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Insurance MCQ Questions and Solutions with Explanations
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Section 14 (https://www.examveda.com/commerce/practice-mcq-question-on-insurance/?section=14)

11. Moral hazard by health insurance companies can result in _________.

A. Community rating

B. Adverse selection

C. Abuse of health insurance

D. Risk pooling

Answer & Solution

Discuss in Board (https://www.examveda.com/moral-hazard-by-health-insurance-companies-can-result-in-90597) Save for Later

Answer & Solution

Answer: Option B
Solution:
Moral hazard by health insurance companies can result in adverse selection. Adverse selection occurs when
there's a lack of symmetric information prior to a deal between a buyer and a seller.

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Insurance MCQ Questions and Solutions with Explanations Page-3 sec... https://www.examveda.com/commerce/practice-mcq-question-on-insu...

12. Primary care can be described as _________.

A. Care provided to patient in an acute setting

B. Care provided in hospitals

C. First point of contact for people seeking healthcare

D. Care provided by Doctors

Answer & Solution Discuss in Board (https://www.examveda.com/primary-care-can-be-described-as-90598) Save for Later

Answer & Solution

Answer: Option C
Solution:
Primary care can be described as first point of contact for people seeking healthcare. Primary care includes
health promotion, disease prevention, health maintenance, counseling, patient education, diagnosis and
treatment of acute and chronic illnesses in a variety of health care settings (e.g., office, inpatient, critical care,
long-term care, home care, day care, etc.).

13. _________ is an insured who undergoes treatment after getting admitted in

a hospital.

A. Inpatient

B. Outpatient

C. Day patient

D. House patient

Answer & Solution

Discuss in Board (https://www.examveda.com/is-an-insured-who-undergoes-treatment-after-getting-admitted-in-a-hospital-90599)

Save for Later

Answer & Solution

Answer: Option A
Solution:
Inpatient is an insured who undergoes treatment after getting admitted in a hospital.

14. _________ refers to a hospital/health care provider enlisted by an insurer

to provide medical services to an insured on payment by a cashless facility

A. Day care centre

B. Network provider

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Insurance MCQ Questions and Solutions with Explanations Page-3 sec... https://www.examveda.com/commerce/practice-mcq-question-on-insu...

C. Third Party Administrator

D. Domiciliary

Answer & Solution

Discuss in Board (https://www.examveda.com/refers-to-a-hospitalhealth-care-provider-enlisted-by-an-insurer-to-provide-medical-

services-to-an-insured-on-payment-by-a-cashless-facility-90600)

Save for Later

Answer & Solution

Answer: Option B
Solution:
Network provider refers to a hospital/health care provider enlisted by an insurer to provide medical services to
an insured on payment by a cashless facility.

15. The sum assured under keyman insurance policy is generally linked to
which of the following?

A. Keyman income

B. Business profitability

C. Business history

D. Business history

Answer & Solution

Discuss in Board (https://www.examveda.com/the-sum-assured-under-keyman-insurance-policy-is-generally-linked-to-which-of-the-

following-90601)

Save for Later

Answer & Solution

Answer: Option B
Solution:
The sum assured under keyman insurance policy is generally linked to Business profitability. Keyman is a term
insurance policy where the sum assured is linked to the profitability of the company rather than the key person's
own income. The premium is paid by the company. This is tax efficient as the entire premium is treated as
business expense. In case the key person dies, the benefit is paid to the company.

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