Answer is 4)$5250
Question 12 :
Disability income policies usually have probationary period that is a time delay from the date of the issuance of the policy until benefit privileges are activated.Beacuse disability insurance policies takes time for coverage of policy come in to effective.this time period is called probationary period
Answe is 2) Probationary period
Question 13 :
As per COBRA ,Employer needs to provide an option to employees who have left job or terminated job to continue group insurance when the employee pays the required premium as per group ploicy
Answer is 4) Temporary continuation of group insurance benefits when you pay premiums
Question 14:
Answer Auto incurance requires primary for potential liability claims.
Answer 2)potential liability claims