HMP 401 Exam 2 Questions and Answers (Solved Papers) Commercial insurance is most common through ________ Is it voluntary? - Correct Answers ✅Employment Yes Insurance is a mechanism for ________ - Correct Answers ✅Protection against risk Risk - Correct Answers ✅The possibility of a substantial financial loss from an event whose probability of occurrence is relatively small.The insurance agency who assumes risk is called the ________
- Correct Answers ✅Insurer (or underwriter)
- Correct Answers ✅Insured
The individual that signs up for the plan is called the ________
Does commercial insurance allow individual plans or family plans? - Correct Answers ✅Both Underwriting is a systematic technique for ________ - Correct Answers ✅Evaluating, classifying, and rating risk. 1 / 2
HMP 401 Exam 2 Questions and Answers (Solved Papers)
Underwriting process: - Correct Answers ✅1. Medical
underwriters take into account the health status of the people to be insured.
- An employer chooses a health plan or plans to offer to their
- The employees can choose to be a member of the insured
- Those in the insured group, as a group, determine the risk
- Some employees merge with groups which increases the
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employees.
group or not.
(based on the usage their health care services) of the group.This is what determines the cost of insurance for that define cluster of individuals.
number of individuals insurance which reduces the risk.What is a plan?How long is the plan? - Correct Answers ✅The plan is what the insurance choice is referred.The plan runs the calendar year (Jan. 1- Dec. 31). There are exceptions to this, including joining the plan after the sign-up period. Most employer sign-ups occurs somewhere from mid- October to mid-December. Individuals must renew each fall prior to new plan year.Benefits - Correct Answers ✅Services covered by an insurance plan.