H03 Health Insurance Products MCQs

Welcome to our comprehensive collection of Multiple Choice Questions (MCQs) on H03 Health Insurance Products, a fundamental topic in the field of IC38 Life Insurance Agent Exam. Whether you're preparing for competitive exams, honing your problem-solving skills, or simply looking to enhance your abilities in this field, our H03 Health Insurance Products MCQs are designed to help you grasp the core concepts and excel in solving problems.

In this section, you'll find a wide range of H03 Health Insurance Products mcq questions that explore various aspects of H03 Health Insurance Products problems. Each MCQ is crafted to challenge your understanding of H03 Health Insurance Products principles, enabling you to refine your problem-solving techniques. Whether you're a student aiming to ace IC38 Life Insurance Agent Exam tests, a job seeker preparing for interviews, or someone simply interested in sharpening their skills, our H03 Health Insurance Products MCQs are your pathway to success in mastering this essential IC38 Life Insurance Agent Exam topic.

Note: Each of the following question comes with multiple answer choices. Select the most appropriate option and test your understanding of H03 Health Insurance Products. You can click on an option to test your knowledge before viewing the solution for a MCQ. Happy learning!

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H03 Health Insurance Products MCQs | Page 5 of 18

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Q41.
What is the key advantage of a family floater policy?

a.

It offers coverage for a single individual only

b.

It allows each family member to have a separate sum insured

c.

It offers coverage for the entire family under a single sum insured

d.

It is typically more expensive than individual coverage

Discuss
Answer: (c).It offers coverage for the entire family under a single sum insured Explanation:The key advantage of a family floater policy is that it offers coverage for the entire family under a single sum insured, which can be chosen at a higher level at a reasonable premium.
Q42.
Why is covering the costs of treating pre-existing medical conditions not part of insurance?

a.

It is unnecessary

b.

It goes against the principle of creating risk pools

c.

It is not profitable for insurance companies

d.

It is unfair to healthy individuals

Discuss
Answer: (b).It goes against the principle of creating risk pools Explanation:Covering pre-existing medical conditions goes against the principle of creating risk pools and is considered unfair to healthy individuals.
Q43.
How are pre-existing diseases typically defined in health insurance?

a.

Diseases suffered within 24 months prior to policy commencement

b.

Diseases suffered within 36 months prior to policy commencement

c.

Diseases suffered within 48 months prior to policy commencement

d.

Diseases suffered within 60 months prior to policy commencement

Discuss
Answer: (c).Diseases suffered within 48 months prior to policy commencement Explanation:Pre-existing diseases are typically defined as diseases suffered within 48 months prior to policy commencement.
Q44.
According to IRDAI regulations, what is compulsory for all health insurance policies?

a.

Premium increases every year

b.

Lifelong renewability

c.

Exclusion of pre-existing diseases

d.

A contract life of one year

Discuss
Answer: (b).Lifelong renewability Explanation:Lifelong renewability has been made compulsory by IRDAI for all health insurance policies.
Q45.
What is the purpose of sub limits and disease-specific capping in health insurance policies?

a.

To increase the overall cost of insurance

b.

To reduce the availability of medical treatments

c.

To limit expenses related to certain diseases and room rent

d.

To eliminate coverage for specific ailments

Discuss
Answer: (c).To limit expenses related to certain diseases and room rent Explanation:Sub limits and disease-specific capping in health insurance policies are designed to limit expenses related to certain diseases and room rent.
Q46.
What do some health insurance policies include as part of sub limits and disease-specific capping?

a.

Coverage for all medical expenses without limits

b.

Coverage for specific diseases with no restrictions

c.

Capping on room rent and ICU charges

d.

Unlimited coverage for surgeon's fees

Discuss
Answer: (c).Capping on room rent and ICU charges Explanation:Some health insurance policies include capping on room rent and ICU charges as part of sub limits and disease-specific capping.
Q47.
What is the purpose of co-payment in health insurance policies?

a.

To increase the sum insured

b.

To reduce the premium cost

c.

To share the admissible claims amount with the insured

d.

To eliminate coverage for certain medical treatments

Discuss
Answer: (c).To share the admissible claims amount with the insured Explanation:The purpose of co-payment in health insurance policies is to share a specified percentage of the admissible claims amount with the insured.
Q48.
Co-payment requirements in health insurance can be either compulsory or voluntary, depending on what?

a.

The age of the insured

b.

The policy type

c.

The number of dependents covered

d.

The insurance company's location

Discuss
Answer: (b).The policy type Explanation:Co-payment requirements in health insurance can be either compulsory or voluntary, depending on the policy type.
Q49.
What is the purpose of a deductible/excess in health insurance policies?

a.

To increase the sum insured

b.

To eliminate the need for co-payment

c.

To specify the insured loss amount

d.

To require the insured to pay a fixed amount before the claim is paid by the insurer

Discuss
Answer: (d).To require the insured to pay a fixed amount before the claim is paid by the insurer Explanation:The purpose of a deductible/excess in health insurance policies is to require the insured to pay a fixed amount before the claim is paid by the insurer.
Q50.
How does a deductible affect a claim in health insurance?

a.

It reduces the sum insured

b.

It eliminates the need for co-payment

c.

It increases the insurer's liability

d.

It reduces the amount paid by the insurer for the claim

Discuss
Answer: (d).It reduces the amount paid by the insurer for the claim Explanation:A deductible in health insurance reduces the amount paid by the insurer for the claim, as the insured must pay the deductible amount initially.
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