#1
What is the main function of health insurance?
To provide medical treatment
To prevent illnesses
To transfer financial risk of medical expenses to the insurer
To regulate healthcare providers
#2
In health insurance, what does the term 'deductible' refer to?
The amount the insured pays out-of-pocket before the insurance coverage begins
The percentage of medical expenses covered by the insurer
The waiting period for coverage to start
The maximum limit on coverage for a specific condition
#3
What does the term 'exclusion' mean in health insurance policies?
A medical procedure not covered by insurance
The waiting period before coverage begins
A discount on premiums for healthy behaviors
A mandatory health check before policy issuance
#4
What is the 'lifetime maximum' in health insurance coverage?
The maximum age at which a person can purchase health insurance
The maximum number of claims a policyholder can file in a lifetime
The total dollar amount an insurance company will pay for covered services over the policyholder's lifetime
The duration of coverage for a specific condition
#5
What is the purpose of the Medical Information Bureau (MIB) in the context of health insurance?
To provide medical treatment
To collect and share medical information among insurance companies
To regulate health insurance premiums
To offer financial assistance for medical bills
#6
What is the purpose of underwriting in health insurance?
To sell insurance policies
To assess the risk of insuring a particular individual or group
To process claims
To market insurance products
#7
Which of the following is NOT a common factor considered during health insurance underwriting?
Age
Gender
Marital status
Blood type
#8
What is the role of a premium in health insurance?
It is a discount for healthy individuals
It is the cost of insurance coverage paid by the policyholder
It is a government subsidy for healthcare
It is the amount paid for each medical service received
#9
What is 'coinsurance' in the context of health insurance?
A type of policy that covers only dental care
A percentage of medical expenses shared between the insured and the insurer
A term for health insurance for elderly individuals
A government program for low-income individuals
#10
In health insurance, what is 'copayment'?
A fixed amount paid by the insured for each covered healthcare service
The total out-of-pocket cost for medical treatment
The waiting period for maternity coverage
A fee for accessing emergency services
#11
What is the purpose of the Consolidated Omnibus Budget Reconciliation Act (COBRA) in health insurance?
To regulate insurance premiums
To provide coverage for low-income individuals
To allow continued health insurance coverage after job loss
To establish standards for medical billing
#12
What is the purpose of a Health Savings Account (HSA) in conjunction with health insurance?
To provide emergency medical assistance
To accumulate tax-free funds for qualified medical expenses
To offer discounts on health insurance premiums
To cover preventive healthcare costs
#13
What is a pre-existing condition in the context of health insurance?
A condition that existed before the insurance policy was issued
A condition that arises after the insurance policy is in effect
A condition that is covered by all insurance policies
A condition that is only covered in emergency situations
#14
Which regulatory body oversees health insurance in the United States?
Federal Trade Commission (FTC)
Food and Drug Administration (FDA)
Centers for Medicare & Medicaid Services (CMS)
National Institutes of Health (NIH)
#15
What is the 'grace period' in health insurance payments?
The time during which coverage is temporarily suspended
The period after a missed premium payment when coverage is still in effect
The waiting period for pre-existing conditions
The time limit for submitting a claim
#16
What is the purpose of a Health Maintenance Organization (HMO) in health insurance?
To provide coverage for alternative medicine
To manage and coordinate healthcare services for members
To exclusively cover hospital expenses
To offer high-deductible plans
#17
What is the significance of the Affordable Care Act (ACA) in the United States?
To regulate dietary supplements
To expand access to healthcare and regulate insurance practices
To enforce mandatory gym memberships
To provide free healthcare for all citizens
#18
In health insurance, what does the term 'guaranteed issue' mean?
An insurance policy with no medical underwriting or pre-existing condition exclusions
A policy exclusively for certain age groups
The right to cancel a policy at any time
A policy with a guaranteed premium increase
#19
What is 'reinsurance' in the context of health insurance?
Insurance for insurance companies
Insurance coverage for retirees
Insurance specifically for high-risk individuals
Insurance coverage for routine medical check-ups