Quiz #1 - Renewal Analysis and Forecasting

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Question 1 of 6
1. Question
In its simplest form, what is the relationship between premium and claims?
- Claims are what is submitted by plan members and premiums are what insurer invoices. Relationship between the two is the loss ratio.
- Claims are what insurer pays and premiums are what insurer collects. Relationship between the two is the loss ratio.
- Claims are what insurer pays out plus an estimate of claims that will be paid out but have not yet been submitted. Premiums are what insurer has collected and any amounts outstanding. Relationship between the two is the loss ratio.
- Claims are what is submitted by plan members and premiums are what insurer collects to cover claims plus expenses. Relationship between the two is the loss ratio.
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Question 2 of 6
2. Question
Generally, how often or when does the renewal happen?
- Every 14 months based on 10 month experience period
- Annually based on 10 month experience period
- Every 14 months based on 12 month experience period
- Annually based on 9 month experience period
- Annually based on 12 month experience period
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Question 3 of 6
3. Question
What factor(s) contribute to rising trend factors? (check all that apply)
- Higher cost of services
- New services
- Increased utilization
- New specialty drugs
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Question 4 of 6
4. Question
What does IBNR stand for and why is it established?
- Included But Not Reported – it covers the insurers’ liability in case a group is terminated
- Incurred But Not Reported – it covers the insurers’ liability in case they terminate a group
- Incurred But Not Reported – it covers the insurers’ liability in case a group is terminated
- Incurred But Not Recorded – it coverage the insurers’ liability in case a group is terminated
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Question 5 of 6
5. Question
What are ways you can prepare for the renewal before it happens? (check all that apply)
- Set expectations
- Quarterly claims experience
- 9 month check-in
- Give value throughout the year
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Question 6 of 6
6. Question
Which of these are NOT a recommended best practice for a successful renewal meeting?
- Understand what room you have to negotiate
- Be prepared to speak to your compensation
- Show only the post negotiation rates in your renewal report
- Understand the renewal
- Review any new STD/LTD claims
- Try to sell a plan design or options which make it difficult for the plan to move
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Quiz #1 – Renewal Analysis and Forecasting

Quiz #1 – Renewal Analysis and Forecasting

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