TEST22008&solutions

TEST22008&solutions - AS 4426F TEST2 November 11th,...

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AS 4426F TEST2 November 11 th , 2008 Name _______________________ ID_______________________ This test will be marked out of 60 PART A: includes MC questions on Group Insurance Topics ( answers indicated on test paper ) PART B: short answer questions on Group Insurance Topics ( answers written on test paper ) PART C : short answer questions on Casualty Insurance Topics ( answers written in separate booklet ) You may want to use the mark breakdown as a rough guideline for the time spent on each question. Please hand in your exam paper, and examination booklet. Good luck! PART A- Group Insurance Multiple Choice 14 marks(each question is worth 2 marks) Please circle the correct answer on this test page 1) Regarding, the UWO Faculty Group Benefits plan, which of the following statements are false ; (i) an employee has to pay a greater proportion of their basic dental expenses as compared to their major dental expenses (ii) any Long Term Disability income payments received by an employee would not be taxed (iii) post retirement benefits are offered and the life insurance amount would be the same as the insurance coverage just prior to retirement (iv) an employee is eligible for post retirement benefits if they have worked for at UWO for 3 years A) all but (i) B) all but (ii) C) all but (iii) D) all but (iv) E) all the statements are false 2) With respect to underwriting large groups in the U.S., which of the following statements are true ? (i) An employer’s location is a factor considered in the underwriting process and one of the reasons for this is that medical costs vary by region (ii) lower participation level requirements reduce anti-selection risk (iii) the average family size and mix of adult and children is an underwriting factor for medical plans (iv) Carrier persistency(or history of prior coverage) is an underwriting factor A) all but (i) B) all but (ii) C) all but (iii) D) all but (iv) E) all statements are true 3) Which of the following statements is false regarding trends in Group Benefits? A) Post Retirement benefits are more popular with larger organizations, but many employers are trying move away from offering Post retirement Benefits B) Disability cost management of one of the current key issues for group plan sponsors C) Health and Wellness programs are declining in popularity due to concern of program costs 1
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D) it is common for employer’s to spend just over 30% of the payroll on employee pension and benefits(includes mandatory employee benefits) E) most employers offer employee assistance programs 2
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4) Which of the following statements are true ? (i)
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TEST22008&solutions - AS 4426F TEST2 November 11th,...

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