Quiz – Module #2 – Funding Arrangements and Underwriting Fundamentals

Quiz – Module #2 – Funding Arrangements and Underwriting Fundamentals

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Question 1 of 6
1. Question
Choose the forms of risk that apply when assessing an employee benefits program (check all that apply):
- Industry/occupation
- Approved long-term disability claims
- Plan design
- Premium sharing between plan sponsor and members
- Waiver of premium claims
Question 2 of 6
2. Question
Which of the following statement(s) are correct when describing loss ratios?
- Incurred claims loss ratio is paid claims plus incurred but not reported claims over premium
- Target loss is actual claims plus expenses over premium
- Incurred claims loss ratio is paid claims over expenses
- Paid loss ratio is paid claims over paid premium
Question 3 of 6
3. Question
Which of the following is not a reserve?
- Disabled Life Reserve
- Specialty Drug Reserve
- Waiver of Premium Reserve
- Incurred but Not Reported Reserve
Question 4 of 6
4. Question
Below are several types of risk in group insurance. Which risk(s) are not matched correctly?
- Fully insured/pooled – less risk to plan sponsor
- Administrative Services Only (ASO) – more risk to plan sponsor
- Hold Harmless IBNR – less risk to plan sponsor
- Non-Refund Experience Rated – less risk to plan sponsor
Question 5 of 6
5. Question
Which of these factors are included in establishing renewal rates? (Check all that apply)
- Manual rates for the group
- Credibility to be applied to experience
- Actual claims experience, by benefit
- Demographics of the group
- Inflation or utilization factors
- Waiver of Premium and Disabled Life Reserves
Question 6 of 6
6. Question
Which of the following is NOT true about credibility factors in renewal rating for a group?
- Credibility factors are based on the number of life years available x1 for single and x2 for those with dependents
- The credibility factor is the proportion of the rating that is driven by actual claims experience
- Health and Dental benefits require a relatively lower number of life years than Life and LTD benefits
- The longer the period, the better the indicator of a pattern
- Underwriters want to see how credible/believable the experience of the group is compared to the insurer’s block of business