An individual accident and health insurance policy must include O A. An automatic reinstatement provision O B. A 10-day right of rescission provision OC. Only the optional uniform provisions PD. A 60-day grace period
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- An insurance company notifies an insured thal $50 of lhe insured's physician's charge is above he usual, customary, and reasonable limits covered by the Major Medical policy. In this situation, the excess amount would be. A.applied to the deductible B.paid at he 80/20 coinsurance rate C.disallowed as a covered charge D.charged back o the physicianWhen MUST the Policy Summary for a life insurance policy be delivered? Prior to the sales presentation With or prior to delivery of the policy Within a year after delivery of the policy Only upon delivery of a replacement policy.Under the TRAIN law, the amount of premium allowed per family during thetaxable year for health and/or hospitalization insurance is P2,500. a.true b.false
- What is a contractual adjustment? Choose the correct.a. An increase in a patient’s charges caused by revisions in the billing process utilized by a health care entity.b. A year-end journal entry to recognize all of a health care entity’s remaining receivables.c. A reduction in patient service revenues caused by agreements with third-party payors that allows them to pay a health care entity based on their determination of reasonable costs.d. The results of a cost allocation system that allows a health care entity to determine a patient’s cost by department.On May 14, a prospect completes an applicalion for insurance. The producer collects the initial premium and issues a conditional receipt. The insurance company determines that the prospedt is insurable and issues a standard policy on May 26. If the producer delivers the policy to the insured on June 1, the effective date of coverage is A. May 14 B. May 24 C. May 26 D. June 1The рroduction deрartment of an insurance comрany reрorted Ρhр 45,121.00 insured рolicy by an insurance agent. What was the commission rate of the agent who receives Ρhр 3,390 as his commission last month.
- Please help me find the Insurance cost (A43) and Total insurance (A44) for years 1 through 30. Thank you!During year 13, Quo determined that an insurance premium paid and entirely expensed in year 12 was for the period January 1, year 12 through January 1, year 14.How will this transaction be classified?To enroll in Medicare Part C, an individual must A. also enroll in Medicare Part D B. have an annual income under $15, 000 C. already be enrolled in Medicare Part A only D. already be enrolled in both Medicare Parts A and B.
- What is a contractual adjustment? An increase in a patient’s charges caused by revisions in the billing process utilized by a health care entity. A year-end journal entry to recognize all of a health care entity’s remaining receivables. A reduction in patient service revenues caused by agreements with third-party payors that allows them to pay a health care entity based on their determination of reasonable costs. The results of a cost allocation system that allows a health care entity to determine a patient’s cost by department.Southeast Technology provides postretirement health care benefits to employees. On January 1, 2016, the following plan-related data were available: ($ in 000s) Prior service cost—originated in 2011 $ 50 Accumulated postretirement benefit obligation 530 Fair value of plan assets none Average remaining service period to retirement 20 years (same in previous 10 yrs.) Average remaining service period to full eligibility 15 years (same in previous 10 yrs.) On January 1, 2016, Southeast amends the plan in response to spiraling health care costs. The amendment establishes an annual maximum of $3,000 for medical benefits that the plan will provide. The actuary determines that the effect of this amendment is to decrease the APBO by $80,000. Management amortizes prior service cost on a straight-line basis. The interest rate is 8%. The service cost for 2016 is $114,000. Required: 1. Calculate the prior service cost amortization for 2016. 2. Calculate the postretirement benefit expense for 2016.On January 1, 2019, Fun Company adopted a healthcare plan for its retired employees. To determine eligibility for benefits, the company retroactively gives credit to the date of hire for each employee. The following information is available about the plan: Service cost $31,550 Accumulated postretirement benefit obligation (1/1/19) 114,000 Expected return on plan assets 0 Amortization of Prior service cost 11,400 Payments to retired employees during 2019 5,530 Interest rate 10% Average remaining service period of active plan participants (1/1/19) 10 years Required: 1. Compute the OPRB expense for 2019 if the company uses the average remaining service life to amortize the prior service cost. 2. Prepare all the required journal entries for 2019 if the plan is not funded.
